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Bond Market News

Wanda Seeking Dollar Bond Extension

November 22, 2023

Wanda Properties, a key unit of Dalian Wanda has asked to extend the maturity on the 7.25% bonds due 29 January 2024 by eleven months to 29 December 2024. Sources noted that the company is offering to pay 10% of the principal in January, 20% in May, 30% in September, and the remaining 40% in December next year. Dalian Wanda Commercial Management, the guarantor of the above bonds said that they are facing “challenges in raising new financing or refinancing its existing indebtedness” in the offshore capital markets. Wanda’s dollar bonds rallied last week after its shopping mall unit, Wanda Commercial Management, refiled its application for an IPO in Hong Kong. This is a positive news as a failure to complete its IPO by end-2023 would see them make a sizeable RMB 30bn ($4.1bn) repayment to its investors.

Its 7.25% 2024s fell sharply by 9.9 points to 53.2 cents on the dollar.

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