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Bond Market News
Wanda’s Dollar Bonds Plummet on $200mn Funding Shortfall
July 18, 2023
Dollar bonds of Wanda Group plummeted across the curve with its 6.875% bond due July 2023 down over 20 points. This comes after its unit Dalian Wanda Commercial Management Group said it is facing a funding shortfall of about $200mn to repay its $400mn notes due next week, as per sources. The bonds have no grace period and thus, non-payment of the notes would lead to default. Fears about Wanda’s debt have affected the company and the broad property sector over the last few months. The ripple effects from Wanda’s news have also been seen on COGARDs near term bonds with its 2024s falling by 7-8 points.
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