In mid-November, as borrowing costs on Chinese property developers’ debt soared to their highest levels since the financial crisis, the government issued a bond of its own.
In sharp contrast to the chaos in the property bond sector, part of China’s $5bn euro-denominated deal was priced at a negative yield — meaning investors were effectively paying to lend to the government.
That level of demand highlights the limited impact — for now — of the problems in China’s vast property industry. It has caused chaos in Asia’s high-yield bond market but has shown few signs so far of directly spilling over to other asset classes.
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