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Bond Market News

Sritex’s Dollar Bonds Nosedive Over 40% Post Downgrade

March 24, 2021

Dollar bonds issued by Sri Rejeki Isman (Sritex) and its subsidiary Golden Legacy Pte Ltd plummeted by more than 40% after Moody’s downgraded the corporate family rating to B3 from B1. Sritex’s 7.25% 2025s and Golden Legacy’s 6.875% 2024s plunged over 30 points to 43.63 and 43.00 respectively on Tuesday, now yielding 35.22% and 41.98%. Sritex’s bonds are rated B3/BB- while the Golden Legacy bonds are rated B1/BB-.

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