The dominant theme in Asian credit markets over the past year has been the issuance of the first contingent convertible (CoCo) bonds by Chinese banks. This has been a welcome addition to a market strained by thin liquidity and persistently low rates, making it increasingly hard for investors to earn extra yield.
Over the past 12 months, China's central bank has cut its base lending rate from 6% to 4.6% and the renminbi has fallen against the dollar. This has forced an increasing number of
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