Evergrande liquidation: Western hedge funds shocked by liquidation
Global money managers weren't counting on a 99% haircut.
Source: fortune.com
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Evergrande's 99% bond wipeout hands hedge funds a harsh lesson on China
China Evergrande Group's defaulted offshore bonds are trading at just 1 cent on the dollar following a Hong Kong court order for the company's liquidation, highlighting the dangers of trying to bargain with the Communist Party.
Source: livemint.com
A 99% Bond Wipeout Hands Hedge Funds a Harsh Lesson on China
(Bloomberg) -- From afar, China Evergrande Group had all the makings of a killer distressed-debt trade: $19 billion in defaulted offshore bonds; $242 billion in assets; and a government that appeared determined to prop up the country’s faltering property market. So US and European hedge funds piled into the debt, envisioning big payouts to juice their returns.Most Read from BloombergBiden’s Attempt to Address Memory Issue Backfires With New GaffeA 99% Bond Wipeout Hands Hedge Funds a Harsh Lesso
Source: yahoo.com
Business groups urge block of NY bill to cap vulture fund profits
Sponsors and critics alike have said the measure has an unprecedented power to significantly reshape the international financial landscape.
Source: timesunion.com
N. American fixed income group won't take legal action over Credit Suisse AT1 fiasco-source
The Credit Roundtable, a lobby group of some of the biggest fixed income asset managers from the United States and Canada, has decided not to take legal…
Source: biztoc.com