by Amruth Sundarkumar | Mar 31, 2022 | China, Credit Ratings, Distressed / Defaulted Bonds, High Yield Bonds
Agile Group was downgraded to B2 from B1 by Moody’s on the back of increased refinancing uncertainty and governance risks. This comes after Agile announced that it will not publish its audited financials by 31 March, and expects to do so by May 15. This impacts...
by Amruth Sundarkumar | Mar 3, 2022 | China, High Yield Bonds, Investment Grade Bonds
Agile Group said that it has deposited funds into the designated bank account of the trustee to redeem its $436.5mn 6.7% bonds due March 7, 2022. Agile said there will be no material impact on its financial position as a result of the redemption. Shimao is said to...
by Amruth Sundarkumar | Mar 2, 2022 | China, High Yield Bonds
Chinese developers like Times China, Powerlong, Agile have bought back a combined $132mn of bonds based on Monday filings maturing across March and April 2022. The decline in prices across Chinese real estate company bonds has allowed them to buyback bonds at a steep...
by Amruth Sundarkumar | Jan 24, 2022 | China, Distressed / Defaulted Bonds
Evergrande’s dollar bonds jumped over 4 cents on the dollar on Friday after a report cited by Bloomberg mentioned that the Guangdong government plans to release a debt restructuring framework by March that includes a plan to address offshore debt. This is seen...
by Amruth Sundarkumar | Jan 19, 2022 | China, Distressed / Defaulted Bonds
Moody’s cut Chinese property developer Agile’s corporate family rating to B1 from Ba2 and its senior unsecured rating to B2 from Ba3. This comes just a day after S&P downgraded Agile to B+ from BB-. Similar to most of the recent rating actions on...
