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Bond Market News
Huarong Announces Another Round of Debt Buybacks in the Open Market
October 27, 2023
China Huarong has completed another set of buybacks on its dollar bonds in the open market, as per an exchange filing. It bought back:
- $182.5mn of its 3.875% bond due November 2029. The new amount outstanding will be $317.5mn. The bond currently trades at 79.5, yielding 8.25%.
- $211mn of its 3.625% bond due September 2030. The new amount outstanding will be $139mn. The bond currently trades at 79.25, yielding 7.53%.
- $121.5mn of its 5.5% bond due April 2047. The new amount outstanding will be $78.5mn. The bond currently trades at 75.11, yielding 7.83%.
Huarong said that it will continue to monitor market conditions and may conduct further open market repurchases as required. Huarong also added that its bond due September 30 has been fully redeemed. The company has been on a bout of open market repurchases of its offshore bonds recently, conducting similar buybacks last month.
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