International investors have more than doubled their bets against under-pressure developer China Evergrande’s bonds, in a sign of market sentiment souring further on one of Asia’s most prominent dollar borrowers.
The face value of Evergrande bonds that have been lent out to other investors has risen close to $400m, more than twice what it was at the start of June, according to data from Markit.
Almost $170m of the company’s $2bn bond that matures in 2022 is out on loan, up from $50m at the start of the year. The bond was trading at 57 cents on the dollar on Wednesday, compared with almost par in May.
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