The Funds Holding Evergrande’s Distressed Debt, From UBS to Saba
This article is for subscribers only.
China Evergrande Group has the world’s biggest pile of troubled debt, with roughly $19 billion of obligations that are actively quoted at distressed prices. The developer’s unraveling is sending shockwaves across global markets, and speculation is running wild about whether Beijing will intervene to prevent a disorderly collapse for the firm.
In credit markets otherwise short on juicy yields and big distressed situations, that caught the attention of U.S. investment funds looking for new bets.