(AF) Contagion from the Evergrande crisis has spread to riskier Asian dollar-denominated bonds, sending yields soaring to 12% from 7% amid deepening concern that troubled Chinese property giant will miss a coupon payment on its own dollar debt, the Financial Times reported.
The surge in an Ice Data Services index – which tracks $428 billion of assets – was the highest since the onset of the coronavirus pandemic and reflects investor worries that the perilous state of Evergrande’s finances has the potential to up-end global markets, the report stated. Full report: Financial Times
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