This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Road King Defaults After 30-Day Grace Period; Suspends All Offshore Debt Payments
August 14, 2025
Road King announced in an exchange filing earlier today that it would suspend payment on all principal and interest of its offshore bank debts, notes and perpetual bonds. This came after the company failed to pay the coupon after the 30-day grace period expired on its 5.2% 2029s, that was initially due on July 12. It also missed the coupon payment on its 5.125% 2030s, due on July 26. The failure to make payment by Road King, totalling HKD 88.14mn ($11.3mn), is set to be the first bond default by a Hong Kong builder since China’s property crisis began in 2021. The company stated that it would explore a “holistic solution to the current situation”. It would also work to ensure the delivery of completed properties and to progress the sale of its Indonesian toll-roads.
Previously in June, Road King had proposed to restructure its debt for a second time in a row, seeking amendments to its senior notes including interest payments due before 2027 to be made in kind, besides proposing waiving any default. However, this was blocked by certain minority bondholders holding more than 25% of the bonds. In response, it initiated a new round of consent solicitations for its five senior notes due between 2028 and 2030. The company was required to resolve the payment of coupons on its bonds within the 30-day grace period before expecting confirmation on the consent solicitation.
Roadking’s dollar bonds fell up over 2 points and continue to trade at distressed levels of ~20 cents on the dollar. Besides, its peer NWD’s dollar bonds were also lower by ~1.5 points yesterday.
For more details please click here.
Go back to Latest bond Market News
Related Posts:
HK Airlines Plans $6.2bn Debt Restructuring
September 29, 2022
NWD Warns of Potential Loss of Up to $871mn
February 24, 2025
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.