China Grand Auto bonds plunge after exchange offer
China Grand Automotive Services Group Co has launched an offer to exchange two dollar bonds in part, leading to a sell-off in its existing curve in the days following the announcement.
The company’s two outstanding senior perpetual bonds in the offshore market traded down, with its $400m 5.625% perp non call 2020 bond falling to below 80 cents on the dollar after it announced to exchange of up to $425m of old notes last Wednesday. According to CreditSights, the
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