Chinese high yield bonds: pig of a year ahead

Has the G3 market reached bottom, or will continued spread pressure tip more stressed credits over the edge?
 
There are two ways of looking at the prospects for the Chinese high yield market in 2019. 
 
Optimists might point to the fact that the year of the pig is approaching. Of all the signs of the Chinese zodiac, pigs are ones most associated with luck and good fortune.
 
China’s offshore high yield borrowers are certainly in need of both after witnessing yields double from an average of 5% to 10% during the course of 2018. 
 
But there are plenty of pessimists around who would turn...
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