by Amruth Sundarkumar | Feb 28, 2022 | China, Distressed / Defaulted Bonds
Yuzhou Group’s auditor EY has resigned due to concerns about the developer’s accounting processes, as per an exchange filing. The filing notes that the progress of the 2021 audit was significantly behind the original pre-agreed timetable, due to which EY...
by Megha Malhotra | Feb 10, 2022 | Credit Ratings
Yuzhou Group was downgraded to RD from C by Fitch on the back of the completion of an exchange offer on January 20 for two dollar bonds – its $340mn 6% bond due January 25 and $242.069mn 8.625% bond due January 23 that Yuzhou combined into new notes with a...
by Amruth Sundarkumar | Jan 24, 2022 | China, Distressed / Defaulted Bonds
Evergrande’s dollar bonds jumped over 4 cents on the dollar on Friday after a report cited by Bloomberg mentioned that the Guangdong government plans to release a debt restructuring framework by March that includes a plan to address offshore debt. This is seen...
by Amruth Sundarkumar | Jan 14, 2022 | China, Distressed / Defaulted Bonds
Yuzhou Group launched an exchange offer to extend by the maturity of two USD-denominated bonds due in January by one year with new bonds. This is in order to avoid an outright default on the bonds. Yuzhou plans to exchange its $340mn 6% bond due January 25 and...
by Amruth Sundarkumar | Jan 11, 2022 | China, Credit Ratings, Distressed / Defaulted Bonds
Yuzhou Group was downgraded to Caa2 and CCC- by Moody’s and Fitch from B2 and B. The downgrades were on account of increased refinancing risks due to weakened funding access and sizable maturing debt. Yuzhou has to refinance $350mn of its 6% bonds due January...
