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 | Jul 15, 2022 | China, Corporates, Distressed / Defaulted Bonds, High Yield Bonds
Wanda Group Overseas, a subsidiary of Dalian Wanda Group, bought back $30.5mn, or 8% of its outstanding $380mn 8.875% 2023s. The new principal outstanding will be $349.5mn. Dalian Wanda is currently rated Ba1/BB+/BB+ by Moody’s/S&P/Fitch. The...
by Amruth Sundarkumar | Jul 6, 2022 | Credit Ratings, Distressed / Defaulted Bonds
Powerlong was downgraded to Caa2 from Caa1 by Moody’s with its senior unsecured ratings cut to Caa3 from Caa2. This comes on the back of “heightened liquidity risk” after its proposed exchange offer and consent solicitation for its dollar bonds due...
by Amruth Sundarkumar | Jun 30, 2022 | China, High Yield Bonds
Powerlong was downgraded to CCC+ from B by S&P due to “considerable refinancing risk”. Powerlong’s repayment plans to meet immediately maturing debts have not made “material progress”, S&P notes, adding that it would lead to an...
by Amruth Sundarkumar | May 25, 2022 | China, Distressed / Defaulted Bonds
Dollar bonds of Powerlong Real Estate dropped as much as 8-10 points on Tuesday. While the exact reason for the drop is not known, the developer was recently downgraded by Moody’s to Caa1 from B3 due to high refinancing risk and weakened liquidity. Moody’s...
