Asian Millionaires Are Dumping Chinese Junk Bonds
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Chinese developers led the worst dollar junk-bond rout in at least six months amid speculation private banks are dumping notes to bolster rich clients’ collateral eroded by a collapse in equities.
Chinese high-yield bonds fell 1.35 percent Wednesday, according to a Bank of America Merrill Lynch index, the most since a 2.6 percent slump Jan. 6. The selloff is continuing as some property issuers, including Evergrande Real Estate Group Ltd. and Agile Property Holdings Ltd., cap the worst losses since their notes’ debut.