Dollar credit survives China shock

摘要

Global fixed-income investors say they remain committed to Chinese US dollar-denominated credit, despite the renminbi devaluation, but have cut high-yield positions substantially. In what was described as a hellish week for trading, Chinese investment-grade names widened by at least 15bp following the People's Bank of China's move last Tuesday. Traders said that for some high-yield names and most of the Dim Sum market, it was not a matter of what they wanted to sell, but what they could sell.