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Bond Market News
LMIRT’s Dollar Bonds Pullback After Uptrend
March 8, 2024
Dollar bonds of Lippo Malls Indonesia Retail Trust (LMIRT) fell by over 2 points. While the reason for the drop is not clear yet, the company has been under some financial strain as indicated by the downgrade by Fitch in December to CCC- from CCC. This came after Fitch considered LMIRT’s tender offer and consent solicitation exercise to be tantamount to a distressed debt exchange, besides highlighting refinancing risks. Following the news on its tender offer, its dollar bonds have been on an uptrend with its 2024s rallying from 63 to 96 and its 2026s up from 56 to 86 cents on the dollar since October 2023.
LMIRT’s 7.25% 2024s were down 2.7 points to 93.7 cents on the dollar and its 7.5% 2026s fell 2.2 points to 84.06, yielding 17.69%.
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