Abstract
Investors can find bargains in the Chinese high-yield bond market (US dollar-denominated securities that trade offshore). But, as the recent high-profile Sino-Forest bankruptcy clearly demonstrates, investors who fail to use a rigorous credit analysis process risk losing their shirts in this highly volatile and weaklyregulated market. In Investing in China’s High-Yield Debt Markets: A Proposed Credit Analysis Framework , presented in JPM’s Special China Issue , Jie Liu and Frank Fabozzi offer a new and rigorous framework, combining five credit metrics, to help investors find the most creditworthy investing opportunities in Chinese high-yield bonds.
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