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Bond Market News
Ronshine’s Dollar Bonds Slip on Links to Zhenro and Rumors of Maturity Extension
February 14, 2022
Zhenro’s debt worries also weighed on developer Ronshine China with some of its dollar bonds like its 8.95% 2023s at record lows while its shares fell 7.3%. Bloomberg notes that Ronshine Chairman Ou Zonghong is a brother of Ou Zongrong, who is Zhenro’s controlling shareholder, according to Hong Kong stock exchange filings and Bloomberg-compiled data. Adding to the negative news, Bloomberg reported that credit traders cited an anonymous social media post that said that Ronshine plans to extend the March 1 maturity on its $456.49mn 10.5% dollar bond, which could also be the reason for the sell-off. The bonds fell 13.6 points to currently trade at 58.54.
Ronshine’s 10.5% 2022s are among the top losers today, dropping 19% to 58.5 cents on the dollar.
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