LO Funds Asia Diversified High Yield Bond, PineBridge Asian High Yield Bond, Pimco GIS Asia High Yield Bond and BNP Paribas Funds Asia High Yield Bond all held stakes in the NWD group that were close to or larger than Morningstar’s category benchmark at the end of April.
Hong Kong developer New World Development (NWD) announced last week that it would defer interest payments on some of its perpetual bonds. Morningstar data shows five Asian high-yield bond funds that had some 2.4% to 4.6% exposure to bonds issued by the NWD group as at April.
The NWD group includes the bonds of New World Development, NWD Finance and New World China Land Limited.
