Investors such as BlackRock, Pimco and UBS say high-yield bonds by Chinese property developers are an attractive investment this year.
Global investors are snapping up high-risk bonds in Asia — especially those offered by Chinese property developers — in a sign that investors are increasingly more willing to take bigger bets.
But for some investors, those risks may have subsided and the business climate appears to have improved. UBS is not the only money manager that has turned in favor of high-yield bonds issued by Chinese property developers. Neeraj Seth, head of Asian fixed income at BlackRock, told CNBC's "Squawk Box" in early April that"we've been positive on Chinese real estate high-yield debt for a good number of months now."
In a sign that investors have a greater risk appetite this year, many high-yield bonds issued by Chinese developers in the first quarter come with two- to three-year maturities — longer than the less than one-year notes commonly seen a year ago, according to CreditSights. China's economic planner, the National Development and Reform Commission, last year eased rules specifying how companies are allowed to use their bond proceeds. The move would encourage more Chinese firms to raise funds from the bond market, CreditSights said.
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