S&P analysts note that China Huarong will have to publish its 2020 results by end-August as a hard deadline to avoid a technical default. “If Huarong International fails to deliver the results by the deadline stipulated in the bond terms, it will be in technical default,” wrote the credit analysts in the note. Bloomberg reports that while they did not mention which bond it was, S&P noted investors in Huarong International’s guaranteed bond can demand the company’s 2020 results about 180 days after the end of the reporting period, which works out to be end-June. S&P’s note comes after they affirmed Huarong a day earlier at BBB+ and kept them on CreditWatch negative.

Meanwhile, peers China Cinda Asset Management Co and China Orient Asset Management Co informed the regulator that they were worried about losing access to dollar bond markets due to the Huarong saga.

Huarong’s dollar bonds moved slightly higher. Particularly, its 2.875% Perps jumped 5 points yesterday and currently trades at 73.8, yielding 10%.

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