Sunac, Jiayuan Downgraded to B-, B by Fitch; Logan Cut to Caa2 by Moody’s
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...
COGARD Repurchases Notes; Logan Subsidiary Sells 100% Stake in Company; Sunac Gets RMB Bond Put Date Approval
Country Garden completed a buyback of $1.6mn of its 4.75% July 2022s and $8mn of its 4.75% January 2023s since December 30, 2021. Total repurchases of its 2022s, 2023s and 2026s stand at $45.7mn thus far. COGARD said that it will continue to repurchase its bonds...
Logan Group Pays Coupon on Dollar Bond Amid Liquidity Crunch
Logan Group has paid its $9.66mn coupon on its $280mn 6.9% bond due 2024, according to sources. Logan Group is reeling under liquidity pressures with RMB 13bn ($2.1bn) in capital-market debt maturing or turning puttable in 2022 while cash only stands at RMB 5bn...
