by Amruth Sundarkumar | Sep 27, 2022 | China, Corporates, Distressed / Defaulted Bonds
Chinese property developer Jiayuan has again extended its exchange offer and consent solicitation deadline date for the third time, to October 5. The initial offer was launched on August 24 and extended twice before to September 16 and September 23. Six bonds are...
by Amruth Sundarkumar | Jul 19, 2022 | China, Distressed / Defaulted Bonds, High Yield Bonds
Defaults in China have crossed $20bn in 2022, more than double the total $9bn in defaults in the whole of 2021, SCMP reports. Unsurprisingly, property developers accounted for most of the defaults. 18 out the the total 19 companies that defaulted on offshore debt came...
by Amruth Sundarkumar | Jun 7, 2022 | China, Credit Ratings, Distressed / Defaulted Bonds
Jiayuan Real Estate was upgraded to CC from C by Fitch after paying the coupons on its $200mn 12% bonds due October 2022 within the grace period that ended on June 2. Jiayuan had initially missed paying the coupon on the original date of April 30. However, despite...
by Amruth Sundarkumar | May 20, 2022 | China, Distressed / Defaulted Bonds
Chinese property developer Jiayuan was downgraded to C from B by Fitch, on missing a coupon payment due on April 30 for its $200mn bonds maturing on October 30, 2022. Now the company has a 30-day grace period for making the payment before default event triggers. Fitch...
by Amruth Sundarkumar | Mar 16, 2022 | Credit Ratings, Distressed / Defaulted Bonds
China Sunac was downgraded to B- by Fitch on the back of increasing uncertainty over the refinancing of onshore and offshore debt maturing over the next few months, alongside decreasing market confidence and falling contracted sales. Sunac raised long-term funding via...
