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Bond Market News
Vanke’s Dollar Bonds Surge after Unveiling Sweetened Proposals
January 19, 2026
China Vanke’s dollar bonds surged after the developer unveiled sweetened proposals to extend payments on local notes that were due last month and another note with a January 22 put option. The revised plan offers a 40% upfront principal repayment in cash, prioritized over other extension options. If bondholders agree, the deal could help Vanke avoid an imminent default when the grace period on its local bonds expires. However, the developer still faces nearly $50bn in interest-bearing liabilities and a government mandate to produce a comprehensive restructuring plan, likely involving deep haircuts. While the source of the cash remains unclear, the proposal is being viewed as a positive catalyst for Vanke’s credit profile.
Dollar bonds saw their largest daily gains in nearly a year, up by 9 points, albeit at distressed levels around 24-25 cents on the dollar.
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