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.
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
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