by Amruth Sundarkumar | Jun 3, 2022 | China, Credit Ratings, Distressed / Defaulted Bonds
Chinese property developer Yuzhou Group Holdings was downgraded to Ca from Caa2 by Moody’s with a negative outlook. Yuzhou missed the coupon payments on several bonds after the expiration of the grace period in March 2022. The company has weak liquidity and limited...
by Amruth Sundarkumar | Apr 26, 2022 | China, High Yield Bonds
Chinese property offshore and onshore bonds have diverged, with holders of the former witnessing the most losses as developers focus debt efforts on local investors. For example, Bloomberg notes that Yuzhou Group’s and Shimao Group’s dollar bonds have...
by Amruth Sundarkumar | Mar 28, 2022 | China, Distressed / Defaulted Bonds
Yuzhou Group is seeking a government bailout for its $548mn in onshore and offshore debt due April, Caixin reports. The Chinese developer is in talks with state-backed investors with the assistance of local authorities to take over some of its domestic bonds. No final...
by Amruth Sundarkumar | Mar 8, 2022 | China, Distressed / Defaulted Bonds
Another Chinese property developer, Yuzhou Group Holdings has defaulted on a dollar bond coupon payment of $21.5mn after it failed to make the payment within the 30-day grace period that ended on March 4. In an exchange filing, Yuzhou said that the missed payment on...
by Amruth Sundarkumar | Mar 2, 2022 | China, Distressed / Defaulted Bonds
Yuzhou Group said that certain parties who claim to hold minority interests in its 6% and 8.625% bonds that were due on January 25 and 23, 2022, informed the developer that they intend to start legal action if it does not redeem the old notes. Yuzhou only recently...
