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Bond Market News
Wanda’s 2023s Jump after Creditors Did Not Seek Early Repayment of $1.3bn Loans
May 30, 2023
Dalian Wanda’s dollar bonds rallied across the curve with its 6.875% 2023s soaring by over 10 points to 86.3 cents on the dollar. This comes after the company said that its creditors did not demand early repayment of its loans after a failed IPO of its unit Zhuhai Wanda. Zhuhai Wanda, 66.96%-owned by Dalian Wanda failed to submit listing documents within a mandatory deadline. It was agreed that should Zhuhai Wanda fail to list by May 8, banks with more than 66.67% of Dalian Wanda’s loans could demand repayments, However, Dalian Wanda said that no bank had demanded repayments yet. Dalian Wanda also dismissed other concerns that included rumors that it had feigned some of its financials.
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