News Snapshot:
FAST FIVE: China Considering Huarong Bailout With $15 Billion PBOC Backstop The company's 4.5% perpetual bond gained 6.4 cents on the dollar to 79.8 cents on Wednesday, while its 3.75% dollar bond due in 2022 climbed 5 cents to 87.7 cents. Which is why the mere speculation that Beijing would let it default was enough to send shockwaves across China's market. It's unclear whether Huarong would be compelled to make good on more than $20 billion in dollar bonds if its offshore units — especially China Huarong International — were unable to repay. The imminent PBOC bailout seeks to put...
