by Amruth Sundarkumar | Nov 22, 2022 | High Yield Bonds, Hong Kong
Li & Fung launched a tender offer to buy back up to $250mn of its $600m 4.5% 2025s in cash. It is offering $875 per $1,000 in principal for bondholders who tender before the early deadline date of December 6 and their notes will be accepted first. Holders...
by Amruth Sundarkumar | Nov 14, 2022 | High Yield Bonds, Hong Kong
Li & Fung announced the early results of its tender offer to buy back all of its $500mn 4.375% 2024s. The Hong Kong based developer said that it received $377.7mn before the early deadline date of November 9. The final deadline is on November 28. Also, its consent...
by Amruth Sundarkumar | Oct 28, 2022 | High Yield Bonds, Hong Kong
Li & Fung launched a tender offer for its $500mn 4.375% 2024s, offering to purchase for cash any and all of the notes. The consent solicitation was for certain modification of the terms and conditions of the notes to insert a new condition entitling the company...
by Amruth Sundarkumar | Oct 25, 2022 | High Yield Bonds, Hong Kong
Dollar perps of Hong Kong property developer New World Development (NWD) fell by 5-7 points on Monday. While there was no specific news about the company, there are concerns that Hong Kong’s mass-residential prices could drop 10-15% before the end-2023 and that...
by Amruth Sundarkumar | Oct 5, 2022 | Banks, Hong Kong
Bank of East Asia’s (BEA) AT1 yields have risen to about 10-11%, its highest since the bonds were issued. This would imply that BEA’s AT1s are yielding 300-400bps wider than global bank perps as per Bloomberg Intelligence. The rise in its yields are largely driven by...
by Amruth Sundarkumar | Sep 29, 2022 | Corporates, Distressed / Defaulted Bonds, Hong Kong
To avert insolvency, HK Airline has planned for an HK$ 49bn ($6.2bn) debt restructuring through UK and Hong Kong courts. The HNA Group carrier stated, “HK Airline is seeking court approval to convene meetings of its creditors and put forward its restructuring...
