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Bond Market News
Sino-Ocean’s Dollar Bonds Sell-off on Possible Debt Restructuring
July 5, 2023
Sino-Ocean’s dollar bonds have dropped over 6-7 points across the curve since the beginning of the month with Bloomberg noting that the developer has appointed a bank to conduct due diligence. Credit research company Lucror Analytics said that China International Capital Corp (CICC) is planning to begin due diligence which implies a possible debt restructuring in the near future. They added that Sino-Ocean has a weak credit profile with significant liquidity pressure. Only last week, Sino-Ocean was downgraded by both Moody’s and Fitch to Caa1 and CCC+ respectively.
Sino-Ocean’s 6.946% Perp is currently trading at 8.4 cents on the dollar, down over 2 points yesterday.
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