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Kaisa Sells HK Property Stake at Discount alongside Exchange Offer to Avoid Default
Kaisa Group announced plans to sell its stake in Hong Kong’s old Kai Tak airport site at a steep discount, as the heavily indebted Chinese developer continues its attempt to avoid default. The land was acquired last year from another indebted developer, Goldin...
CFLD Bondholders Said to be Seeking More Bargaining Power
China Fortune Land Development's (CFLD) bondholders are said to have have sought support from other investors to reach a 25% blocking vote position as per Bloomberg citing financial intelligence provider REDD. Reaching a 25% blocking position across CFLD's dollar bond...
Petrobras Announces 5Y New Plan Boosting Payouts and Spending
Brazilian state-run oil company Petrobras announced a new five-year strategic plan. The new plan includes a payout of 60% of the difference between its operating cash flow and investment every quarter provided gross debt remains under $65bn and the company makes a...
Chinese City Chengdu Eases Rules for Property Developers
Chinese city Chengdu, the capital of the southwestern province of Sichuan has become the first city to relax rules for property developers in the region. A statement by the local housing authority noted several positives that Chengdu is willing to do for the property...
Sunac’s Dollar Bonds Drop Across the Board
China Sunac's dollar bonds across the curve saw a drop of over 5% yesterday. While there was no specific news regarding the company, the drop comes on the back of a broad weakness in the property sector. Its peers like Agile, Yuzhou and Shimao also saw their dollar...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equities ended slightly higher with the S&P up 0.2% and Nasdaq up 0.4%. Sectoral gains were led by Real Estate and Energy, up over 1% while losses were led by Materials, down 0.7%. US 10Y Treasury yields inched 2bp higher to 1.64%. European markets were mixed...
Aoyuan Downgraded Second Time in the Week by Fitch to CCC-
China Aoyuan has been downgraded for the second time this week by Fitch to CCC- from B-. Fitch said that the downgrade reflects the diminishing likelihood of Aoyuan refinancing its $500mn 8.5% bonds due January 2022 and $188mn 4.2% bonds due January 2022. This comes...
Kaisa Misses Loan Repayment and Plans Bond Exchange
Troubled Chinese developer Kaisa Group's units have failed to repay an undisclosed amount of bank loans and other borrowings. As part of reassessing its repayment obligations to address liquidity issues, Kaisa said that it plans to offer bondholders an exchange of its...
Shimao’s Dollar Bonds Fall after Being Placed on Review for Downgrade by Moody’s
Chinese developer Shimao Group was placed on review for downgrade by Moody's. Shimao is currently rated Ba1 by Moody's. Moody's said that the review reflected their expectation that Shimao's contracted sales will fall over the next 6-12 months after it fell 32% YoY in...
