BlackRock, HSBC among largest buyers of Evergrande debt: Morningstar
NEW YORK, Sept 21 (Reuters) - Fund giant BlackRock and investment banks HSBC and UBS were among the largest buyers of the debt of embattled Chinese real estate developer Evergrande Inc, Morningstar data shows.
BlackRock added 31.3 million notes of Evergrande's debt between January and August 2021, pushing its stake in the company to 1% of the assets in its $1.7 billion Asian High Yield Bond Fund, according to Morningstar.
HSBC increased its positions in the company by 40% through July, according to Morningstar. UBS increased its position by 25% through May, the latest date available in the fund tracker's database.
None of the companies responded to requests to comment for this story.
At the same time, other large fund firms such as Fidelity, Pimco, and Allianz cut their positions in the company by up to 47% between January and July, Morningstar said.
- https://www.reuters.com/business/financ ... 021-09-21/
US Fed keeps jacking rates to fight inflation, up and up, double digits, bubble stocks keep deflating, crashing. It's a long way down though on a return trip from the moon. Where does the money go? Well the news starts saying "people are protecting their money by putting it into property", property is a safe a bet, that sounds right. But hang on, most people can't afford property so. . .wait, the news is also saying "With property prices so high many mom and pop investors are finding alternative ways of investing in real estate!" Ohh that's clever, a real estate investment trust sounds like a good idea.
In 07/08 it was property market then stock market. Maybe this time it is inverse.
