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Bond Market News
CIFI Proposes Key Restructuring Terms Including an 85% Haircut
April 30, 2024
Chinese property developer CIFI Holdings, said that it reached an agreement with a key creditor group on some terms of a restructuring plan. It detailed six options, including a haircut of 85% (vs. the company’s expectations of no haircut a year ago), or a loss of principal if creditors choose to be paid in cash. CIFI’s proposal involves reducing debt by $3.3bn to $4bn, while asking bondholders to swap existing debt for new notes. The new notes will have tenors ranging from 2-6Y. CIFI’s shares rose ~28%. For context, in October 2022, the company had defaulted on its HK$ 2.5bn ($318mn) convertible bond due in 2025. At the time, it blamed the National Day “golden week” holiday for the default.
CIFI’s dollar bonds are trading at deeply distressed levels of ~8 cents on the dollar.
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