Central China Real Estate (CCRE) saw its dollar bonds recover some of the losses last week after it reported 1H earnings last Wednesday. CCRE’s 6.875% 2022s fell ~7 points between August 18-20 after the results were announced but have now recovered some of the losses, up ~3.5 points this week to currently trade at 92.25 yielding 15.97%. Its longer dated 7.5% 2025s had a similar move, down ~10 points late last week before recovering over 5 points this week to 75 yielding 16.46%.

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