Chinese Property Developer Logan Group announced the result of its tender offer. It said that it will buy $164.236mn in principal of its 5.75% bonds due January 2022 at par plus accrued and unpaid interest. The tendered notes will be cancelled along with $18.05mn of notes it bought back in the open market. This brings the total outstanding amount of the notes to $61.789mn. Logan’s dollar bonds are up 7-11 points. Its 2022s and 2023s are back to the 90’s and its bonds due from 2024 are trading over 80 cents on the dollar.

Another developer Zhongliang bought back $46.37mn of its 8.875% bonds due November 22 earlier this month. That leaves less than 50% of the principal outstanding, which the company plans to cancel before the maturity date. The company said that it has remitted the required funds needed to pay the remaining principal and interest to its offshore bank accounts. The developer also bought back $9.81mn of its 7.5% bonds due January 2022, taking the total buyback of those bonds to 8.72%. In related news, another developer Zhenro Properties also repurchased its dollar bonds, albeit in a much lower quantum. It bought back $1mn of its 8.7% 2022s and $3.55mn of its 5.98% 2022s. This comes after a $33mn buyback late last month.

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