by Amruth Sundarkumar | Mar 23, 2023 | China, Distressed / Defaulted Bonds
China Evergrande has unveiled details of its offshore debt restructuring. As part of the process, it provided two options for creditors to choose from: Option 1: Replace existing debt with new bonds and extend the maturity by 10-12 years Option 2: (a) Replace existing...
by Amruth Sundarkumar | Mar 23, 2023 | China, Credit Ratings, High Yield Bonds
Dollar bonds of China Huarong AMC fell by ~1 point after Moody’s placed its Baa2 ratings under review for downgrade. This comes after the company warned of a loss of RMB 27.6bn ($4bn) for 2022 citing erosion in fair values of some of its equity assets and credit...
by Arundhati Behera | Mar 22, 2023 | China, High Yield Bonds
Chinese real-estate developer Sino-Ocean saw its dollar bonds plunge late on Tuesday following news that it will defer a coupon payment, Bloomberg noted. The selloff was led by its 6.876% Perps, on which the company is said to have delayed a coupon payment that was...
by Arundhati Behera | Mar 21, 2023 | China, Corporates
China Huarong Asset Management said that it is expecting a loss of RMB 27.6bn ($4bn) for 2022. The bad debt manager cited erosion in fair values of some of its equity assets on the back of volatility in the capital markets as reasons for the massive loss. This comes...
by Arundhati Behera | Mar 20, 2023 | China, Distressed / Defaulted Bonds
Distressed real estate developer China Evergrande is said to have received support from major creditors for its offshore debt restructuring plan, as per people familiar with the matter. The people added that Evergrande had upped its preliminary proposal including...
by Arundhati Behera | Mar 15, 2023 | China, Credit Ratings, High Yield Bonds
Chinese conglomerate Fosun International announced that it will be offloading its 60% stake in Nanjing Nangang Iron & Steel United to Jiangsu Shagang for RMB 13.58bn ($1.98bn). This comes after the initial announcement in October last year and translates to a gain...
