Several Hong Kong-based credit experts reportedly depart amid the ongoing property debt crisis in China.
At least three credit traders are leaving Standard Chartered, according to a «Bloomberg» report that cited anonymous sources. They include the global head of credit flow trading Duncan Robinson alongside two unnamed Chinese traders focused on Chinese junk bonds.
The exits occur in the midst of an ongoing Chinese property debt crisis as the country’s junk dollar bond market undergoes continued turmoil after Beijing tightened borrowing rules for real estate firms. Major Chinese developers such as Evergrande, Kaisa, and Sunac have all defaulted on offshore bond payments.
In the first quarter, Standard Chartered posted a 16 percent drop in credit trading and also booked a 160 million US dollar credit impairment charge related to exposure from Chinese commercial real estate.
