Dollar bonds of Sino-Ocean rallied across the curve after the developer told Bloomberg that it repaid its USD 6.876% Perp’s coupon payment that it had chosen to defer on March 21. It said that the company values creditors’ opinions and the coupon amount was small, thereby leading them to complete the coupon payment. A week ago, Sino-Ocean had issued a profit warning expecting ~RMB 15-18bn ($2.2-2.6bn) in losses for 2022 vs. a profit of RMB 27.3bn ($4bn) in 2021.

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