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Spreads within the five-year AA+ section have been comparatively steady as it is a a lot smaller a half of the market and traders on this longer-maturity segment are usually stickier. The marquee dangerous debt headline was held by state-owned energy agency Yongcheng Coal & Electricity Holding Group, which defaulted on 1 billion yuan ($152 million) last Friday and sent coal miner bonds nationwide tumbling.

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