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Bond Market News
Sino-Ocean Suspends Dollar Bond Payments
September 15, 2023
According to an exchange filing, Sino-Ocean has suspended payments on all its offshore debt until a holistic restructuring or extension solutions are implemented. Sino-Ocean cited that the move was owing to liquidity constraints. The company also suspended trading in its offshore dollar bonds from September 15 until further notice. This development comes on the back of news, where the Credit Derivatives Determinations Committee (CDDC) had ruled that Sino-Ocean’s missing payment on its 6% 2024s would trigger payment on its credit default swaps (CDS). Since 2023, the Group has experienced a rapid decline in contracted sales and increased uncertainty in asset disposals and has continuously faced limitations in various financing activities leading to increasing liquidity pressures.
Sino-Ocean bonds are trading at deeply distressed levels of ~8-11 cents on the dollar.
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