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Bond Market News
China Grand Auto and Jinmao’s Dollar Perps Rally on Redemption News
September 27, 2023
China Grand Auto’s 9.109% Perp rallied over 2 points after a unit of the company said that it will redeem all of the outstanding notes on October 30, its next call date. The perp was issued by Baoxin Auto Finance I Ltd. and guaranteed by China Grand Auto. The company is rated CCC- by Fitch. The notes are currently trading at 91.85 cents on the dollar.
Separately, Chinese developer Jinmao also said that it plans to fully redeem its 4.875% Perp. The notes rallied by 3 points. Jinmao is rated Baa3/BBB-/BBB- by Moody’s/S&P/Fitch. The notes are currently trading at 99.125 cents on the dollar, yielding 13.25% to its call date on November 6.
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