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A time of reckoning for Asia's offshore bond market participants as Evergrande debt woes linger on
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Evergrande's liabilities include US$20 billion (S$27.1 billion) it owes to investors in the international bond market.
PHOTO: REUTERS
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SINGAPORE - Investors and banks that have been piling into Asia's fast-growing offshore debt market face a painful reckoning as there seems to be no end in sight to the debt woes of the Evergrande Group - China's second-largest property developer.
Lured by high yields and assuming that Beijing would bail out insolvent borrowers to avoid spooking financial markets, a broadening base of global investors had entered the mainly United States dollar-denominated Asian bond market, which has seen a fivefold increase in issuance in the past 15 years.
