International bond issuance from China has entered December devoid of Christmas cheer. Issuers continue to struggle to achieve their size or pricing ambitions, and investors are itching to shut down and put 2018 behind them.
The one exception appears to be distressed investors who are acting as if the January sales have come unseasonably early.
Traders say that they started to buy into the secondary market once yields on lower-rated Chinese credits began to hit the 14% to 15% mark in October.
Many market participants believe their presence will become more marked in 2019 given the prevailing view that spreads will continue...