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...
by Amruth Sundarkumar | Aug 23, 2022 | China, Corporates, Credit Ratings, Distressed / Defaulted Bonds, High Yield Bonds
Seazen Group was downgraded to BB from BB+ by S&P, noting that its sales could “significantly decline due to its market positioning and weak homebuyer sentiment”. The rating agency expects Seazen’s sales to decline by 33-38% to RMB 145-156bn...
by Amruth Sundarkumar | Aug 17, 2022 | China, Corporates, Distressed / Defaulted Bonds, High Yield Bonds
Dollar bonds of several Chinese developers like Country Garden, CIFI, Longfor, Seazen and Gemdale rallied over 10% on Tuesday. Sources said that Chinese authorities told several developers that state-owned credit support provider China Bond Insurance Co. will provide...
