VANKE(SZ:000002) Xin Lang Cai Jing·2025-12-08 12:25Group 1 - Vanke's bond extension has led to a collective plunge in its bonds, marking the first time in its history that a bond extension has occurred [2][44] - The "22 Vanke MTN004" bond, with a face value of 3% and a scale of 2 billion yuan, has had its principal and interest payments postponed by one year [2][44] - Following the announcement, several Vanke bonds experienced a single-day drop of over 20%, triggering temporary trading suspensions, with prices falling from around 90 yuan to approximately 20 yuan [3][44] Group 2 - Standard & Poor's downgraded Vanke's credit rating from "BB+" to "CCC-", reflecting concerns over its financial health, which includes interest-bearing liabilities of approximately 320 billion yuan as of Q3 2023 [3][44] - Investors have realized that their perceived safety in holding Vanke bonds was misleading, exposing them to risks associated with the real estate sector, local finances, and policy changes [3][44] Group 3 - The situation with Vanke's bonds aligns with Howard Marks' recent memo discussing the distortion of risk pricing in the credit market, highlighting a broader trend of relaxed lending practices in a low-interest-rate environment [3][46] - Marks emphasizes the importance of maintaining credit standards in a market where many are lowering their investment criteria, making it challenging for prudent investors to find opportunities [36][79]