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Bond Market News
Huarong Conducts Further Buybacks of its Dollar Bonds
September 25, 2023
China Huarong has conducted a further buyback of its dollar bonds, adding to repurchases made last week. It has now bought back:
- $105.7mn of its 4.5% 2029s vs. $98.7mn last week
- $75.5mn of its 3.875% 2029s vs. $52.5mn last week
- $141mn of its 3.375% 2030s
- $73mn of its 3.625% 2030s vs. $41mn last week
- $160.2mn of its 4.95% 2047s vs. $72.3mn last week
Huarong’s dollar bonds have been trending higher since the beginning of the month and were among the top gainers last week, up by over 4% across the curve. For instance, its 4.25% Perp was at 79.5 in the beginning of the month and has now moved to 86, yielding 12.3% to its call date in September 2025.
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