"China injected more cash into its banking system in a sign authorities are seeking to avert a funding squeeze amid a seasonal rise in financing demand and the intensifying debt crisis at China Evergrande.
The People’s Bank of China added 90 billion yuan ($14 billion) of funds on a net basis through seven-day and 14-day reverse repurchase agreements on Friday, the most since February. Today was the first time this month it added more than 10 billion yuan short-term liquidity into the banking system on a single day."
I add I saw a major investor bailed out. Story seems to have been pulled so no link sorry.
The fire sale of Assets is not keeping pace and clear risk to bond holders "“Hiring these high-profile advisers is basically announcing the restructuring of all of its outstanding debts,” said Zhou Chuanyi, a credit analyst at Lucror Analytics in Singapore. “At this moment, offshore bond holders should already be fully aware of the possible haircuts, which is very likely to happen. If it pushes to the extreme and go into the liquidation, the offshore bond holders may get nothing.”"
"Its most active dollar-denominated bonds due in June 2025 have declined to distressed levels of about 30 cents on the dollar, from more than 80 cents in May. Its March 2022 notes lost about one-fifth on Tuesday to 24 cents."
I wonder which super funds and a toe in this one given its size?
