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Bond Market News
Longfor Expects to Raise $13bn Following Easing Measures
January 26, 2024
Longfor Group expects that it may be able to raise as much as RMB 90bn ($13bn) by pledging its 113 malls to avail commercial loans from banks to repay some of its other loans and bonds. This comes after the new easing measures introduced by the regulator wherein, developers can use bank loans taken by pledging their commercial properties, and use them to repay other loans and bonds.
Longfor’s dollar bonds rose by 2-2.5 points across the curve yesterday and continue to move higher. Its 3.375% 2027s were up 0.6 points 58.22 cents on the dollar, yielding 22.31%.
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