Dollar bonds of Chinese developers China Aoyuan and KWG dropped over 15% on October 12. While the exact reason for the fall is not known, it is inline with the recent declining trend observed in Chinese developers’ bonds since the Evergrande saga spilled over to Fantasia, Sinic, Modern Land China, Xinyuan and others. The largest fall was observed in Aoyuan’s 2022s and KWG’s 2027s (chart below), with both bonds recovering slightly earlier today. Both the issuers’ other bonds also fell over 10%.

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