HNA's Mounting Bond Cancellations Add to Funding Concerns
- Tianjin Airlines scraps 1 billion yuan of 270-day bond sale
- Third time for an HNA unit to cancel a bond sale this month
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Bond cancellations at Chinese conglomerate HNA Group Co.’s units are spreading, fueling concerns about financing strains after borrowing costs soared to records.
The third such scrapped financing plan this month came Tuesday, as Tianjin Airlines Co. said it had set aside a planned offering of 1 billion yuan ($151 million) of 270-day notes. The airline had planned to issue the securities in the onshore market by Dec. 18, according to a prospectus posted on Chinamoney’s website last week.