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Bond Market News
Road King’s Dollar Bonds Move Higher
June 10, 2024
Road King’s dollar bonds were up by over 1.5 points across the curve. While there was no specific news identifiable that led to the move, the developer last week, engaged JP Morgan to explore options for its offshore debts, a likely prelude to a debt restructuring. The company has continued paying coupons on its dollar bonds with its last coupon paid in late May. In April, Road King was downgraded to Caa2 from B3 by Moody’s, citing heightened refinancing risk due to weak liquidity on account of “continued weak sales, constrained funding access and inadequate liquidity management measures”.
Road King’s 6.7% 2024s were up 1.5 points to 52 cents on the dollar.
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