Logan Leads Junk Bond Drop as Stocks Rebound: Evergrande Update
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Property developer Logan Group Co. led a decline in high-yield bonds as concerns about unreported debt persist. While Chinese stocks rallied after a week-long holiday, the market may struggle to keep up momentum unless policy makers restore investor confidence.
The CSI 300 had plunged into a bear market just before the holidays as worries about a weak economy and the property sector’s debt woes outweighed Beijing’s monetary easing. A fund manager said the bounce was mostly due to excessive selling before Lunar New Year. Separately, Zhenro Properties Group Ltd. made coupon payments on two dollar bonds.