China re-fi could hit a great wall

Increasing funding needs and market volatility as the US begins to raise interest rates will not present a problem for most Asian borrowers as they look to refinance their debt except for some issuers from China. But Chinese borrowers represent the greatest part of a wall of debt that must come due over the next five years.

A total of $1.68 trillion in Asia ex-Japan corporate bonds are due to mature through to 2020. The year to watch is 2017, which poses the highest single amount of debt coming due over the next five years. It accounts for $398.2 billion, or nearly 24% of the total, across 2,595 deals,...