Introduction

1. China property Kungfu bonds see technical rebound in April, May

2: Credit risk analysis: Default rate could improve in 2H22

3. China's secondary bond market: Offshore volumes fall, onshore volumes up

4. China primary bond market: Japan ESG issuance surpassed China for the first time in 2022

5. Appendix: Key functions

6. Additional charts: Distressed securities and subscription trends

*Disclaimer

In our latest edition of the China Market Insights, we comment on the upcoming Kungfu bonds maturities for china property developers with view that there could be a technical rebound in April and May. Our analysis shows China's offshore dollar-bond default rate may rise further and reach 4%, before improving in 2H22. We have also included new charts highlighting China and APAC ESG bond issuance.

John Lee
Regional Market Analyst
Bloomberg Intelligence