by Amruth Sundarkumar | Feb 2, 2023 | China, High Yield Bonds
Dalian Wanda Group is said to be in discussions to secure an offshore loan to pay its $350mn 8,875% dollar bond due on March 21, as per sources. They noted that the company was in talks with ICBC and that the financing would be backed by onshore assets of Wanda. In...
by Amruth Sundarkumar | Jan 26, 2023 | China, Distressed / Defaulted Bonds
Ronshine China missed the redemption of its $413mn 8.95% bonds due January 2022. The principal and accrued and unpaid interest combined, amounted to $431.48mn was unpaid. Ronshine said that it will be in talks with creditors for a resolution to its debt issues, to...
by Amruth Sundarkumar | Jan 18, 2023 | China, Distressed / Defaulted Bonds
The Chinese property sector has witnessed a record amount of defaults ever since the Evergrande crisis began in mid-2021. Offshore defaults across the sector have crossed $37bn from January-August 2022. Nearly 70% of the dollar bonds in the sector are trading at less...
by Amruth Sundarkumar | Jan 18, 2023 | China, High Yield Bonds, Investment Grade Bonds
Chinese regulators and its biggest bad-debt asset management companies are said to be planning to offer ~RMB 160bn ($24bn) of refinancing support to high-quality developers in 1Q 2023, as per sources. While not many details were revealed, sources said that the PBOC...
by Amruth Sundarkumar | Jan 17, 2023 | China, Distressed / Defaulted Bonds
China Evergrande’s auditor PricewaterhouseCoopers (PwC) resigned from its role as the developer’s auditor on disagreements over the timeline and scope of work. The disagreements included Evergrande’s status as a going concern and also lack of...
by Amruth Sundarkumar | Jan 17, 2023 | China, Distressed / Defaulted Bonds
Dollar bonds of Fantasia rose by 4-5 points across the board to trade at over 15-17 cents on the dollar after it revealed its restructuring details. As part of its restructuring, the developer said that it will swap $1.3bn of its offshore borrowings into shares and...
