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Bond Market News

Evergrande’s Dollar Bonds Jump on Report of Units’ Stake Sale

August 11, 2021

Dollar bonds of Evergrande jumped over 2.5 points after Reuters reported that the developer is in discussions with state-owned and private companies to sell stakes in its HK-listed new-energy vehicle and property service units. They added that Evergrande is also seeking buyers for its urban renewal projects in Shenzhen. “This could be a positive catalyst to ease some investors’ concerns on its liquidity woes,” said Bloomberg Intelligence analyst, Patrick Wong. Evergrande’s EV unit reported a loss of $740mn in H1, which it said was on the back of new EV businesses that were in their early investment stage. In other news on Evergrande, Bloomberg reported that individual investors are not allowed to buy the property developer’s local currency (CNY) bonds, with only institutional investors permitted to invest in them.

Separately, Bloomberg reported that individual investors are not allowed to buy Evergrande’s local Yuan bonds, with only institutional investors permitted to invest in them.

Evergrande’s 8.25% 2022s were up 3.5 cents to 55.6 cents on the dollar and their 11.5% 2023s were up 3 points to 46.73 yesterday.

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