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Westpac 2.668% 11/35 - -

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BNP 5.283% 11/30 - -

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Dah Sing 3.000% 11/31 - -

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Vale 3.750% 07/30 - -

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US STRIPS 0.000% 05/53 - -

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ARA 5.650% Perp - -

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Turkey 9.875% 01/28 - -

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Julius Baer 4.875% Perp - -

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Abu Dhabi 5.500% 04/54 - -

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Philippines 4.200% 01/24 - -

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Delhi Intl Air 6.450% 06/29 102.550 5.79%

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Exim India 3.875% 03/24 - -

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Piedmont 3.500% 06/29 - -

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Intel 5.600% 02/54 - -

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Korea Electric Power 6.000% 12/26 - -

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Santos 6.875% 09/33 - -

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Netflix 4.900% 08/34 - -

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Xcel 4.000% 06/28 - -

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Saudi Arabia 5.000% 01/53 - -

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Shui On 5.500% 06/26 - -

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Frasers Property 4.380% Perp - -

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Del Monte Pacific 3.750% 12/24 - -

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Romania 2.750% 04/41 - -

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Bank East Asia 5.825% Perp - -

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Vedanta (55% Sink Factor) 13.875% 12/28 - -

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Manila Water 4.375% 07/30 - -

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BNP 8.500% Perp - -

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Barclays 6.125% Perp - -

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Barclays 5.400% Perp - -

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DBS 5.479% 09/25 - -

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US STRIPS 0.000% 02/54 - -

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Shell 3.875% 11/28 - -

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JLR 4.500% 10/27 - -

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Huarong 3.800% 11/25 - -

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Shriram 6.150% 04/28 - -

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Vedanta (94% Sink Factor) 13.875% 12/28 - -

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Santander 4.750% Perp - -

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HDFC Bank 5.686% 03/26 - -

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Westpac 5.000% Perp - -

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Egypt 5.250% 10/25 - -

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Scotiabank 3.625% 10/81 - -

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Citibank 5.803% 09/28 - -

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UBS 5.600% Perp - -

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NextEra 4.625% 07/27 - -

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Singtel 3.250% 06/25 - -

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General Motors 4.300% 04/29 - -

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Boeing 3.500% 03/45 - -

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PT Pertamina 6.450% 05/44 - -

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Ping An 2.750% 06/25 - -

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SMC Global Power 5.450% Perp - -

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Globe Telecom 2.500% 07/30 - -

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UOB 2.550% Perp 96.725 3.54%

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US Treasury 0.000% 01/25 - -

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BCT 5.750% 01/25 - -

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Times China 5.550% 06/24 - -

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Nvidia 2.850% 04/30 - -

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Wells Fargo 4.100% 06/26 - -

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Egypt 4.750% 04/25 - -

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Macquarie 6.798% 01/33 - -

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Keppel REIT 3.150% Perp 99.450 3.88%

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Pricoa 5.100% 05/28 - -

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Kenya 6.300% 01/34 - -

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Petrobras 5.600% 01/31 - -

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Saudi Aramco 4.375% 04/49 - -

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Pakistan 7.375% 04/31 - -

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KOGAS 3.500% 07/25 - -

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Southwestern Electric Power 4.100% 09/28 - -

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Citigroup 4.600% 03/26 - -

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WEC 1.375% 10/27 - -

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China Oil & Gas 4.700% 06/26 - -

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Saudi Aramco 5.750% 07/54 - -

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Shriram 4.150% 07/25 - -

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Seazen Holdings 4.500% 05/26 - -

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DoubleDragon 7.250% 07/25 - -

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Muthoot 4.400% 09/23 - -

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Indofood 4.745% 06/51 - -

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SBI 5.950% 12/24 - -

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Goldman Sachs 3.750% 05/25 - -

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Emirates NBD 1.840% 05/26 - -

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NatWest 6.000% 12/23 - -

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Keybank 5.850% 11/27 - -

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Imperial 4.875% 06/32 - -

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Seazen 4.450% 07/25 - -

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Wells Fargo 3.000% 04/26 - -

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AIA 4.950% 03/35 99.054 5.06%

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BIM 7.375% 05/26 - -

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Buenos Aires 5.125% 09/37 - -

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HPE 5.600% 10/54 - -

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ING Groep 7.250% Perp 103.491 6.76%

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Oman 4.750% 06/26 - -

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BNP 4.625% Perp 94.169 7.68%

