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Shenzhen SOE to Become China South City’s Largest Shareholder with $245mn Equity Bail Out
Shenzhen SEZ Construction and Development Group (SZCDG), a state-owned enterprise will make an equity investment of HKD 1.9bn ($245mn) in China South City to become its largest shareholder. China South City plans to use the proceeds from the share placement to repay...
Chinese Property Developers Have $197bn in Payments Due in January 2022
Chinese property developers have $197bn in payments due to cover a number of liabilities including maturing bonds, coupons, trust products and deferred wages as per Bloomberg and analyst calculations. Details of the payments due are given below: Worker wages amounting...
US Approves Pemex’s Deer Park Refinery Deal
The US government approved the acquisition of the Royal Dutch Shell Plc’s Deer Park refinery by Petroleos Mexicanos (Pemex). The Mexican Foreign Minister Marcelo Ebrard presented a letter that stated there were no unresolved national security concerns regarding the...
Reliance Plans Dollar Bond Issuance of up to $5bn
India's Reliance Industries Ltd (RIL) plans to raise up to $5bn in in dollar bonds. The Economic Times said that proceeds will be used refinance earlier debt raised from international investors along with a bundle of loan maturities due in the next 3-4 months....
Mapletree Commercial to Merge with Mapletree North Asia in $3.1bn Deal
Temasek's commercial units of Mapletree are set to merge in an SGD 4.2bn ($3.1bn) deal. Mapletree Commercial Trust (MCT) plans to buy Mapletree North Asia Commercial Trust (MNACT) either through cash-and-scrip or a scrip-only consideration. The consideration for each...
2021 Recap: China Real Estate – When Hope Went Up In Smoke
2021 was a year to forget for the Chinese property sector. What started out as a recovery from the pandemic in 2020 turned into a crisis just when the outlook seemed to be stable. The first half of the year was fairly steady - 87% and 81% of developers' dollar bonds...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets retraced after moving higher on Wednesday with the S&P down 0.9% and Nasdaq seeing a sharp dip, down 2.5% higher. IT and Consumer Discretionary led the losers, down 2.9% and 2.2% respectively. US 10Y Treasury yields moved 4bp lower to 1.42%....
Evergrande’s Local Creditors Sue For $13bn in Claims
Local Chinese creditors have sued Evergrande for more than $13bn in alleged overdue payments. FT notes that as per records, a Chinese court assigned to handle civil lawsuits against Evergrande has accepted 367 cases with claims totaling RMB 84bn ($13.2bn). Bo Zhuang,...
Turkey Cuts Rates Again by 100bp to 14%
In yet another unusual policy move, Turkey's central bank (CBRT) cut rates again, this time by 100bp to 14% on Thursday. The Lira dropped to a fresh record low of 15.5 after the decision. This is the fourth consecutive rate cut by the CBRT beginning September 2021,...
