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Bond Market News
Longfor’s Dollar Bonds Jump Over 2 Points
June 20, 2024
Chinese property developer Longfor Group’s dollar bonds jumped higher by over 2 points across the curve. While the exact reason behind the move was not known, the company successfully passed all resolutions during its annual general meeting (AGM), including declaration of a final dividend of RMB 0.23/share ($0.032), re-electing directors and granting mandates for share issuance and repurchases. The developer’s dollar bonds have been trending higher since March following easing regulations from China, whilst also boosting market sentiment by setting aside funds to repay an RMB 1.5bn ($208mn) note that matured in May.
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