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Energean 8.500% 09/33 - -

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Krung Thai 4.400% Perp - -

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CBA 3.150% 09/27 - -

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Embraer 5.050% 06/25 - -

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Thaioil 5.375% 11/48 - -

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Vedanta 10.875% 09/29 - -

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Estate Sky 5.450% 07/25 - -

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ReNew Power 4.500% 07/28 - -

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Singapore 3.375% 05/34 - -

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US Treasury 0.000% 01/25 - -

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SBI 5.125% 11/29 - -

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UOB 3.059% 04/25 - -

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Emirates NBD 6.125% Perp 100.280 5.90%

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Axis Bank 4.100% Perp 96.306 6.35%

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Ford 4.750% 01/43 - -

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HDFC 3.700% Perp 95.340 6.60%

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Korea East West Power 3.600% 05/25 - -

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Caterpillar 8.250% 12/38 - -

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Petronas 3.500% 03/25 - -

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TAQA 6.500% 10/36 - -

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Rio Tinto 5.200% 11/40 - -

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Vedanta 9.250% 04/26 - -

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Egypt 8.700% 03/49 - -

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Shui On 5.500% 03/25 - -

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Israel 7.250% 12/28 - -

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Olam 4.000% 02/26 99.130 4.73%

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UBS 3.750% 03/25 99.561 5.17%

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Pemex 5.350% 02/28 - -

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Kraft Heinz 3.000% 06/26 - -

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Micron 5.875% 09/33 - -

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SocGen 8.500% Perp - -

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Muthoot 6.375% 04/29 99.356 6.54%

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Shriram 6.625% 04/27 100.755 6.27%

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BOC Aviation 3.250% 04/25 - -

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Campbell 5.200% 03/29 - -

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Deutsche Bank 6.000% Perp 98.465 7.83%

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JLR 5.500% 07/29 - -

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US Treasury 3.875% 08/33 - -

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ESR Group 5.100% 02/25 90.400 52.09%

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Deutsche Bank 7.500% Perp 100.440 6.09%

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Bombardier 7.875% 04/27 - -

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BAT Capital 5.650% 03/52 - -

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Nordea 6.300% Perp - -

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Tencent 3.800% 02/25 - -

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US Treasury 4.375% 05/34 - -

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Vedanta 11.250% 12/31 - -

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Lockheed Martin 4.070% 12/42 - -

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BCT 8.250% 09/27 - -

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Jollibee 4.750% 06/30 - -

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UBS 5.875% Perp - -

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SMC 8.750% Perp - -

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Turkey Sukuk 6.500% 04/30 - -

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ICTSI 3.500% 11/31 - -

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Abja 5.450% 01/28 100.830 5.15%

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REC 5.625% 04/28 101.116 5.25%

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Walmart 4.500% 09/52 - -

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Metinvest 7.750% 10/29 - -

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KSA Sukuk 5.250% 06/34 102.660 4.89%

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BoFAML 5.526% 08/26 - -

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Allianz 3.200% Perp - -

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KOWEPO 4.125% 06/25 - -

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Ghana 0.000% 07/26 - -

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Delhi Intl Air 6.125% 10/26 - -

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Philippines 5.500% 03/26 - -

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BNP 5.900% Perp - -

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BP 4.875% Perp 97.350 5.45%

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INALUM 4.750% 05/25 - -

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Firstenergy Transmission 2.866% 09/28 - -

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Senegal 6.750% 03/48 - -

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DTE 5.100% 03/29 - -

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Hotel Properties 3.800% 06/25 - -

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DBS 3.300% Perp 99.499 5.50%

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Adani 4.375% 07/29 - -

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Volcan 8.750% 01/30 - -

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Verizon 2.625% 08/26 - -

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Conagra 1.375% 11/27 - -

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HSBC 6.950% Perp 101.775 6.68%

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Metropolitan Life 3.000% 09/27 - -

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AerCap 3.650% 07/27 - -

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GC Treasury Center 5.200% 03/52 - -

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UnionBank 2.125% 10/25 - -

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ArcelorMittal 4.250% 07/29 - -

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Barclays 7.300% Perp - -

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Murphy Oil 6.000% 10/32 - -

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AIA 3.200% 03/25 - -

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Qatar 5.103% 04/48 - -

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Humana 3.700% 03/29 - -

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General Motors 5.200% 04/45 - -

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China Water 4.850% 05/26 - -

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StanChart 6.296% 07/34 104.970 5.55%

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OCBC 1.832% 09/30 97.590 5.09%

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US Treasury 5.000% 10/25 - -

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Pakistan 8.250% 09/25 - -

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US Treasury 4.000% 02/34 - -

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PNC Bank 3.100% 10/27 - -

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Commerzbank 6.500% 04/34 - -

