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 real estate developers’ dollar bonds saw carnage yesterday after Fantasia’s default. What started as a drop in investor sentiment towards the sector beginning with the systemic impact of Evergrande, has now translated into a domino-effect with most developers’ bonds, including investment grade rated names such as Country Garden, taking a beating.

The chart below shows the fall in high yield developers’ dollar bonds that fell a further ~7% on Tuesday. The issuer ratings of the developers are as follows: Kaisa (B1/B/B), Yango (B1/-/B+), Central China (Ba3/B+/BB-), Yuzhou (B1/-/B+), Golden Wheel (B3/-/-), Redsun (B2/-/B+), Greenland (Ba/BB/-), China South City (-/B/B), Ronshine (B2/B/B+). To view an interactive chart of the fall in developers’ bonds, click on the chart image below.

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