NEW YORK (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. 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.

Source: MetroXpress September 21, 2021 16:52 UTC