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India’s property tycoon Mangal Prabhat Lodha’s company just can’t catch a break in the bond market as liquidity risk has roared back amid stress in the sector.
Lodha Developers International Ltd.’s 2020 dollar-denominated notes have fallen to a record low this month, according to Bloomberg prices going back to August 2016. That reflects deepening problems in the country’s real-estate sector which is facing a funding crunch on top of lackluster home sales, climbing inventories and declining prices.
The developer’s 12 per cent notes have slumped more than 14 cents to 82.9 cents on the dollar since May 2, when Moody’s Investors Service
