Western Asset Sees Dollar Debt Buybacks Ahead on Falling Yields
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Chinese property developers with the option to repurchase dollar-denominated bonds later this year may opt to do so amid falling yields, according to Western Asset Management Co.
Shimao Property Holdings Ltd., a residential and hotel builder in China, is considering buying back its 2017 notes, which have a call option in August, as it considers a syndicated loan, Tammy Tam, an investor relations official at the company said in an interview today. Country Garden Holdings Co., controlled by China’s richest woman Yang Huiyan, has 11.25 percent 2017 securities which it may redeem at any time and from time to time on or after April 22 in whole or in part. KWG Property Holding Ltd.’s 12.5 percent bonds can be bought back in August.