by Amruth Sundarkumar | Jan 9, 2023 | China, High Yield Bonds
Dollar bonds of Greenland Holding rose by over 15% on Friday. The company reached an agreement with Minyoun Hospitality to sell a 52% stake in its hotel management unit for RMB 624mn ($92mn). Greenland’ hotel management unit is currently held via its fintech...
by Amruth Sundarkumar | Jan 5, 2023 | China, High Yield Bonds
Dollar bonds of Country Garden, Sino-Ocean, Agile, KWG, China Jinmao and several others rallied yesterday by over 5%. China is planning measures to further ease liquidity stresses at some of its ‘too-big-to-fail’ developers. Recently, the Financial...
by Amruth Sundarkumar | Dec 20, 2022 | China, High Yield Bonds
KWG issued 235mn new shares at HK$2.01/share in a top-up placement, raising ~ HKD 467mn ($60mn). The shares were issued at a 14.8% discount to its closing price on Friday of HKD 2.36/share. Proceeds to be used for for refinancing existing debt and general corporate...
by Amruth Sundarkumar | Sep 5, 2022 | China, Corporates, High Yield Bonds
KWG Group has sought to swap at least 90% of the principal of its $650mn 6% 2022s and $250mn 5.2% 2022s with bonds maturing in January 2024, as per its exchange filing. It is also looking to exchange at least 80% of its $700mn 7.875% bonds due September 2023. For its...
by Amruth Sundarkumar | Aug 23, 2022 | China, Corporates, Credit Ratings, Distressed / Defaulted Bonds, High Yield Bonds
Seazen Group was downgraded to BB from BB+ by S&P, noting that its sales could “significantly decline due to its market positioning and weak homebuyer sentiment”. The rating agency expects Seazen’s sales to decline by 33-38% to RMB 145-156bn...
