New energy bonds hit after GCL-Poly sale falls through

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By Addison Gong
07 Aug 2018

GCL New Energy’s $500m offshore bond plummeted by more than three points in secondary trading on Monday, after its parent company failed to dispose of an asset in Zhejiang. The price plunge also had a knock-on effect on other Chinese new energy bonds.

The company’s outstanding $500m 7.1% 2021 bonds dropped by over three points to close at around 87 on Monday, despite other China high yield bonds rallying by between 10 and 25 cents, according to one trader.

The price drop came after unrated GCL-Poly Energy Holdings, parent of GCL, ...

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