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

Peking University Founder Group (PUFG) which is undergoing a court-supervised restructuring has seen the administrator select a consortium consisting of Zhuhai Huafa Group, Ping An Insurance (Group) Company of China and Shenzhen SDG Group as strategic investors according to a filing. 29 potential investors had shown interest in the restructuring since the administrator announced the plan on April 20 last year. PUFG confirmed in late February last year that its failure to repay an onshore bond led to cross-defaults on $3bn of offshore bonds. Some of these bonds were guaranteed by PUFG, and it provided a keepwell deed for most of the others. The administrator in August last year rejected claims on their dollar bonds backed by keepwell deeds.

PUFG’s bonds issued by Nuoxi Capital are at distressed levels – its 7.875% 2021s are at 26.11 and 7.5% 2022s at 25.4.

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