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Bond Market News
Sichuan Languang’s Dollar Bond Jumps After Local Repayment
May 31, 2021
Sichuan Languang’s dollar bonds jumped after a report said that they wired funds for the repayment of an onshore bond. The company wired funds for the full repayment of its CNY 600mn ($94.3mn) 7.9% bonds due May 29. The Chinese property developer’s dollar bonds plummeted earlier this month after a rating downgrade by Moody’s to B2 citing a low liquidity buffer, as the company has large upcoming debt maturities in the next 12-18 months.
While their USD 8.85% 2022s traded up, their USD 10.4% 2023s were down 1.5 points to 51.5 and their USD 11% 2022s were marginally higher to 54.6.
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