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Banks Race to Assure Markets Evergrande Exposure Is Limited

  • CEOs of UBS and HSBC emphasize limited exposure to developer
  • Evergrande is buckling under more than $300 billion in debt
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WATCH: China tells Evergrande to avoid a near-term default on dollar bonds.Markets: European Close.” (Source: Bloomberg)
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European bankers have spent the past few days reassuring investors, clients and regulators about any fallout from China Evergrande Group as questions swirl about the world’s most-indebted property developer.

Credit Suisse Group AG, which underwrote the most Evergrande bonds among international banks in the last 10 years, issued statements showing its asset management unit’s funds didn’t hold much of the developer’s debt. It also reached out to shareholders about the bank’s own minimal level of exposure, according to a person briefed on the discussions.