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26

China Brings Back High-Risk Debt Structures to Increase Leverage

By Tony Seruga

Remember putable bonds? Or debt insurers that collapsed in the U.S. in the wake of the global financial crisis? They’re back — in China.

Oceanwide Holdings Co. earlier this month sold the largest dollar-denominated putable security from Asia since 2003. Investors can demand the Beijing developer buy the notes back in three years, even if it doesn’t want to. HNA Capital Holding Co., a Beijing-based investment bank, sold $200 million of bonds Aug. 11 guaranteed by a Chinese insurer whose exposure to troubled debt doubled last year…

China Brings Back High-Risk Debt Structures to Increase Leverage

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