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Bond Market News
CIFI Clarifies Financial Position; Redco Launches Tender Offer and Consent Solicitation; Yango Misses Local Bond Payment
March 17, 2022
CIFI Holdings clarified that its business was in good condition and that it has sufficient and available cash reserves while financial institutions continue to support the company, according to a statement to HKEX. This comes after CIFI called out that there were “unfair negative and groundless statements/comments on the company’s onshore and offshore financing on analysis reports/social media”. CIFI’s dollar bonds rallied sharply from 10-19 points on the update. Its 6.45% 2024s were up 19 points to 60.28 cents on the dollar.
Redco Properties has launched a consent solicitation and tender offer to purchase some of its dollar bonds. The consent solicitation is to amend the events of default provisions for its USD 9.9% 2024s and its local RMB-denominated 10.5% 2023s. The consent fee provided by Redco is $2.5 for each $1,000 of principal of the 2024s and RMB 25 for each RMB 10,000 of the 2023s.
As per IFR, the tender offer covers purchases of at least $177.276mn of its 8% April 2022s, $274.67mn of its 11% August 2022s. Bondholders may receive $10 per $1,000 in principal for the above two bonds, plus $1,000 in aggregate principal of new 8% March 2023s and 11% August 2023s. The offer also covers the purchase of at least $135mn of its 13% May 2023s where holders will receive $10 per $1,000 in principal plus $1,000 in aggregate principal of two new 13% March 2023 bond options and 13% August 2023s. The offers expire on March 21.
Separately, Yango Group failed to make coupon or principal payment in full on a local RMB 600mn ($94.5mn) bond due March 15, after its creditors rejected exemption proposals on two RMB bonds, according to a clearing house filing. Yango’s dollar bonds are at distressed levels of 6-8 cents on the dollar.
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