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Bond Market News
Vanke’s Dollar Bonds Drop On Reports of Debt Exposure Assessment by Insurers
December 19, 2024
China’s banking regulator has instructed the country’s largest insurers to assess their financial exposure to China Vanke which is facing liquidity issues amid China’s ongoing property crisis. The review began several weeks ago and includes bonds and private debt issued by Vanke, along with the assets securing these debts. Earlier this month, insurers managing annuities also began evaluating their exposure to Vanke’s due to its weak financials amid the property market struggle. In addition to the reviews, Vanke executives have reportedly met with insurers, urging them not to exercise put options on certain private debts that will soon mature. This is said to potentially help Vanke prioritize bond payments and avoid a public default. However, Vanke denied the reports.
Following this, Vanke’s dollar bonds dropped across the curve, down ~1.5-2 points with its 3.975% 2027s at 53.9 cents on the dollar.
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