Deepening worries over Evergrande have ignited selling in a $428bn corner of the Asian debt market, underscoring how the crisis at the Chinese property developer is spreading to other assets as traders and investors brace for a crucial payment deadline on Thursday.
Yields on US dollar-denominated bonds issued by riskier Asian borrowers have soared to almost 12 per cent this week, the highest level since a jump during the early stages of the coronavirus pandemic, according to an Ice Data Services index.
The jolt from 7 per cent at the start of the year came as traders fretted over the potential fallout if Evergrande begins missing payments on the billions of dollars of debt it has outstanding on international markets.
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