SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Fantasia is prioritizing its dollar bond repayments and also slowing its land purchases, their CFO Tom Chen said in an investor call. The developer’s investor relations department confirmed its officials saying that the company is considering options including its own cash, proceeds from new debt and onshore project sales to repay offshore bonds due in December. Fantasia has two dollar bonds, its 6.95% and 15% bonds maturing in December 2021 with a combined amount outstanding of $450mn and a CNY 949mn (147mn) local bond. Last week Fantasia issued a $200mn 3Y bond which they said showed support from “close friends and long-term business partners”. Fantasia has bought five pieces of land worth CNY 8.3bn ($1.3bn) this year as per Bloomberg.

Fantasia’s dollar bonds were stable – its 9.25% 2023s were at 87

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