Asia Dollar Bond Sales Drop to 2010 Low on China Default Concern
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Sales of dollar-denominated notes in Asia excluding Japan slid to the least this month for any March since 2010, as the first default in China’s onshore bond market fueled concern nonpayments may spread.
Offerings in the U.S. currency dropped 25 percent to $6 billion from February, according to data compiled by Bloomberg. Yield premiums for Chinese issuers’ dollar bonds are set to end the month up 5.3 basis points at 370.2 basis points, after surging to a seven-month high of 389.4 more than Treasuries on March 19, according to JPMorgan Chase & Co. indexes.