by Amruth Sundarkumar | Aug 16, 2022 | China, Corporates, Distressed / Defaulted Bonds
The Financial Reporting Council (FRC), Hong Kong’s audit regulator has started an enquiry into the financial statements of China Evergrande Group’s property services arm and its former auditor PwC. This follows Evergrande’s probe that raised questions...
by Amruth Sundarkumar | Aug 16, 2022 | China, Corporates, High Yield Bonds
Chinese property developers Zhenro Properties and Central China Real Estate (CCRE) issued a profit warning on Monday. Zhenro in its exchange filing said that it expects to report a loss of RMB 2.5-3.0bn ($368-442mn) for the six months ending 30 June 2022. This...
by Amruth Sundarkumar | Aug 16, 2022 | Corporates, India
India’s state-owned refiner BPCL has planned a capex outlay of around INR 1.4tn (~$18bn) in the next five years for future expansion in sectors such as petrochemicals, gas, renewables, consumer retailing, E-mobility, and upstream, as mentioned in its recently released...
by Amruth Sundarkumar | Aug 15, 2022 | China, Corporates, Distressed / Defaulted Bonds
After Chinese real estate developer Logan Group announced a payment suspension on $1.6bn of offshore bonds last week, IFR reported that the developer is unwilling to cooperate on the restructuring. The bonds in question include its $400mn 6.5% July 2023s, $300mn 5.75%...
by Amruth Sundarkumar | Aug 15, 2022 | Corporates, Global
Saudi Aramco reported a 90% YoY jump in its Q2 net income to $48.4bn on the back of higher crude oil prices and volumes, strong refining margins, and higher downstream margins. Revenue saw an 80% YoY growth to $149.8bn. Aramco’s free cash flows rose by 53% YoY...
by Amruth Sundarkumar | Aug 15, 2022 | China, Corporates, High Yield Bonds
Chinese developer Tus-Holdings expects to default on two of its dollar bonds due in 2024, as per its HKEX filing. The bonds in question are its $380mn 7.95% 2024s and $522.5mn 6.95% 2024s issued by Tuspark Forward and guaranteed by Tus-Holdings. Tus-Holdings said that...
