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Bond Market News
Zhongliang Holdings Downgraded to Restricted Default
June 8, 2022
Chinese real estate entity Zhongliang Holdings’ long term rating was downgraded to RD (Restricted Default) from ‘C’ by Fitch on the completion of an exchange offer for 90.47% of its May 2022s and 83.66% of its July 2022s for a combination of new a $201.4mn 8.75% bond due April 2023 and a $428.4mn 9.75% bond due December 2023. Further on June 1, the company announced that it also seeks to exchange any or all of its remaining $27.63mn 8.5% bonds due May 2022 and its $71.17mn bonds due July 2022. Fitch believes the company failed to pay $27mn of principal on its 8.5% bonds that matured on May 19, 2022 and that the amount was not tendered in its exchange offer. The rating agency sees the non-payment of principal can lead to an event of default as per its May 2022 bond indenture.
Zhongliang’s dollar bonds were trading at 26-30 cents to a dollar.
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