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Bond Market News
Times China, Creditors Reach Restructuring Agreement; Longfor Buys Back Dollar Bonds
July 1, 2024
Times China has reached an agreement in principle with a group of key creditors, ahead of its first liquidation hearing scheduled on July 3. The ad hoc group of creditors control more than 25% of its six dollar notes and the agreement in principle involves “high-level, key commercial terms of a holistic proposal”, according to the company’s press release. More than 20 Chinese property firms have received winding-up petitions over the past few years, according to Bloomberg, including the likes of Kaisa, Shimao, earlier last month. Its dollar bonds continue to trade at deeply distressed levels of 2-3 cents on the dollar.
Separately, Longfor Group’s dollar bonds rose by 3-4 points across the curve after it published the results of its open-market purchase of two of its dollar bonds. It bought back $402.9mn and $219.6mn in aggregate principal of its 3.95% 2029s and 3.85% 2032s respectively. The developer also informed some investors earlier this week that it had raised about RMB 20bn ($2.75bn) in additional bank loans backed by commercial properties. Its dollar bonds have been trending higher since March, following easing regulations from China, whilst also boosting market sentiment by setting aside funds to repay an RMB 1.5bn ($208mn) note that matured in May.
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