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Bond Market News
China Cinda Expects 50% Drop in Profits for 2022
January 20, 2023
China Cinda Asset Management issued a profit warning in an exchange filing where it said that it expects to see a 40-50% drop in its net income for 2022. It expects a significant unrealized loss in fair value changes due to capital market volatility and the pandemic induced impact. China Cinda sees a decrease in income from distressed debt assets and has also increased provisions for credit risk to cope with greater pressure on the quality of certain financial assets.
China Cinda’s dollar bonds were trading weaker – its 4.75% 2028s were down 0.6 points to 98.23, yielding 5.15%.
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