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Bond Market News
Wanda’s Dollar Bonds Rally on Mall Stake Sale
April 3, 2024
Dalian Wanda’s dollar bonds rallied across the curve by 2-4 points following the company’s 60% stake sale in its mall unit for $8.3bn. While this would provide a sizeable boost to Wanda’s liquidity, analysts note that the proceeds may also be used to refund an earlier batch of pre-IPO investors of the mall unit. Bloomberg Intelligence notes that as of end June 2023, the investor-refund amount (for the failed IPO) on Wanda’s financial statements was ~$6.4bn, and thus the company could pocket about $1.9bn from the stake sale. They also note that Dalian Wanda stake reduction to 40% from 79%, implies a sharp reduction in the IPO unit’s valuation whilst removing constraints on the IPO timeline. This could help Wanda smoothen its debt maturities.
Wanda’s 11% 2025s jumped 4.3 points to 84.1, yielding 35.6% and its 7.25% bonds due December 2024 were up 2.2 points to 87.8, yielding 35.4%.
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