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CHINA VANKE Faces Default Risk on US$1.3B Debt
Recommend 22 Positive 29 Negative 31 |
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CHINA VANKE (02202.HK) is facing an increased risk of default on its US$1.3 billion bonds, according to Bloomberg. Although earlier, the grace period for CHINA VANKE's fourth tranche of 2022 medium-term notes with a principal amount of RMB2 billion was extended from 5 working days to 30 days, creditors refused to extend the principal repayment deadline by 12 months. Therefore, according to the terms of CHINA VANKE's USD bond issuance, if CHINA VANKE fails to reach an agreement with creditors on the extension within the grace period, or fails to avoid default on two other local bonds in the coming weeks, it may trigger cross-default on the Company's offshore bonds. Fidelity International, M&G Investments, HSBC HOLDINGS (00005.HK), BlackRock (BLK.US), UBS and China Asset Management are the major creditors for CHINA VANKE's two outstanding USD bonds due in 2027 and 2029, but it is also possible that these companies hold bonds on behalf of clients, the report added. AASTOCKS Financial News Website: www.aastocks.com |
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