China Vanke Bonds Extend Rally on Sweetened Extension Proposals

China Vanke Co.’s bonds extended their rally, a day after the distressed developer unveiled sweetened proposals to extend payments on some notes, potentially easing the risk of an imminent default.

Vanke’s dollar bonds jumped 4 cents on Friday morning, according to traders, after rising more than 5 cents Thursday, the largest daily gains in more than 11 months. Both bonds are still trading at deeply distressed levels of around 25 cents. Several of the company’s yuan-denominated securities were halted in Friday morning trading after prices surged.