LONDON (Reuters) – Europe’s biggest asset manager Amundi’s exposure to troubled Chinese property giant China Evergrade Group is currently $25 million, less than 10% of what it was earlier in the year, a spokesman for $2 trillion fund firm told Reuters on Friday.
EMAXX data, which provides details of funds’ holdings based on their latest public disclosures, shows Amundi held around $300 million worth of Evergrande’s international market bonds back in March, making it the biggest overall holder at that time.
Back then Evergrande’s international bonds, which add up to nearly $20 billion in total, were worth around 90 cents on the dollar but have slumped to 25-30 cents this month as worries have mounted about its finances.
($1 = 0.8490 euros)
(Reporting by Marc Jones; Editing by Tom Arnold)
