Introduction

1. China's property sector may be at last stage of Chinese adage

2: Credit risk analysis: China's dollar-bond default rate may exceed 4.7%

3. China's secondary bond market: Offshore trading volume increased slightly

4. China primary bond market: China ESG bond issuance was surpassed by Korea in May

5. Appendix: Key functions

6. Additional charts: Distressed securities and subscription trends

*Disclaimer

In our latest edition of the China Market Insights, we share our view that the China property sector may be at an inflection point after substantial leverage was removed. But our analysis shows China's offshore dollar-bond default rate could still deteriorate and exceed the current level of 4.7%. In the primary market, China onshore new issuance volume decreased 50% in May compared with the previous month. Korea ESG issuance surpassed China and led in May.

John Lee
Regional Market Analyst
Bloomberg Intelligence