by Amruth Sundarkumar | May 29, 2023 | China, High Yield Bonds
Sino-Ocean has launched a consent solicitation to extend the maturity and amend certain terms of its 6.25% dollar bonds due June 2023. The distressed developer has asked bondholders to agree to extend the maturity to 22 June 2029 from the current 22 June 2023. Also,...
by Amruth Sundarkumar | Apr 20, 2023 | China, High Yield Bonds
Dollar bonds of Country Garden (COGARD) and Sino-Ocean dropped by over 3-5 points across the curve, continuing their fall since yesterday. This comes on the back of renewed fears over the property sector. Li Kai, CIO of Beijing Shengao Fund Management said that...
by Amruth Sundarkumar | Apr 17, 2023 | China, Distressed / Defaulted Bonds
Sino-Ocean is seeking consent from its lenders to defer separate amortization repayments it had missed on March 31 for its offshore syndicated loans of about ~$3bn. It had earlier agreed to make one-time early payments worth 5% of the loans, in exchange for a waiver...
by Amruth Sundarkumar | Apr 12, 2023 | China, Distressed / Defaulted Bonds
Sino-Ocean was downgraded to B- from B+ by Fitch due to increasing uncertainty over its financial flexibility after it missed an amortization payment on its syndicated loans on 31 March 2023. While the payment is voluntary and does not constitute a default, it does...
by Amruth Sundarkumar | Apr 3, 2023 | China, Credit Ratings, High Yield Bonds
Sino-Ocean’s dollar bonds dropped by over 2-5 points across the curve, following its downgrade by Fitch to B+ from BB-. The downgrade came on the back of a reduction in Sino-Ocean’s financial flexibility. While Sino-Ocean paid its USD 6.876% Perp’s coupon...
