by Amruth Sundarkumar | Jan 5, 2023 | China, High Yield Bonds
Dollar bonds of Country Garden, Sino-Ocean, Agile, KWG, China Jinmao and several others rallied yesterday by over 5%. China is planning measures to further ease liquidity stresses at some of its ‘too-big-to-fail’ developers. Recently, the Financial...
by Amruth Sundarkumar | Dec 21, 2022 | China, High Yield Bonds
Sino-Ocean received an RMB 50bn ($7bn) credit line from ICBC on December 15. This comes as a positive update after China’s measures to ease financial stress on developers where ICBC said it would provide RMB 655bn ($91.5bn) in credit lines to 12 developers, of...
by Amruth Sundarkumar | Oct 27, 2022 | China, Distressed / Defaulted Bonds
Sino-Ocean Capital (of which Sino-Ocean Group owns a 49% stake) extended the payment on its 6% dollar bond due October 25 by replacing it with a similar coupon note due next year. The new bond has an outstanding principal of $282.3mn. Amid the Chinese property market...
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 16, 2022 | China, Corporates, Credit Ratings, High Yield Bonds
Sino-Ocean Group was downgraded to BB from BB+ by Fitch and was kept on ‘rating watch negative’ due to the impact on its credit profile from aggressive financial management at associate company Sino-Ocean Capital Holding (SOC), 49% of which is owned by the...
