by Amruth Sundarkumar | Sep 30, 2022 | China, Corporates, Distressed / Defaulted Bonds, High Yield Bonds
Dollar bonds of Country Garden (COGARD) fell as much as 10 points while those of others, including Sino-Ocean, Longfor and Seazen, dropped around 6 points after news that CIFI Holdings defaulted on an onshore trust loan. These developers are considered among the more...
by Amruth Sundarkumar | Sep 1, 2022 | China, Corporates, Distressed / Defaulted Bonds, High Yield Bonds
Dollar bonds of Chinese property developers like Country Garden, CIFI Holdings and Seazen topped the gainers list yesterday. While Country Garden had reported a 96% drop in its 1H 2022 profits, it also announced that it planned to issue RMB 5bn ($724.3mn) in...
by Amruth Sundarkumar | Aug 31, 2022 | China, Corporates, Distressed / Defaulted Bonds, High Yield Bonds
Country Garden (COGARD) reported a record 96% YoY drop in its net profits to RMB 612mn ($88mn) 1H 2022. The developer’s revenue dropped 31% YoY to RMB 162bn ($23mn). The Chinese property developer had warned of a sharp drop in its profits in mid-August. Its...
by Amruth Sundarkumar | Aug 30, 2022 | China, Corporates, High Yield Bonds
Seazen Holdings is now set to raise up to RMB 1bn ($140mn) via 3Y state-backed bonds in early September. Similar to Longfor Group’s RMB 1.5bn ($219mn) 3Y notes that priced at a yield of 3.3%, and CIFI’s planned issuance, China Bond Insurance Co. will fully...
by Amruth Sundarkumar | Aug 26, 2022 | China, Corporates, High Yield Bonds
Chinese property developer Longfor Group became the first in the sector to issue state-backed bonds under Beijing’s program to provide respite to companies in the space. The developer issued RMB 1.5bn ($219mn) 3Y notes at a yield of 3.3%, with the issuance...
