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Bond Market News
Wanda’s Dollar Bonds Up 3-5 Points on Huarong Capital Investment
June 28, 2023
Wanda Group’s dollar bonds rallied between 3-6 points after China Huarong injected RMB1.67bn ($232mn) of capital into Wuhan Huadajiuhao Innovation Investment, a joint venture with Wanda. The move by Huarong boosted investors’ confidence over liquidity support for the Chinese property developer’s projects. Wanda has been in the spotlight over liquidity concerns as well as pressures to list its subsidiary, Zhuhai Wanda in Hong Kong by the end-2023. If it fails to complete the IPO, it will need to buy back about $4.2bn worth of pre-IPO equity.
In another positive update, Wanda has readied sufficient cash to repay a $275mn private-debt facility maturing today, as per sources. They noted that funding will be backed by its equity in Hollywood film studio Legendary Entertainment.
Wanda’s 6.875% 2023s have rallied by 6.5% to trade at 93.4 cents on the dollar.
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