China Vanke's Dollar Bonds Signal Fears of Default Down the Road [BNN Bloomberg (Canada)]
Mitsubishi UFJ Financial Group, Inc. (MUFG)
Company Research
Source: BNN Bloomberg
Vanke, the country's second-largest developer by sales with 1.28 trillion yuan ($178 billion) in total liabilities, has a series of bonds maturing this year, including a $600 million note due in June. For now, the short-dated notes are trading near par, indicating little concern of an immediate implosion. Its longer-dated dollar bonds are another story. One note, due 2029, at one point this month fell to as low as 40 cents on the dollar, indicating investors' worries over the company's long-term financial health, despite its strong links to the government. There is “better clarity for Vanke to repay its short-dated bonds based on our assessment of its latest liquidity profile,” said Fiona Kwok, an Asia fixed-income portfolio manager at First Sentier Investors (Hong Kong) Ltd. “For longer-dated bonds, their performance will be dependent on industry recovery and strength of support from Chinese government.” Vanke, whose major shareholder is a state-owned firm based in Shenzhen, h
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MUFG
Sec Filings
- 4/17/24 - Form 6-K
- 4/9/24 - Form 424B2
- 4/9/24 - Form FWP
- MUFG's page on the SEC website