by Amruth Sundarkumar | Nov 14, 2022 | China, Credit Ratings, High Yield Bonds
Country Garden was downgraded to Ba3 from Ba2 by Moody’s. The developer’s liquidity buffer is set to reduce further as it has to use its internal resources to repay maturing debts in the next 1-1.5 years where it has ~RMB 43bn ($6.1bn) in onshore and...
by Amruth Sundarkumar | Nov 10, 2022 | China, Distressed / Defaulted Bonds, High Yield Bonds
Chinese developer Longfor Group’s dollar bonds rallied after the firm announced the early redemption of its 3.9% bond due April 2023. The news is a welcome positive development at a time when defaults have been on the rise across dollar bonds in the real estate...
by Amruth Sundarkumar | Nov 9, 2022 | China, High Yield Bonds
Country Garden (COGARD) was downgraded to B+ from B by S&P reflecting “narrowing funding channels” for the developer. S&P then withdrew its ratings for COGARD upon the developer’s request. Given the weak market sentiment for property...
by Amruth Sundarkumar | Nov 9, 2022 | China
China National Association of Financial Market Institutional Investors (NAFMI) expanded its key financing support program for private firms including real estate companies to RMB 250bn ($34.5bn). Bloomberg notes that there were no details regarding how much bond...
by Amruth Sundarkumar | Nov 7, 2022 | China, Distressed / Defaulted Bonds
China Evergrande’s creditors sold the developer’s Hong Kong undeveloped land plot for $637mn, incurring $770mn loss compared to its purchase price. The plot was used as security for a $520mn financing transaction and was seized by Oaktree Capital after...
by Amruth Sundarkumar | Nov 4, 2022 | China, Corporates
Lenovo Group reported its first revenue drop in 10 quarters at $17.09bn, down 4% YoY. Its net income rose 6% during the period to $541mn. The softer results come on the back of a weakening market for PCs globally where global PC shipments have declined 15% YoY –...
