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Bond Market News
Evergrande Secures Payment Extension; Shimao Seeks Repayment Delay on ABS
January 14, 2022
Evergrande has secured a payment extension on its onshore puttable bonds issued by Hengda Real Estate after getting approval from its bondholders. 72.3% of its holders approved the proposal to extend the redemption and coupon payments on its RMB 4.5bn ($157mn) 6.98% puttable bond due January 2023 by six months. This comes after the company had announced last week that it sought to delay the exercise date of the put option by six months from January 8 to July 8. Evergrande’s dollar bonds are now trading at distressed levels of 10-12 cents on the dollar.
Shimao Group will hold a meeting with creditors of to two onshore two asset-backed securities (ABS) on January 17 in order to extend payments to the end of 2022 whilst making some payments in instalments before the new deadline. Its two ABS products amount to RMB 1.17bn ($180mn) in total and mature later in January. This comes after Shimao last week missed its payment on a $101mn trust loan. Shimao’s dollar bonds are trading weak at just over 32 cents on the dollar.
Separately, Country Garden (COGARD) failed to generate sufficient investor demand for a potential $300mn convertible bond as per Bloomberg, with its dollar bonds falling 2-3 points. Its 2.875% 2030s were down 3 points to 73.15, yielding 8.24%.
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