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

Chinese property developer Greenland Holding gained bondholders’ consent to extend the maturity of a $488mn 6.75% bonds maturing on June 25, 2022 by one year. 66% of the bondholders voted in favor of it, where the bond only required a majority approval. Greenland launched the consent solicitation on May 27 where it proposed extending the bond with a 10% upfront payment on the original maturity date whilst the coupon would remain unchanged. The bonds, issued by Greenland Global Investment and guaranteed by the parent, are trading at 46.4 cents on the dollar. Prior to the consent solicitation, they were trading at about 90 cents on the dollar.

China South City announced a consent solicitation regarding five of its bonds. It seeks to amend terms for its 11.5% 2022s, 10.875% 2022s, 7.25% 2022s, 11.95% 2023s and 10.75% 2023s. The amendment of terms will include the definition of permitted bondholders and the change of control. The latter comes after a Chinese SOE Shenzhen SEZ Construction and Development Group became the largest shareholder of China South City in May. Bondholders will be given $0.5 for each $1,000 in principal if agree to the offer which expires on June 28.

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