by Amruth Sundarkumar | Mar 9, 2023 | China, Credit Ratings, High Yield Bonds
Chinese developers Sino-Ocean, Road King and Seazen were downgraded by Moody’s yesterday: Sino-Ocean was downgraded to Ba3 from Ba2 on the back of a weak credit profile, due to “weak operating performance, low profit margins and reduced financial...
by Amruth Sundarkumar | Feb 28, 2023 | China, High Yield Bonds
Dollar bonds of Country Garden, Road King and Sino-Ocean were higher by over 2.5% across the curve yesterday. The former was on account of the developer planning to buy residential land in local government auctions for the first time since December 2021, in signs of...
by Amruth Sundarkumar | Sep 16, 2022 | China, Corporates, High Yield Bonds
Dollar bonds of Chinese property developers Road King and Country Garden rallied 5-10% yesterday. SCMP reported that local authorities had rolled out incentives and stimulus measures to spur home sales. Suzhou’s local authorities said they would remove the...
by Amruth Sundarkumar | Apr 7, 2022 | Financial News
Road King Infrastructure was downgraded to B+ from BB- by S&P on deteriorating leverage as margins normalize. Road King’s EBITDA margin dropped to 22.1% in 2021 from 27.1% in 2020 and S&P expects it to stay low at 20-22% in 2022. Contracted sales could...
by Amruth Sundarkumar | Mar 25, 2022 | China, High Yield Bonds
Greenland Holdings’ dollar bonds have been trending higher this week. While the exact reason for the rally was not known, the rally comes despite details of its financial troubles breaking out on March 15, where sources said that SOEs stepped-in to rescue the...
