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Charting China’s real estate bond meltdown

29 August 2023CreditChina, corporate bonds, distressed debt, real estateNick Dunbar

Our corporate bond tool shows that dollar-denominated Chinese real estate bonds are collectively worth just 12% of their total value two years ago. By analysing iBoxx departures and distressed prices, we firm up this analysis and look at the wider implications for China’s troubled economy.

Inflation and the return of corporate borrowing

8 June 2023Credithealthcare, inflation, utilitiesNick Dunbar

High interest rates were a dampener on corporate borrowing but now the trend has reversed, led by two sectors with their own inflationary characteristics

Spares and heirs in the capital markets

18 January 2023Credit, Risk Commentarycorporate bondsNick Dunbar

At first sight, corporate bonds did badly in 2022, but aside from a handful of exceptions, this was the result of the sell-off in government debt, our analysis shows. With yields of 4-5%, investment grade bonds are now an attractive asset class.

Descending the debt mountain

17 June 2022Creditcorporate bonds, inflationNick Dunbar

Inflation-busting is likely to involve a recession, and companies are starting to reduce debt built up during the pandemic. What’s the best way to do it?

Inflation and the corporate debt hangover

25 March 2022Creditcorporate bonds, inflationNick Dunbar

Inflation is supposed to be good for corporate bond issuers, because the real value of repayments is eroded. But what if a company’s ability to repay debt from earnings is eroded even faster?

Tales from the junk bond boom

12 October 2021Credithigh yield bondsNick Dunbar

One in two corporate bonds issued this year have been high yield, after redemptions are taken into account. Who are the winners and losers so far?

Playing chicken in the high yield market

19 October 2020Creditbankruptcy, corporate bonds, high yield bonds, restructuringNick Dunbar

In 2020, junk bondholders have to choose between painful restructuring and pushing for a repayment that might kill a company

The corporate bond market on 18 March 2020

20 March 2020CreditCovid-19Nick Dunbar

An interactive visualisation of $12 trillion of corporate bonds showing the impact of the Covid-19 pandemic. Free to registered users.

How Covid-19 infected the corporate bond market

20 March 2020Creditairlines, central banks, coronavirus, Covid-19, high yield bondsNick Dunbar

The coronavirus outbreak has infected the corporate bond market as economies grind to a halt. Can trillions of emergency central bank measures keep borrowers alive?