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Wanda’s dollar bonds have dropped roughly 1-3% after one of its key units, Dalian Wanda Commercial Management, filed to retract a bond sale application following regulatory guidance. The suspension revived liquidity concerns ahead of its $400mn 6.875% 2023s maturing next month, despite positive news earlier this week of Huarong’s capital investment and Wanda’s preparation of sufficient cash to repay a $275mn private-debt facility that matured on Wednesday. The rationale behind the halted application was that the IPO application of its subsidiary, Zhuhai Wanda, was still under review by the regulator CSRC. This IPO application is the fourth that Zhuhai Wanda has made following three prior failed attempts within a span of two years. If it fails to complete the IPO by the end of this year, it will need to buy back about $4.2bn worth of pre-IPO equity.
Wanda’s 6.875% bonds due July 23 fell by 0.8 points to trade at 92.2 cents on the dollar.
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