Dollar debt issued by Chinese companies declined 1.5% in August, the biggest drop since Lehman Brothers collapsed in October 2008, reflecting generally bearish investment sentiment and concern over the financial standing of Chinese companies in a tight credit environment, Bloomberg reported, quoting data from HSBC Holdings’ (HBC.NYSE, HSBA.LON, 0005.HK) Asia US Dollar Bond Index. The impact is not limited to China. India’s corporate debt performed even more poorly, falling 2.2% in August, while Brazilian notes dropped 1.8% and Russian debt fell 1.3%, the data show. Dollar debt issued by firms in Singapore, the only Asian economy to receive a AAA rating from all three of the largest ratings companies, grew 1.3%, while US Treasuries gained 2.8%. Chinese companies sold a record US$33 billion of dollar-denominated bonds this year as the renminbi appreciated 3.4% against the US dollar and officials hiked interest rates three times.