by Amruth Sundarkumar | Apr 3, 2023 | China, Credit Ratings, High Yield Bonds
Sino-Ocean’s dollar bonds dropped by over 2-5 points across the curve, following its downgrade by Fitch to B+ from BB-. The downgrade came on the back of a reduction in Sino-Ocean’s financial flexibility. While Sino-Ocean paid its USD 6.876% Perp’s coupon...
by Amruth Sundarkumar | Apr 3, 2023 | China, High Yield Bonds
Fosun Group has agreed to sell its 60% stake in the parent company of Nanjing Iron & Steel Co. to a unit of CITIC Ltd for $2bn. This move comes after Fosun had initially terminated a plan to sell its stake to Jiangsu Shagang Group Co., another iron and steel...
by Amruth Sundarkumar | Mar 30, 2023 | China, High Yield Bonds
Dollar bonds of Sino-Ocean rallied across the curve after the developer told Bloomberg that it repaid its USD 6.876% Perp’s coupon payment that it had chosen to defer on March 21. It said that the company values creditors’ opinions and the coupon amount was...
by Amruth Sundarkumar | Mar 29, 2023 | China, Distressed / Defaulted Bonds
Sunac China has come out with details of its restructuring plan, following its default in May 2022. Sunac said it reached an agreement with a group of key bondholders on the plan. It signed a restructuring support agreement with an ad-hoc group of investors holding...
by Amruth Sundarkumar | Mar 28, 2023 | China, Distressed / Defaulted Bonds
Troubled Chinese developer Shimao Group plans to sell its hotel property located near Hong Kong’s airport, as per sales agent JLL. The asking price is quoted at HKD 6.5bn ($828mn) as per Reuters as the defaulted developer tries to sell its assets amid its debt...
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...
