by bondevalue | Mar 4, 2021 | China, Distressed / Defaulted Bonds
Risks around Chinese state-owned enterprises (SOEs) have once again made headlines. Yunnan Energy’s bonds sold-off after Fitch withdrew its ratings and more recently, Chongqing Energy Investment Co failed to repay CNY 915mn ($142mn) of local debt in the beginning of...
by bondevalue | Mar 3, 2021 | China, Credit Ratings, Distressed / Defaulted Bonds
Rating agency Moody’s downgraded China Fortune Land Development (CFLD) to Caa3 from Caa1 on Tuesday and will withdraw all of the ratings following the downgrade due to lack of adequate information while keeping the outlook negative. Reasons for the downgrade include...
by bondevalue | Mar 3, 2021 | Distressed / Defaulted Bonds
American car rental company Hertz saw its dollar bonds rally after two investment firms agreed to buy a majority stake for $4.2bn in the company. The lifeline is expected to help it out of bankruptcy by mid-summer this year, as stated by Hertz in a press...
by bondevalue | Mar 3, 2021 | Distressed / Defaulted Bonds, Sovereign Bonds
Venezuela’s 2025 bondholders are trying to speed up payments after three years of default. Investors who hold at least 25% of the notes sent a notice to Deutsche Bank, the fiscal agent of the $1.6bn bonds to accelerate payments after declaring the debt “immediately...
by bondevalue | Mar 1, 2021 | China, Distressed / Defaulted Bonds, High Yield Bonds
China Fortune Land Development (CFLD) disclosed that it had debt overdue of CNY 11.054bn ($1.7bn) as at end-February. This was CNY 5.817bn ($900mn) higher since its previous disclosure in the beginning of February, as per IFR. The amount includes interest and...
by bondevalue | Feb 22, 2021 | China, Distressed / Defaulted Bonds
Bonds of distressed Chinese property developer China Fortune Land Development (CFLD) recovered ~3% ahead of a bondholder’s meeting. CFLD said on Friday that its unit CFLD (Cayman) is expected to face short-term liquidity issues due to cash flow mismatches as...
