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 | Dec 6, 2022 | China, High Yield Bonds
Some dollar bonds of Country Garden (COGARD), Seazen and China SCE jumped by over 20% yesterday, continuing the rally witnessed last week. The upmove comes on the back of a string of relief measures from Beijing to help the property sector: This began with a 16-point...
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...
