Chinese property firms saw their battered bonds cement a strong weekly bounce on Friday, although there was one notable absentee from the rally: China Evergrande Group.
, whose bonds were nearly back to par, or 100 cents on the dollar, having tumbled to around 80 cents last week in a sector-wide slide.was also a notable rebounder. Its bonds completed a yo-yo back up to 90 cents having plunged to around 70 last week in a breakneck fall capped when S&P Global stripped it of its prized investment grade credit rating.
Market watchers put the rebound down to relief that firms have been able to raise money via share placing and asset sales this week, even if they have had to offer deep discounts to get the deals done., the property services unit of China's top developer, raised $1 billion on Thursday from share placings, two sources told Reuters.
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