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China Funds Running From Company Defaults Bet Big on Bank Debt

By Tony Seruga

Certificates of deposit issuance triples to $928 billion
Demand driving sales as lenders seen less likely to fail

Chinese fund managers have tightened their risk controls and are loading up on short-term paper of banks, which they consider less likely to default than companies.

Lenders sold 6.2 trillion yuan ($928 billion) of certificates of deposit in the first half, tripling from 1.7 trillion yuan a year ago, data compiled by Bloomberg show. While China’s securities regulator banned money-market funds from buying corporate debt rated below AA+ in February, there are no limitations for CDs. HFT Investment Management Co. and Ping An Asset Management Co. say they have stepped up the scrutiny of risky notes…

China Funds Running From Company Defaults Bet Big on Bank Debt

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