This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Lombard Odier’s Bajaj Sees Opportunity in China HY Names Incl. GLP, Wanda, Seazen, Fosun
June 21, 2023
Lombard Odier Singapore’s head of Asia fixed income, Dhiraj Bajaj has emerged as an outlier in the Chinese high yield bond market with bullish bets on certain credits that he believes are oversold. In an interview with Bloomberg, Bajaj said, “Many of these performing high-yield bonds will comfortably mature over the next 12 to 24 months in an environment where China growth is cyclically going to improve this year.” He has been a buyer of GLP China and its parent GLP’s bonds since Q4 2022, and Dalian Wanda’s bonds since January this year. Other names that he has bought include Seazen, Fosun and West China Cement given that their bonds have been sold without reason. He added, “They are companies that have good fundamentals, assets and operations. Their credit liquidity can be poor only because of limited refinancing channels, not because their solvency is in question.” Further, he expects support from Beijing to give these bonds a boost, stating that markets are “underestimating the potential policy support that could come out in the short term.” He however emphasized that he is less bullish on the distressed names that have little recovery value in their view.
Among the names mentioned, Wanda’s bonds are yielding the most, with its 6.875% bonds due next month yielding 180%, followed by Seazen’s 6% 2024s at over 40% and GLP China’s 4.974% 2024s at 22.6%.
For more details, click here
Go back to Latest bond Market News
Related Posts:Wanda and Seazen’s Dollar Bonds Drop
May 10, 2023
Seazen Upgraded to BB+ By S&P
April 1, 2021
Country Garden, CIFI and Seazen’s Dollar Bonds Extend Gains
September 1, 2022
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.