The beaten-down bonds of Chinese internet companies have rebounded since the May...
) in May, soon after the market sold off following a U.S. announcement of higher tariffs on China and Washington’s sanctions against Chinese telecommunications giant Huawei Technology.
Those who held onto bonds issued by Baidu, Alibaba and Tencent - known as B.A.T. on Wall Street - were rewarded as major central banks hinted at lower interest rates and trade talks resumed, lifting the value of the tech giants’ investment grade-rated bonds. Since their sell-off, the recovery in the bonds of Chinese internet firms has outpaced that of their U.S. peers.
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