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

China’s main exchange for corporate bond trading, Shanghai Stock Exchange (SSE) is increasing its scrutiny on bond sales. As part of the reforms of its capital markets, the activities will include on-site inspections on select bond issuances with an aim to protect investors’ interests by improving the due diligence process by the underwriters and tightening the disclosure guidelines of the companies. The move comes close on the heels of increased audits on IPOs by the Chinese exchanges that resulted in over 100 companies suspending their IPOs since December last year. According to SCMP, the exchange also redacted Ningxia Yuangao Industrial Group, which is a producer of metal products for “for ‘fake’ and inadequate disclosure ahead of its default, and sent warning letters to its underwriter Huaxi Securities and its law firm.” The on-site inspection will aim to improve the disclosure and due diligence processes of the companies involved in the bond issuances to bring a higher transparency in the capital markets.

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