A Santayana Moment with Chinese Property Bonds – Flashback 2011

“Those who do not remember the past are condemned to repeat it”

It is often instructive to take a step back into recent history and think about fixed income when panic is all around. The last time panic hit the Chinese credit markets was less than 5 years ago.

Here’s a partial Chinese property credit run from October 7 2011. Do you remember how credits were trading that day?

Here goes:

2011 Chinese Ppty bond run

Yesterday morning for the same names.

Chinese Ppty bond run