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Bond Market News
Fantasia’s Bonds Slump; Co. Says It Plans to Use “Ample Cash” to Buyback Bonds
May 12, 2021
Fantasia Holdings’ dollar bonds slumped 2-4% yesterday. While the reason for the fall is unclear, the Chinese property developer told Bloomberg that they are “closely monitoring the market” and plan to buyback bonds “with its ample cash”. “The company’s financial condition and operation are sound,” they said. Bloomberg notes that the developer could use its sufficient liquidity, underpinned by cash coverage of 1.4x at the end of 2020, to buy more bonds.
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