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Korea Electric Power 3.625% 06/25 - -

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Reliance 4.125% 01/25 - -

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US Treasury 0.000% 02/24 99.937 0.00%

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REC 2.250% 09/26 - -

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Amazon.com 1.650% 05/28 - -

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Pemex 5.950% 01/31 - -

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Motorola 4.600% 02/28 - -

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HSBC 4.000% Perp - -

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Credit Agricole 4.375% 03/25 - -

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Santander 6.350% 03/34 - -

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UnitedHealth 5.375% 04/54 - -

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ICTSI 5.875% 09/25 - -

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ABN AMRO 6.339% 09/27 102.596 4.79%

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Scotiabank 4.500% 12/25 - -

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Olam 5.375% Perp - -

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Scotiabank 5.250% 12/24 - -

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Methanex 5.250% 12/29 - -

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Delta Air 7.000% 05/25 - -

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TD 1.250% 12/24 - -

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Temasek 5.125% 07/40 - -

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KOMIR 5.375% 05/28 - -

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UBS 5.125% Perp 95.125 8.38%

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SBI 4.875% 05/28 99.990 4.87%

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Charles Schwab 3.250% 05/29 - -

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Muthoot 7.125% 02/28 102.685 6.17%

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Israel 7.750% 12/27 - -

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HSBC 8.000% Perp - -

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Indofood 4.805% 04/52 - -

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CVS 5.400% 06/29 - -

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HSBC 6.875% Perp 100.850 6.66%

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Principal Financial Group 3.700% 05/29 - -

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Pemex 10.000% 02/33 - -

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HSBC 5.874% 11/35 - -

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Qantas 3.150% 09/28 - -

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Arabian Centres 9.500% 03/29 100.446 9.36%

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SIA 5.250% 03/34 - -

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DP World 5.500% 09/33 101.900 5.22%

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Sprint 7.625% 03/26 - -

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GLP 3.875% 06/25 - -

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Royal Caribbean 5.500% 04/28 - -

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KOGAS 3.500% 07/26 - -

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Ford 4.346% 12/26 - -

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REC 3.500% 12/24 - -

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Filinvest 4.125% 09/25 - -

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Honeywell 9.065% 06/33 - -

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Power Finance 3.350% 05/31 - -

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Hotel Properties 5.100% 05/29 - -

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Wells Fargo 4.150% 01/29 - -

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Korea Electric Power 7.000% 02/27 - -

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Cardinal Health 3.410% 06/27 - -

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PCPD Capital 5.125% 06/26 - -

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US Treasury 0.000% 12/24 - -

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Tajikistan 7.125% 09/27 - -

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Dominion Energy 4.250% 06/28 - -

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Finland 6.950% 02/26 - -

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Colombia 5.625% 02/44 - -

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US STRIPS 0.000% 02/49 - -

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StanChart 7.750% Perp - -

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FWD 7.635% 07/31 109.500 5.87%

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Tyson Foods 5.400% 03/29 - -

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Metinvest 8.500% 04/26 - -

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Equinor 5.100% 08/40 - -

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US Treasury 4.500% 02/44 - -

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Rwanda 5.500% 08/31 - -

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Turkey 6.625% 02/45 88.189 7.79%

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Ghana 5.000% 07/35 - -

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SIA 3.000% 07/26 - -

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Ghana 5.000% 07/29 - -

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South Korea 4.125% 06/44 - -

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Keppel 4.900% Perp - -

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BMO 5.200% 12/24 - -

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Lai Sun 5.000% 07/26 - -

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ING Groep 8.000% Perp 106.384 6.58%

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JP Morgan 3.200% 06/26 - -

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REC 5.250% 11/23 - -

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Kenya 8.250% 02/48 - -

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Egypt 7.625% 11/30 - -

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KNOC 0.875% 10/25 - -

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HSBC 5.250% Perp - -

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KNOC 5.250% 11/26 - -

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Home Depot 5.400% 06/64 - -

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Teva 3.150% 10/26 - -

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Pemex 6.625% 06/35 - -

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POSCO 2.500% 01/25 - -

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Alphabet 2.250% 08/60 - -

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ST Engineering 1.500% 04/25 - -

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Walmart 4.300% 04/44 - -

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Reliance 2.875% 01/32 - -

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Pemex 6.875% 08/26 - -

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US Treasury 0.250% 05/25 - -

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Conocophillips 7.800% 01/27 - -

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Philippines 10.625% 03/25 - -

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Seazen Holdings 4.625% 10/25 - -

