CIFI’s Dollar Bonds Drop up to 30 Points after Report on Fresh Debt Worries
CIFI Holdings’ dollar bonds dropped sharply after a report from Reorg stated that the developer defaulted on an onshore trust loan. As per sources, CIFI had not made payments on “certain nonstandard debt under a project company” and that the developer was in...
Huarong to Call Back 4% Dollar Perp
China Huarong announced that it will redeem/call back its $700mn 4% Perp at par on the upcoming call date of November 7, as per an exchange filing. The bonds are guaranteed by China Huarong International Holdings, a wholly-owned subsidiary of China Huarong Asset...
HK Airlines Plans $6.2bn Debt Restructuring
To avert insolvency, HK Airline has planned for an HK$ 49bn ($6.2bn) debt restructuring through UK and Hong Kong courts. The HNA Group carrier stated, “HK Airline is seeking court approval to convene meetings of its creditors and put forward its restructuring...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Long-term US Treasury bond yields continued to rise on Tuesday with the 10Y up 10bp to 3.98% and the 30Y up 15bp to 3.86%. The peak Fed Funds Rate currently stands at 4.56% for the FOMC’s May 2023 meeting, having eased 10bp yesterday. US credit markets saw a...
