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China Huarong’s dollar bonds were higher by 3-4% across the curve, following the buyback of its bonds. Huarong fully bought back 5 of its dollar bonds and select quantities of other bonds. It fully redeemed its $400mn 2.5% 2023s, $400mn FRN due 2023, $550mn FRN due 2023, $600mn FRN due 2022 and $700mn Perps. Besides the above, it also bought back some of its other bonds outstanding that included:
Huarong added that it will continue to monitor market conditions and may conduct further buybacks as necessary. Huarong’s dollar bonds have been trending higher since the beginning of the month, up by over 5%.