by Amruth Sundarkumar | Sep 17, 2021 | Credit Ratings, Macroeconomic news
US markets ended mixed with August retail sales coming higher while the weekly jobless claims increased slightly – Nasdaq ended 0.1% higher while S&P finished 0.2% lower. Eight out of eleven sectors ended in the red. Materials and Energy down more than 1%, led the...
by Amruth Sundarkumar | Sep 17, 2021 | China, High Yield Bonds
Chinese high-yield property developers’ dollar bonds were down sharply as concerns on Evergrande only worsen with contagion risks on the cards. Fantasia’s dollar bonds were the worst hit, falling as much as 12 cents on the dollar, Yango Group’s bonds...
by Amruth Sundarkumar | Sep 17, 2021 | China, Distressed / Defaulted Bonds
As per two Reuters sources, a group of China Evergrande’s bondholders have selected investment bank Moelis & Co and law firm Kirkland & Ellis as advisers for a potential restructuring of a tranche of its bonds. The move is focused on the $20bn of...
by Amruth Sundarkumar | Sep 17, 2021 | Banks
ICBC raised $6.16bn via a Perp NC5 AT1 bond at a yield of 3.2%, 45bp inside the initial guidance of 3.65% area. The bonds have expected ratings of Ba1 (Moody’s), and received orders over $9bn, 1.5x issue size. Proceeds will be used to boost ICBC’s capital....
by Amruth Sundarkumar | Sep 17, 2021 | China, Credit Ratings, High Yield Bonds
Moody’s downgraded Ronshine China to B2 from B1 citing that their “profitability and key credit metrics in the next 12-18 months will stay at weaker levels than that of its B1-rated Chinese property peers, given its high land acquisition costs”. They...
