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Chinese Asset Manager’s Bonds Recover After Selloff

A steep selloff affecting tens of billions of dollars of offshore debt from China Huarong Asset Management has partially reversed

4/19/2021 1:30:00 PM

A steep selloff affecting tens of billions of dollars of offshore debt from China Huarong Asset Management has partially reversed

A steep selloff affecting tens of billions of dollars of offshore debt from China Huarong Asset Management has partially reversed, after comments from the banking regulator helped reassure investors.

April 19, 2021 5:58 am ETA steep selloff affecting tens of billions of dollars of offshore debt from a major Chinese financial institution has partially reversed, after comments from the banking regulator helped reassure investors.However, China Huarong Asset Management Co.’s international bonds were still trading considerably below face value on Monday. Some market participants said a further rally would require more clarity on Huarong’s financial health and any potential restructuring.

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Thebonds had tumbledafter Huarong unexpectedly missed an end-March deadline to release its 2020 financial results, pending what it called a “relevant transaction,” and with little more information from Huarong or Chinese authorities. Investment-grade offshore bonds from other Chinese companies had also come under pressure.

On Friday, Chinese regulators broke their earlier silence, in a statement that investors said was positive because it showed authorities were engaged with the issues, even if it was brief and broad.“From the current situation, the operation of several financial asset-management companies is stable, the main operating indicators, regulatory indicators are in a reasonable range. Please rest assured,” Xiao Yuanqi, vice chairman of the China Banking and Insurance Regulatory Commission, said in response to a reporter’s question on Huarong. headtopics.com

Read more: The Wall Street Journal »

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Breakingviews TV: Terrible bank | Reuters VideoA Chinese state-controlled bad bank is roiling the $600 bln local dollar bond market. Foreign investors are worried Huarong may not honour its own debts. Beijing says it has adequate liquidity. Pete Sweeney explains why that may be a sweet nothing.