Introduction

1. Market overview: China's treasury inflows lasted thanks only to index inclusion

2. BI research: Could China property firms' bond extensions become more complex?

3: Credit risk analysis: China's 6.5% Default Rate May Rise on Refinance and Payment Test

4. China's secondary bond market: Offshore trading volume up 15% month-on-month

5. China primary bond market: Shanghai FTZ offshore issuance has tripled so far this year

6. Appendix: Key functions and BI reports

7. Additional charts: Distressed securities and subscription trends

*Disclaimer

In our latest edition of the China Market Insights, we explore various options for debt restructuring for Chinese developers and compare recent examples by degrees of complexity. China's offshore dollar-bond default may continue to rise, while offshore trading volumes rose 15% in August. The Shanghai Free-Trade-Zone's offshore bond issuance has tripled this year.

John Lee
Regional Market Analyst
Bloomberg Intelligence