Exhaust rises from the smoke stacks of thermal power plants in this aerial photograph taken in Changshu, Jiangsu Province, China (Photographer: Qilai Shen/Bloomberg)
Bond investors continue to stay away from debt issued by state-government owned firms even as they rush for the safety of central government-owned enterprises.State government firms have weaker standalone financial profiles than central PSUs, investors say. Also unlike central PSUs which rarely default due to the implications for the sovereign, some state government firms have delayed payments leading to nervousness.Data from Bloombe...