Economics
China Firms Aim to Repay Overseas Debt Early After Yuan Drop
- Soho China, Gemdale, ENN Energy seek early note redemptions
- Onshore yields at five-year lows are fueling local debt sales
This article is for subscribers only.
At least three Chinese companies have said this month that they’re seeking to pay off overseas debt early, after the yuan’s tumble pressured the nation’s firms to do more to reduce foreign exchange risk.
Beijing-based property developer Soho China Ltd. offered Friday to redeem $400 million of notes due 2022 early. Natural gas distributor ENN Energy Holdings Ltd. proposed to buy back $400 million of 2019 bonds Thursday, and Shenzhen-based builder Gemdale Corp. announced a tender offer last week for all of its offshore notes of about $500 million.