Advanced Theory & Practice of Bonds

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1-2 December 2021

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R&F Properties’ dollar bonds surged up to 15%, after the company is due to receive HKD 8bn ($1bn) in short-term financing from major shareholders, Chairman Li Sze Lim and CEO Zhang Li, over the next one to two months. As per the exchange filing, R&F is expected to receive an approximately HKD 2.4bn ($310mn) today. The company has historically received financial support in the form of interest-free loans from both. The developer expects to have sufficient liquidity to address short-term obligations, even without taking into account the availability of any further external financing. It added that after the provision of shareholder financing, allowance for interest and other financial commitments, the Group will consider repurchase of longer tenor notes.

The developer also would be selling its property management subsidiary Wealth Best Global to Country Garden for RMB 10bn ($1.55bn). The combined $2.55bn fundraise led to a strong rally in its dollar bonds jumped amid a major sell-off across other property developers’ bonds.

R&F’s 5.75% 2022s jumped 10 cents on the dollar to 86.4 and its 11.625% 2024s rose 7.3 cents to 61.

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