Marathon Asset Management is buying debt issued by troubled developer China Evergrande Group, according to the investment firm’s co-founder and Chief Executive Officer Bruce Richards.
The distressed-debt specialist purchased Evergrande debt for the first time this week and will continue doing so at the current low prices, Richards said in a Bloomberg Television interview on Wednesday. Evergrande 10% bonds due in 2023 led declines in the U.S. high-yield market on Wednesday, dropping 2.375 cents to 23.875 cents on the dollar.
