China question looms large as emerging market distressed-debt club grows ...Qatar

Bondholders of emerging markets that may have to restructure debt are watching Sri Lanka’s unfolding credit crisis with a burning question: What will China do? Beijing is the largest official creditor to developing nations and investors say it’s unclear how lenient it’ll be in demanding repayment from distressed borrowers. They view Sri Lanka as a test case, and whether China demands repayment in full or accepts a haircut will determine how much private creditors including bondholders could recover in case of a default. A record 21 emerging market sovereigns’ dollar bonds are trading in distressed territory, according to data compiled by Bloomberg. Some of those may join Sri Lanka and Belar

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