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Olduvai III: Catacylsm
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China Deleveraging Hits Corporate Bonds As Cascade Effect Begins

China Deleveraging Hits Corporate Bonds As Cascade Effect Begins Following the market lockdown during October’s Party Congress, many commentators were disturbed by the continued rise in Chinese government bond yields as we returned to “business as usual”, with the 10-year rising to 4%. At the beginning of this month, we discussed the sell-off (see “China: […]

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Chinese Insurer Warns Of “Mass Defaults, Social Unrest” Due To “Mass Redemption” Run

Chinese Insurer Warns Of “Mass Defaults, Social Unrest” Due To “Mass Redemption” Run One month ago, China came “this close” to the one event which terrifies Beijing more than anything: a run on China’s shadow banks. As a quick reminder, 150 customers of China’s Mingsheng Bank, the country’s largest private bank, were furious in mid-April […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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