by Amruth Sundarkumar | Jun 8, 2023 | China, Corporates, Credit Ratings
Chinese leading car services provider eHi Car Services was upgraded to B from B- by Fitch. The rating agency expects eHi’s cash generation and leverage to improve following the normalization in operations post-pandemic. Domestic travel recovery after the...
by Amruth Sundarkumar | Jun 7, 2023 | China, Distressed / Defaulted Bonds
China Evergrande’s property service arm, Evergrande Property Service Group reported revenues of RMB 11.8bn ($1.7bn), gross profit of RMB 2.7bn ($380mn), and a net profit of RMB 1.5bn ($210mn) for 2022. With these solid results, it downplayed the impact of the...
by Amruth Sundarkumar | Jun 5, 2023 | China, High Yield Bonds, Investment Grade Bonds
Dollar bonds of Chinese developers like Dalian Wanda, Road King, COGARD and Longfor have rallied over the past week. This comes as China is said to be working on a new basket of measures to support the property market, as per sources. They note that regulators are...
by Amruth Sundarkumar | Jun 1, 2023 | China, Distressed / Defaulted Bonds
Dalian Wanda Commercial Management Group was downgraded to BB- from BB+ by Fitch. Similarly, Wanda Commercial Properties (Hong Kong) saw its senior unsecured rating and dollar bonds’ issue ratings cut to B+ from BB. Looming uncertainty over the completion of...
by Amruth Sundarkumar | May 31, 2023 | China, Investment Grade Bonds
Dollar bonds of Chinese developers Longfor and Country Garden rallied by over 3-5% yesterday. While there was no specific news to attribute to the rally, their bonds have been trending higher over the last week. Besides, GLP China, an IG rated (BBB-) Chinese logistics...
by Amruth Sundarkumar | May 30, 2023 | China, Distressed / Defaulted Bonds
Dalian Wanda’s dollar bonds rallied across the curve with its 6.875% 2023s soaring by over 10 points to 86.3 cents on the dollar. This comes after the company said that its creditors did not demand early repayment of its loans after a failed IPO of its unit...
