Asia's offshore bond market faces painful reckoning
Foreign investors likely to be disadvantaged if Evergrande undergoes debt restructuring
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Ovais Subhani Senior Correspondent, Ovais Subhani
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 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, 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.
