Tuspark Bondholder Group to Reject Bond Extension Proposal
A bondholder group in Tuspark Forward’s bonds plans to reject the company’s second payment extension proposal, as per Bloomberg. This week, Tuspark launched a consent solicitation for two of its dollar bonds on which it missed payments in August. The bondholder...
CIFI Holdings was downgraded to Ba3 by Moody’s
CIFI Holdings was downgraded from Ba2 to Ba3 by Moody’s. Additionally, the Chinese developer was placed on review for further downgrade. Moody’s primary rationale for the downgrade is CIFI’s slumping property sales, which continue to hurt its credit metrics. Its...
Fosun Announces Result of Tender Offer
Fosun International announced the results of its tender offer by accepting to buy back all bonds tendered. The bonds bought back represent 76.7% of its $379.8mn 5.5% 2023s and 1.09% of its €384.2mn 2022s. In nominal terms, $291.3mn in principal amount of the 2023s and...
Country Garden’s Dollar Bonds Jump after Offer to Buy Back $683mn 4.75% 2022s
Country Garden (COGARD), has offered to buyback a $683mn bond ahead of its maturity date of July 25. Based on their filing, Country Garden intends to finance the repurchase with their internal cash holdings. SCMP notes that such a move will likely boost...
