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Bond Market News
Wanda’s Dollar Bonds Soar by Over 20 Points on Averting Mall IPO Repayment
December 14, 2023
Wanda Properties’ dollar bonds jumped by over 20 points across the curve as the company averted an immediate $4bn repayment to pre-IPO investors in its mall unit after reaching an agreement. According to the company’s statement, Dalian Wanda Commercial Management and PAG Investment Group signed a new investment agreement, through which PAG and other investors’ stake will increase to 60% in the Zhuhai mall unit. Wanda’s founder and Chairman Wang Jian’s stake will be reduced to 40% from 78%. Separately, Wanda Properties said that its extraordinary resolution for the 7.25% 2024s was passed at a with the consent fees and ineligible bondholder payments to be paid on or around December 18. This comes after the company asked holders to extend the maturity on the 7.25% bonds due 29 January 2024 by eleven months to 29 December 2024 in late-November.
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