Not just about yield

摘要

A pair of Double B rated issuers gave Asia's tired high-yield bond market a vote of confidence last week. It could not have come at a better time: the trades from India's Delhi International Airport, or Dial, and China's CAR Inc illustrated that the global hunt for yield continues apace, even as troubles at Chinese property issuers frighten a lot of good money away from Asian junk bonds. Yet anyone thinking this duo is indicative of high-yield's return to record-breaking form will be sorely disappointed. The respective offerings showed that investors are much more discerning than they have been in recent months.