China Grand Auto bonds plunge after exchange offer

By Addison Gong
14 Oct 2019

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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