by Amruth Sundarkumar | Apr 25, 2023 | China, High Yield Bonds
Dalian Wanda Group’s dollar bonds were lower by another 3-5 points yesterday. This comes on the back of a setback to its unit’s Hong Kong IPO, where sources said that the chairman Wang Jianlin highlighted difficulties in its listing. Zhuhai Wanda Commercial Management...
by Amruth Sundarkumar | Apr 24, 2023 | China, High Yield Bonds
Chinese HY dollar bonds have reversed its gains this year, after having risen 10% through January. Besides existing concerns on the overall state of the property market, the latest events have caused angst. Worries about Dalian Wanda, Sino-Ocean and Country Garden...
by Amruth Sundarkumar | Apr 21, 2023 | China, Distressed / Defaulted Bonds
Sunac China’s bondholders representing 75% of its offshore debt have agreed to its restructuring plan. Creditors agreeing to the terms before the deadline of 5pm HKT on April 20, will receive a 0.1% consent fee. Sunac has announced its restructuring in late...
by Amruth Sundarkumar | Apr 20, 2023 | China, High Yield Bonds
Dollar bonds of Country Garden (COGARD) and Sino-Ocean dropped by over 3-5 points across the curve, continuing their fall since yesterday. This comes on the back of renewed fears over the property sector. Li Kai, CIO of Beijing Shengao Fund Management said that...
by Amruth Sundarkumar | Apr 20, 2023 | China, Distressed / Defaulted Bonds
Central China Real Estate (CCRE) announced the results of the exchange offer for three of its dollar bonds due this year. It will accept: $237.275mn in principal of its 7.25% April 2023s $348.013mn in principal of its 7.65% August 2023s $173.165mn in principal of its...
by Amruth Sundarkumar | Apr 19, 2023 | China, High Yield Bonds
Dollar bonds of Country Garden (COGARD) fell by over 1.5 points across the curve. While the reason for the drop is not clear, Bloomberg Intelligence (BI) notes that refinancing difficulties amid the three red-lines policy might see the developer’s financials...
