CareSuper hires equities chief; Prudential gets former AIA executive for Macau; Value Partners names co-CIO for fixed income; Eastspring's fixed income team expands; abrdn hires wholesale distribution head for Hong Kong; and more.
People moves: Arabesque AI picks ex-Schroders head of product as CEO | News ipe.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ipe.com Daily Mail and Mail on Sunday newspapers.
Rising short-term rates spark speculation of tightening Analysts, investors expect more credit differentiation
SHANGHAI, Jan 29 (Reuters) - Tight cash conditions in China’s financial system are turning up the heat on corporate issuers and raising the risk of more defaults in the coming months amid signs authorities in Beijing are planning to scale back COVID stimulus.
Investors hold yuan-denominated corporate bonds worth nearly 2.6 trillion yuan ($402.19 billion) that are due to mature, or that allow investors to demand early repayment, in March and April, according to S&P Global Ratings.
The wave of maturities follows a flood of issuance in early 2020, as companies took advantage of China’s aggressive policy response to the COVID-19 pandemic to raise money at low rates.