After comments from banking regulators helped reassure investors, the sudden sale affecting tens of billions of dollars offshore debt from major Chinese financial institutions was partially reversed.
However, China Huarong Asset Management’s international bonds were trading well below Monday’s par value. Some market participants said further rallies need to be clearer about the financial position and potential restructuring of Huafu Asset Management.
After Huafu Asset Management unexpectedly missed the deadline at the end of March for the announcement of financial results for 2020, bonds fell, so-called “related transactions” were put on hold, and information from Huayu Asset Management and Chinese authorities There were few. Investment grade offshore bonds from other Chinese companies were also under pressure.
On Friday, Chinese regulators said earlier silence in a statement that investors were positive because they showed that the authorities were involved in the matter, even if it was concise and widespread. Defeated.
“From the current situation, the operation of some financial asset management companies is stable, and the main operating indicators and regulatory indicators are within a reasonable range. Vice Chairman of the Bank of China Insurance Regulatory Commission, Xiao Yuanki , In response to a reporter’s question about Hualong.
Chinese asset manager bonds recover after sale
Source link Chinese asset manager bonds recover after sale