Bond sales by Asian companies with patchy credit history plummeted in the September quarter. Blame Chinese property developers.
Asian high-yield issuance stood at $800 million in the three months through September, down 70 percent from the previous three months and the lowest quarterly figure since 2012, according to Moody's Investors Service.
High-yield issuers—companies whose credit rating is below the minimum investment grade threshold most pension funds and insurance companies follow—sold $8 billion worth of bonds between January and September, down 40 percent from the same period last year.
According to Brian Grieser, a senior analyst at Moody's, the sharp fall could be attributed to Chinese property companies being less active than usual.