by bondevalue | Mar 4, 2021 | China, Financial News
The Chairman of China Banking and Insurance Regulatory Commission (CBIRC), China’s banking regulator said that risks in the property sector are increasing and called it a “bubble”. Mr. Guo Shuqing, the Chairman said, “Many people buy homes not to live in, but to...
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 | China, High Yield Bonds
Yunnan Provincial Investment Holdings’ dollar bonds fell sharply yesterday with Nomura warning of contagion risk among SOEs in the Chinese province as per Bloomberg. Fitch had initially downgraded the company in January to BBB- on the back of government injecting...
by bondevalue | Mar 2, 2021 | China, High Yield Bonds
Bloomberg reports that state-owned firms will pay $2.3bn for a combined 23% stake in Suning.com. The company’s stock jumped 10% on the news while their CNY 4.9% bonds due 2023 jumped 4.4% to 90 while their CNY 5.5% bonds due 2021 rose 4% to 92.6. Suning’s dollar...
by bondevalue | Mar 2, 2021 | China, High Yield Bonds
China’s Dr. Peng Telecom & Media Group announced on Monday that it has received approval from bondholders of its $257.6mn 7.55% bonds due in December this year to extend the maturity. Holders representing 87.3% of the total amount outstanding voted at the...
