China Evergrande bonds suspended as prices slump

The Shanghai Stock Exchange said in a statement that it had temporarily suspended trading in China Evergrande Group's 6.98 per cent July 2022 corporate bond following"abnormal fluctuations". The exchange had also suspended trading in the bond on Friday.

The company's 5.9 per cent May 2023 Shenzhen-traded bond, which was also suspended from trading, fell more than 35 per cent after trading resumed on Monday afternoon.The slump in bond prices on Monday comes after China Securities Depository and Clearing on Friday effectively erased their value for use in collateral repo trading by reducing the"conversion ratio" of the July 2022 bond to zero, effective Sep 7.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

China Evergrande bonds suspended as prices slumpSHANGHAI : Bonds issued by heavily indebted developer China Evergrande Group plunged on Monday on growing investor worries over the company's ability to pay its debts, prompting China's stock exchanges to halt trading.The Shanghai Stock Exchange said in a statement that it had temporarily suspended tradin
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Japanese automakers' China car sales tumbled in AugustBEIJING : Japanese automakers Honda Motor, Nissan Motor and Toyota Motor saw their sales in China tumble in August as a chip shortage hit vehicle production in the world's biggest car market.Honda said it sold 91,694 vehicles in China last month, down 38.3per cent from a year earlier due to the COVID-19 p Stay away from china market.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »