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Bond Market News
Huarong’s Dollar Bonds Continue to Rally
September 19, 2023
Dollar bonds of China Huarong rallied across the curve yesterday, with its 2030s seeing its biggest gains in five months. While there was no news regarding the company, Huarong’s dollar bonds have been trending higher since the beginning of the month, up ~4%. Late last month, Huarong reported net losses for 1H 2023 of RMB 4.92bn ($670mn), an improvement vs. last year’s loss of RMB 18.87bn ($2.6bn). Its total income also improved to RMB 35.65bn ($4.9bn) vs. RMB 14.74bn ($2.02bn) a year ago. Huarong said that it will take “active measures to improve its cash flow” with an effort to use resources to recover cashflows from existing projects and investments in the upcoming year.
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