Agile Group said that it has deposited funds into the designated bank account of the trustee to redeem its $436.5mn 6.7% bonds due March 7, 2022. Agile said there will be no material impact on its financial position as a result of the redemption.
Shimao is said to have hired Admiralty Harbour and Sidley Austin as advisers after compiling a loan restructuring plan to a syndicate of bank lenders, as per Debtwire. Shimao was recently downgraded 2 notches by Moody’s to Caa1 from B2 and also missed trust payments on high-yield products.
Country Garden’s dollar bonds dropped 6-10% on Wednesday following the release of its contracted sales, which dropped 30% YoY to RMB 32.76bn ($5.2bn) in February, as per its unaudited operating figures. Its dollar bonds maturing beyond 2025s are now trading at 60-65 cents on the dollar and its 2023-2025s are trading at over 70 cents on the dollar. Country Garden is among the countable few investment grade (IG) rated issuers in the Chinese property sector whose dollar bonds, up until recently, were relatively stable despite the Evergrande crisis. In the beginning of 2022, they were trading at ~90 cents on the dollar.