The rarity of the drawdowns. People willing to pay for one…

Rating Agencies Caution on Corporate Debt After US Borrowing Frenzy: FT

A boom in US corporate borrowing has laid the foundation for a wave of defaults at financially risky companies, according to leading debt rating agencies that assess and rank bonds and loans.

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China Looks to Be Quietly Defusing a Hidden Government Debt Bomb

China could be making inroads in a long-standing battle to deal with local governments’ so-called “hidden-debt” as the economy’s rebound gives officials room to focus on tackling financial risks.An analysis of local governments’ finances shows a difference of 668 billion yuan ($103 billion) between the amount of refinancing bonds sold in the first half of the year…


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