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Bond Market News
E-House Obtains Creditor Approval to Restructure Defaulted Bonds
July 27, 2023
China’s E-House has obtained approval from its creditors for its plan to restructure two of its defaulted bonds that totaled $600mn. The two bonds in question are its 7.62% 2022s and its 7.6% 2023s that matured last month. Under the restructuring arrangement, investors will receive $60 in cash and $940 in new bonds maturing in 2025 for every $1,000 in principal owed to them, while the Alibaba-backed company will raise cash through share sales and asset disposals. E-House said that it will file petitions in court to commence the restructuring on July 31. The Chinese property sector was mired in a downward spiral following Beijing’s crackdown in an attempt to reduce property developers’ leverage and rising home prices. However, the Politburo recently pledged more support for the property sector, causing bond prices across property developers to rise.
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