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Bond Market News

Tuspark’s Bonds Crash; Misses Coupon on 2022s, Considers New Options to Repay 2021s

Tuspark’s dollar bonds slid after the company failed to pay the coupon on its 6.95% 2022s last Friday. An investigative agency noted that the bond’s trustee had told holders that it had not received the coupon payment, with the company now having a 7-day grace period to make the payment. The agency, according to Bloomberg reported that Tuspark was considering funding options that include raising money by selling some of its 11% equity stake in 21Vianet to repay its $400mn 7.95% dollar bond due August 2021. They add that Tuspark has also applied to the Hefei government to convert a land plot valued at CNY 1.2bn ($190mn) to cash.

Tuspark’s 7.95% 2021s fell over 18% on Friday to 74.4 and its 6.95% 2022s are down today by 26 cents to 52.5 cents on the dollar after the missed coupon.

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