Offshore investors in Asian corporate bonds have always had a masochistic streak. As they are typically lending to the holding company, rather than the operating company – where the assets are – they have never been in any doubt they would come off much worse than onshore creditors, should push come to shove.
亞洲公司債券的海外投資者總是有一點兒自虐。由于他們通常投資給控股公司，而非資產(chǎn)所在的運營公司，他們從不曾有絲毫的懷疑，一旦遇到緊要關(guān)頭，他們的境遇會比亞洲本土債權(quán)人糟糕得多。
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