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\ud83d\udcccJPMorgan has increased its global emerging markets corporate high-yield default prediction due to heightened concerns over contagion stemming from potential default by China’s Country Garden. In its August 15 note, the US-based bank raised its 2023 global forecast from 6% to 9.7%, alongside a rise in the Asia high-yield default rate forecast from 4.1% to 10%. Excluding China’s property sector, this rate drops to only 1%.<\/p>\n
\ud83d\udcccJPMorgan anticipates that China’s property defaults will contribute around 40% of all defaults in 2023, followed by 35% from Russian entities and 12% from Brazilian issuers. The bank’s increased risk assessment underscores fears that a Country Garden default could have a widespread impact on China’s property market and the broader economy.<\/p>\n
\ud83d\udcccChina’s property sector has been grappling with a debt crisis since 2020 due to the “three red lines” policy that constrains developers’ debt levels. This has hampered growth as the sector is a significant contributor to China’s economy. A potential Country Garden default could add around $9.9 billion to the global emerging markets high-yield corporate default in 2023.<\/p>\n
Source: CNBC<\/p>\n
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JPMorgan Raises Global High-Yield Default Forecast on China Property Sector Contagion Fears\ud83d\udcccJPMorgan has increased its global emerging markets corporate high-yield default prediction due to heightened concerns over contagion stemming from potential default by China’s Country Garden. In its August 15 note, the US-based bank raised its 2023 global forecast from 6% to 9.7%, alongside a […]<\/p>\n","protected":false},"author":8,"featured_media":6554,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[73],"tags":[],"class_list":["post-6557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-noticias"],"yoast_head":"\n