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Bond Market News
Vanke’s Dollar Bonds March Higher on Securing Additional Support
February 11, 2025
China Vanke’s dollar bonds marched higher by 3-4 points after it secured additional support of up to RMB 2.8bn ($380mn) from its largest state shareholder, Shenzhen Metro Group. This support will help Vanke repay its debt and comes via a 3Y secured loan, where Vanke will offer up to RMB 4bn ($550mn) in collateral, including an 18% stake in its property management unit, Onewo. The loan agreement is seen as the best way for Vanke to raise funds as it faces the repayment of $4.9bn in bonds maturing throughout the year. The support from Shenzhen Metro follows Vanke’s top-management executive changes and a forecasted $6.2bn loss. Vanke has been struggling financially, with concerns over a potential default causing a drop in bond prices earlier this year. However, Vanke’s dollar bonds have been trending higher of late thanks to reports of a possible government takeover and talks of selling its logistics arm to ease liquidity pressures.
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