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China South City was downgraded to B- from B by Fitch with a negative outlook reflecting weakened funding access against significant obligations maturing in the coming 12-18 months. While the developer has sufficient cash balances of about $1.2bn, just sufficient to cover RMB 7.7bn ($1.2bn) of onshore and offshore debt maturing in the next 12 months, Fitch notes that a large part of the reported cash balance is needed for normal operations and may not be immediately available for debt repayment at the Holdco level. Also, access to onshore and offshore bond markets has weakened. Fitch believes China South City is increasingly reliant on its asset disposals being successful for future repayment. Additionally, the recent quarterly fall in sales and expectations that it could be lower than B rated peers continues to be a negative factor.

China South City’s 11.5% 2022s are currently trading at 54 cents on the dollar

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