Deals
Yuan Hurts Junk Bonds of China’s Builders With Most Dollar Debt
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Investors sold bonds of China’s junk-rated developers with the most offshore debt after authorities devalued the yuan a second day.
Country Garden Holdings Co.’s 2020 notes slid 0.6 cents on the dollar to 104 cents as of 10:46 a.m. in Hong Kong, the sharpest descent in two weeks. Evergrande Real Estate Group Ltd.’s 2018 securities fell 0.4 cents to 95.3 cents in the first decline in a week. The drops come as the yuan headed for its biggest two-day tumble in 21 years after the central bank cut the reference rate to the weakest since 2012.