China Development Bank and fellow state policy lender Agricultural Development Bank of China have had to delay or dramatically reduce Chinese bond issues as the impact of a tight onshore credit market begins to be felt.
The China Railway Corporation, another state entity, was forced to delay a deal recently, while well-known private companies including the electric carmaker BYD and internet company Baidu also delayed deals over the summer, according to bankers familiar with the situation.
Issuers are dealing with a string of problems stemming from the drying up of interbank market liquidity, and fierce competition for investors’ funds.
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