As more Chinese high-yield names default in the real-estate sector, one of the region’s leading distressed debt investors shares his views on the state of the market – and the investment opportunities that come with it.

Asian high yield has always been dominated by Chinese real estate, so the Evergrande crisis has shut down the market for new issuance. Is this the chance for non-Chinese issuers to step up?

Global investors shrug off Evergrande’s woes and welcome a new link to China’s onshore bond market.

A consensus that Evergrande’s failure will be more like the LTCM unwind than the Lehman bankruptcy could underplay ongoing challenges in hedging Chinese exposure.

Global investors want to know if troubled Chinese developer Evergrande can meet its bond repayments – but far bigger risks exist, from local government bond defaults to badly run banks exposed to overleveraged developers.

Evergrande is in trouble, drowning in debt and besieged by angry investors. It is bad news for shareholders, but it also raises harder and darker questions about investing in China.

Nothing in China is straightforward, but everything happens for a reason.

European vanilla convertible bonds just cannot shake the blue funk they are in, even as other regions power ahead. Non-dilutive and synthetic structures have kept bankers busy, but they don’t suit everyone

Last year was a record for high yield in Asia, and 2018 has started strongly despite volatility. But behind the scenes there are concerns about an unpredictable regulator controlling supply and worsening practices among unfamiliar bookrunners.

New capital flow channel had a limp debut; insurance industry is under the cosh.

Stark contrast with reaction to Sino-Forest default in 2011; case highlights key man and regulatory risks in China.

As the volume of Chinese renminbi bonds issued in Hong Kong soars, previously starved investors are becoming fussier. While debt bankers talk up e market in public, in private the rush of synthetic, high-yield and even unrated deals worries some. Lawrence White reports.