China developer defaults
Sinic $246m bond due Today (18 Oct 2021)
Shanghai-based developer Sinic Holdings is set to miss a $246 million bond repayment. The company joins a growing list of Chinese developers, including Evergrande, that are not meeting bond maturities or coupon payments. The companies have been hit by Beijing's regulatory clampdown on additional borrowing, years of debts building up and falling sales.
In a Hong Kong Stock Exchange filing last week, Sinic said it doesn't expect to repay the bond, a move that could trigger cross-default on its two other notes. It has $694 million in dollar bonds outstanding.
Evergrande grace period expires (23 Oct 2021)
Evergrande, which has missed three dollar-bond interest payments worth $277 million since Sept. 23, is staring at a default deadline as a 30-day grace period to make a first-round payment expires. The company has a further $543 million in coupon payments due this year and $7.7 billion in dollar bond maturities next year. It is fast running out of cash and is counting on asset sales and attracting new investors to ease its crisis.
Shanghai-based developer Sinic Holdings is set to miss a $246 million bond repayment. The company joins a growing list of Chinese developers, including Evergrande, that are not meeting bond maturities or coupon payments. The companies have been hit by Beijing's regulatory clampdown on additional borrowing, years of debts building up and falling sales.
In a Hong Kong Stock Exchange filing last week, Sinic said it doesn't expect to repay the bond, a move that could trigger cross-default on its two other notes. It has $694 million in dollar bonds outstanding.
Evergrande grace period expires (23 Oct 2021)
Evergrande, which has missed three dollar-bond interest payments worth $277 million since Sept. 23, is staring at a default deadline as a 30-day grace period to make a first-round payment expires. The company has a further $543 million in coupon payments due this year and $7.7 billion in dollar bond maturities next year. It is fast running out of cash and is counting on asset sales and attracting new investors to ease its crisis.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
