by bondevalue | May 7, 2021 | China, Investment Grade Bonds
Huarong said that it has wired funds to pay coupons on five offshore bonds due today. The state-owned bad-debt manager’s latest move is considered an effort to reduce concerns on its financial health. The bonds include their 4% Perps, up 0.2 to trade at 67.9. Huarong...
by bondevalue | May 3, 2021 | China, Investment Grade Bonds
China Huarong’s vice president Xu Yongli said that there was no factual basis for the credit rating downgrades by rating agencies last week and asserted that the company is well prepared to make bond payments. According to Xu, the company has adequate liquidity...
by bondevalue | Apr 27, 2021 | China, Credit Ratings, Investment Grade Bonds
China Huarong’s rating was slashed by Fitch by three notches from A to BBB with the company remaining on Rating Watch Negative. Fitch becomes the first of the 3 major agencies to downgrade Huarong. Fitch downgraded the ratings of the notes issued by Huarong...
by bondevalue | Apr 26, 2021 | China, Investment Grade Bonds
China Huarong Asset Management Co. announced that it will be further delaying the release of its annual earnings beyond the April 30 deadline. The company released a statement on Chinamoney.com, which is run by China Foreign Exchange Trade System that stated,...
by bondevalue | Apr 26, 2021 | China, Investment Grade Bonds
Ping An Insurance, China’s largest insurance company reported resilient Q1 earnings late last week despite a huge impairment. The Shenzhen-based company reported an operating profit of RMB 39.12bn ($6bn) and net profit of RMB 27.22bn ($4.2bn), up 8.9% and 4.5%...
by bondevalue | Apr 23, 2021 | China, Investment Grade Bonds
Further details on China Huarong’s reason for its earnings delay have emerged. Sources say that Huarong’s earnings were delayed because a plan for the PBOC to buy Huarong assets through Beijing Chengfang Huida Enterprise Management Co Ltd as part of a restructuring...
