SCCCF - Ashmore Group bulks up on Evergrande debt as cash crunch persists

While China Evergrande (OTCPK:EGRNF -7.9%) (OTCPK:EGRNY -5.1%) struggled to make coupon payments on its international bonds, Ashmore Group (OTCPK:AJMPF) bought almost $100M more of bonds issued by the Chinese property developer or its subsidiaries, Bloomberg reports, citing data it compiled. From July to September, as Evergrande's (OTCPK:EGRNF) stock and bonds fell, Ashmore's holdings of Evergrande debt swelled to more than $500M by the end of September. Even before the selloff, Ashmore (OTCPK:AJMPF) was the largest holder of Evergrande's (OTCPK:EGRNF) dollar-denominated bonds, the result of other big holders, such as Royal Bank of Canada (NYSE:RY) and Prudential Plc (NYSE:PUK) reducing their holdings as Ashmore was buying. Other firms operating distressed funds , including Redwood Capital Management and Saba Capital Management, also increased their positions in the developer, Bloomberg reported in September. YTD, Evergrande's (OTCPK:EGRNF) U.S.-listed shares have dropped 83% compared with other Chinese property developers Country Garden Holdings (OTCPK:CTRYF) -33%, Guangzhou

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Ashmore Group bulks up on Evergrande debt as cash crunch persists