Bondholders of China Evergrande select advisers - sources

Bondholders of China Evergrande select advisers - sources

16/9/2021 8:09:00 PM

Bondholders of China Evergrande select advisers - sources

LONDON : A group of China Evergrande Group bondholders has selected investment bank Moelis & Co and law firm Kirkland & Ellis as advisers on a potential restructuring of a tranche of bonds, two sources close to the matter said.The advice focuses on around US$20 billion in outstanding offshore bonds in the

LONDON : A group of China Evergrande Group bondholders has selected investment bank Moelis & Co and law firm Kirkland & Ellis as advisers on a potential restructuring of a tranche of bonds, two sources close to the matter said.The advice focuses on around US$20 billion in outstanding offshore bonds in the event of non-payment, one of the sources said.

Singapore's Loh Kean Yew upsets Malaysian world No 8 Lee Zii Jia at French Open Singaporean mums win US award for English book series that teaches kids Arabic ‘Unusually high’ 5,324 new Covid-19 cases in Singapore; 10 more deaths bring tally to 349

Uncertainty about Evergrande's ability to meet funding obligations has sent jitters through markets, as one of the world's most indebted property developers teeters between a messy meltdown, a managed collapse or a more remote prospect of a bailout.

Evergrande has been hit by recent ratings downgrades, with both S&P Global Ratings and Fitch Ratings warning of the risk of default, while a main Evergrande unit applied on Thursday to suspend trading of its onshore corporate bonds https://www.reuters.com/business/china-evergrande-applies-bond-trading-suspension-after-downgrade-2021-09-16 in a move indicating a rising likelihood of defaults and restructuring, market participants said. headtopics.com

Fitch Ratings has estimated that it faces bond interest payments of US$129 million before the end of September and US$850 million before the end of the year.Nevertheless, hopes of securing a restructuring helped boost Evergrande's bonds, which hit close to 30 cents on the dollar on Thursday, with the March 2022 issue rising the most, up 2.5 cents, Refinitiv data showed. "The bonds are rallying pretty hard," said one Evergrande holder."People are buying blocs, so seems like it's institutional (demand) rather than just retail."

Evergrande Group, saddled with more than US$300 billion in total liabilities - equivalent to 2per cent of China's GDP - is in the throes of a liquidity crisis that has sent it scrambling to raise funds to pay its many lenders and suppliers.Financial markets have priced in likely defaults on its bond payments and expectations are high that its assets will have to be restructured.

(Additional reporting by Marc Jones and Rodrigo Campos; Editing by Mark Potter) Read more: CNA »

Covid-19: Healthcare system still under pressure as hospitalised patients, ICU cases continue to rise, says MOH

Fitch warns an Evergrande default may have broad China economic effectsHONG KONG :Rating agency Fitch said that numerous sectors could be exposed to heightened credit risk if China's No.2 property developer Evergrande Group were to default, although the overall impact on the banking sector would be manageable.Evergrande is scrambling to raise funds to pay its many lenders and su

An Evergrande default may have broad China economic effects, warns FitchHONG KONG: Rating agency Fitch said that numerous sectors could be exposed to heightened credit risk if China's number 2 property developer Evergrande Group were to default, although the ove

Fitch says possible China Evergrande default may have broader effectsHONG KONG : Rating agency Fitch said that numerous sectors could be exposed to heightened credit risk if China's No.2 property developer Evergrande Group were to default, although the overall impact on the banking sector would be manageable.'We believe a default would reinforce credit polarisation among h

China Evergrande applies for bond trading suspension after downgradeSHANGHAI : China Evergrande Group's main unit Hengda Real Estate Group Co Ltd said on Thursday it had applied to suspend trading of its onshore corporate bonds for one day and would change the trading mechanism on the resumption of trade, citing a downgrade.Hengda had received notice on Sept. 15 from rati

Gong Li Accused Of Insulting China After She Wore Adidas For A Vogue China ShootAuntiesRcool Join in on crapping on Gong Li for wearing Adidas. Fits right up your alley

China probes 'blind box' funds for contract compliance - China Securities JournalSHANGHAI : China is probing 'blind box' funds to ensure that investment positions are in compliance with the stated contractual terms, the China Securities Journal reported on Thursday.The news comes as chaotic scenes erupted at the headquarters of cash-strapped developer China Evergrande Group in recent