Junk USD Debt at Key Point, Sunac Falls Again: Evergrande Update
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China’s offshore high-yield credit market is at a critical juncture as key metrics showed stress reaching record levels in March, with a recent rebound showing signs of fatigue.
Sunac China Holdings Ltd.’s dollar notes were on pace for fifth day of declines Wednesday, poised for their lowest levels in two weeks, in a continued fallout from missing its first payment on such debt. But Chinese high-yield bonds rose at least 0.5 cent on the dollar, according to credit traders.