Evergrande sends shockwaves across bond market

Chinese property sector dollar bonds came under massive pressure in the secondary market as Evergrande raised $1.8 billion in a new deal which priced at a significant premium to its outstanding bonds.
Chairman Hui Ka Yan bought $1 billion out of the $1.8 billion issue
Chairman Hui Ka Yan bought $1 billion out of the $1.8 billion issue

China Evergrande Group caused a massive selloff in dollar bonds out of the Chinese property sector on Tuesday after the debt-laden developer took itself to the market to raise $1.8 billion from a triple-tranche bond offering that priced at a hefty premium to its existing paper.

¬ Haymarket Media Limited. All rights reserved.

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