"China’s aggregate financing -- a broad measure of credit that includes corporate bonds -- almost doubled from a year earlier"
"At least 62 Chinese firms have postponed or scrapped planned note sales this month, six times more than the same period a year earlier."
"The unprecedented boom in China’s $3 trillion corporate bond market is starting to unravel. "
"investors in China’s yuan-denominated company notes have driven up yields for nine of the past 10 days and triggered the biggest selloff in onshore junk debt since 2014. Local issuers have canceled 60.6 billion yuan ($9.4 billion) of bond sales in April alone, while Standard & Poor’s is cutting its assessment of Chinese firms at a pace unseen since 2003."
"Listed firms’ ability to service their debt has dropped to the lowest since at least 1992, while analysts are cutting profit forecasts for Shanghai Composite Index companies by the most since the global financial crisis."
