王健林战略掉头？万达发12.75%高息债券“补血”

Core Viewpoint - Wanda Commercial Management has successfully returned to the offshore bond market after three years, issuing $360 million in senior secured bonds with a high coupon rate of 12.75%, reflecting ongoing credit repair challenges and the need for liquidity management [1][2][3]. Group 1: Bond Issuance Details - The bond issuance followed RegS rules, allowing securities to be offered to non-U.S. investors without registration under U.S. securities laws, with a maturity structure of 2NC1.5 [1]. - The issuance was oversubscribed, with total subscriptions reaching $650 million, indicating strong market interest and confidence in short-term repayment capabilities [1][2]. - The bond's high coupon rate is significantly above the average for Chinese real estate dollar bonds, suggesting a risk premium to compensate for credit discount [2]. Group 2: Financial Strategy and Challenges - The issuance is part of a strategy to alleviate immediate repayment pressures, particularly concerning a $400 million offshore note maturing in February 2026, which has a coupon rate of 11% [2]. - The company aims to manage liquidity by postponing principal payments and smoothing the repayment curve over the next two years, which is a common practice for high-leverage firms facing credit contraction [3]. - Despite the short-term relief provided by the bond issuance, the long-term challenge remains in improving operational cash flow and addressing structural issues in the commercial real estate sector [4]. Group 3: Strategic Implications - The successful return to the offshore bond market signals a strategic move by Wanda Commercial Management to rebuild its reputation and restore access to international financing channels [3]. - The issuance reflects an effort to retain overseas financing capacity and improve the domestic financing environment, indicating a proactive approach to restoring corporate credit image [3]. - The company must enhance its internal cash generation capabilities to avoid falling into a cycle of debt dependency, as high-interest debt serves only as a temporary solution [4].