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Bond Market News
Vanke Avoids Default Again on a Second Yuan Note
January 5, 2026
China Vanke narrowly avoided a default last week as creditors of an RMB 3.7bn ($528mn) bond chose to defer its principal repayment by extending the grace period from 5 working days to 30 days. This came just days after Vanke got a similar reprieve for another RMB 2bn ($284mn) bond, where creditors extended the grace period until January 28. The company faces a significant RMB 13.4bn ($1.9bn) maturity wall by June. Failure to navigate these could trigger cross-default clauses, impacting its vast unsecured debt load. As a result of the missed bond payment, Moody’s downgraded Vanke to Ca from Caa2.
Vanke’s dollar bonds continue to trade at distressed levels of 20-21 cents on the dollar.
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