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

Shimao Group and one of its onshore units have proposed adding seven months to the repayment extension of a local RMB 500.5mn ($75mn) Asset Backed Security (Term of the Day, explained below) tranche they guaranteed. This is the second ABS on which they wish to extend the maturity and will conduct a vote with investors on June 13 regarding the same. The first time they extended an ABS was in January, where the tranche was extended over the rest of 2022. The planned repayment dates on the proposed extension are January 20, April 28, July 28 and August 28 in the year 2023, with a cumulative principal repayment of 33%, 50%, 70% and 100% during the months respectively.

Shimao’s dollar bonds were flat, trading at 13-15 cents on the dollar.

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