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Kia 2.375% 02/25 - -

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KHNPC 3.125% 07/27 - -

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Mapletree Industrial Trust 3.150% Perp 97.645 4.87%

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Qatar 6.400% 01/40 - -

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GLP 4.600% Perp - -

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Kernel 6.750% 10/27 - -

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Exelon 5.150% 03/28 - -

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Syngenta 4.892% 04/25 - -

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SocGen 6.447% 01/27 101.368 5.14%

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Baidu 3.075% 04/25 - -

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Centerpoint 5.400% 06/29 - -

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WRKCo 3.900% 06/28 - -

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SMC Global Power 7.000% Perp - -

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SocGen 10.000% Perp 107.794 7.66%

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American Express 3.950% 08/25 - -

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Sands China 5.125% 08/25 - -

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US Treasury 4.875% 10/28 - -

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Icahn 9.000% 06/30 - -

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Buenos Aires 5.250% 09/37 - -

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EXIM Malaysia 3.350% 05/25 - -

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Ghana 0.000% 01/30 - -

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Conocophillips 6.500% 02/39 - -

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HPCL 5.250% 04/27 - -

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BPCE 5.000% 03/34 - -

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Lenovo 6.536% 07/32 - -

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BNP 8.000% Perp 103.836 7.26%

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MetroBank 2.125% 01/26 - -

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StanChart 5.300% Perp - -

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Jollibee 4.125% 01/26 - -

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SocGen 8.250% Perp - -

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Indika Energy 8.750% 05/29 - -

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PD Sukuk 8.750% 09/25 - -

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Metinvest 7.650% 10/27 - -

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Morgan Stanley 3.125% 07/26 - -

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Maldives 9.875% 04/26 - -

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Saudi Arabia 5.750% 01/54 - -

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StanChart 7.875% Perp - -

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BDO Unibank 2.125% 01/26 - -

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Egypt 5.800% 09/27 - -

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Lockheed Martin 7.200% 05/36 - -

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Abu Dhabi 2.500% 04/25 - -

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Netflix 5.400% 08/54 - -

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BPCL 4.000% 05/25 - -

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US Treasury 4.000% 07/30 - -

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Bahamas 7.125% 04/38 - -

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JLR 5.875% 01/28 - -

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Exim India 5.500% 01/33 - -

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Emirates NBD 1.638% 01/26 96.426 5.00%

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Malaysia Sukuk 3.043% 04/25 - -

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StanChart 4.750% Perp 89.150 6.96%

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Israel 4.500% 04/99 - -

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JSW Steel 3.950% 04/27 95.729 5.93%

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Egypt 7.625% 05/32 - -

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Cathay Pacific 4.875% 08/26 - -

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Egypt 7.600% 03/29 - -

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Sobha Sukuk 8.750% 07/28 - -

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Bangkok Bank 5.000% Perp - -

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San Miguel 5.500% Perp 53.125 134.98%

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Ascendas REIT 3.000% Perp 99.245 3.98%

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Bond Market News

China SCE Reaches Agreement in Principle for Debt Restructuring

November 29, 2024

China
Distressed/Defaulted Bonds

China SCE reached a preliminary agreement with an ad-hoc group of creditors on the key commercial terms for its offshore debt restructuring proposal. The agreement marks an important milestone but is not yet legally binding. Negotiations regarding the finalized terms are ongoing and will be documented in a term sheet. Key points of the proposal include:

Restructuring of Existing Debt: The proposal addresses approximately $2.27bn in existing debt, including accrued but unpaid interest up to 31 December 2024. The debt under restructuring consideration includes its 7.375% 2024s, 5.95% 2024s, 7% 2025s and 6% 2026s.
Implementation via Scheme of Arrangement: The restructuring will likely be executed through a scheme in Hong Kong and possibly other jurisdictions.
Timeline: The Company aims to launch a restructuring support agreement (RSA) with creditors by 15 February 2025 and complete the restructuring by 31 October 2025.
Consent Fee: Creditors who support the proposal could receive a consent fee of 0.1% to 0.2% of the outstanding debt.
Options for Creditors:
- Option 1: A mix of upfront cash (2.5% of claims) and short-term notes or loans, with a 70% notional haircut.
- Option 2: Mandatory convertible bonds and medium-term notes, with a 10% notional haircut.
- Option 3: Long-term notes or loans with no haircut, offering terms of 8 years at interest rates of 2.0% to 2.75%.
Allocation Caps: The claims will be capped for Options 1 and 3, with excess claims allocated to Option 2.

Its dollar bonds continue to trade at deeply distressed levels of 5-6 cents on the dollar.

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Related Posts:

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October 6, 2023

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