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China High Yield

China High Yield
Title China High Yield
Moderator Ng Shin Seong
Head, Investment Strategy & Advisory
Standard Chartered Bank Malaysia
Speaker(s) Vanessa Chan
Vanessa Chan | Investment Director
Fidelity International
Key Takeaways 1. Property is an important sector that makes up about 30% of China’s GDP. The sector which accounts for ~ 48% of the China high yield bond sector faced significant refinancing pressure and slowing retail property sales.


2. To stem widespread slowdown, Chinese regulators have begun lowering policy rates, cutting reserve requirement ratios for banks and encouraging banks to loan to mortgagees.


Chinese bad debt managers have been engaged to step in to manage debt restructuring and developers are now given easier access to escrow funds. These policy support provides a backstop against concerns over debt maturities in 2022.


3. While the HY sector default rate has risen to historical high, the fund manager remains committed to pay regular monthly income to investors, which remains a key contributor to total return.

China High Yield

Vanessa Chan shared on the outlook of China High Yield.