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Bond Market News
Road King Defers 7.75% Perp Distribution, Cautions on Other Perp Distributions; Dollar Bonds Drop
November 12, 2024
Chinese property developer Road King announced the deferral of distributions on its 7.75% Perp, in an exchange filing. Besides, the company also noted that it gave “no assurance” whether it may or may not give any further notice to defer any distribution with respect to its 7.95% Perp, 7% Perp and 7.75% Perp. It added that holders of the above notes should exercise caution when dealing in the respective securities. Road King’s 7.75% Perp fell over 7.5 points, while its other perps fell by about 5 points.
Separately, China is planning to cut taxes for home purchases, as per sources, noting that the government is amping-up fiscal support to revive the housing market. They noted that regulators are working on a proposal to allow mega cities like Shanghai and Beijing to cut the deed tax for buyers to as low as 1% vs. the current level of as much as 3%. Lan Fo’an, the Finance Minister pledged to carry out “more forceful” fiscal policies in 2025 after revealing an RMB 10tn ($1.4tn) debt swap for local governments.
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