Sino-Singapore Jingwei, February 11 (Gao Bining) On the 11th, Shibor was mixed. Overnight Shibor reported 1.8120%, up 13.9 basis points; 7-day Shibor reported 2.0210%, up 5.6 basis points; 3-month Shibor reported 2.4320%, down 1.0 basis points. In terms of news, what announcements in the bond market deserve attention? Jingwei Jun will sort out for you one by one.
Yuzhou Hongtu Real Estate: Lianhe Credit Downgrades the credit rating of its main body and related debts to “AA”
On the evening of February 10, the People’s Bank of China released a report on the growth of China’s social financing scale in January 2022, the stock of social financing scale at the end of January 2022, and other financial statistics. It is reported that China’s social financing scale increased by 6.17 trillion yuan in January, higher than the estimated value.
2. Foreign Exchange Trading Center: In January, foreign institutional investors bought a net 141.3 billion yuan of domestic bonds
On February 10, the foreign exchange trading center released the overseas business operation of the interbank bond market in January 2022. As of the end of January 2022, 508 foreign institutional investors entered the market through the settlement agency model by the end of January 2022. 1 more; 734 foreign institutional investors entered the market through Bond Connect, and 7 were added this month. In January 2022, foreign institutional investors bought a net bond of 141.3 billion yuan, of which 783.2 billion yuan was bought and 641.9 billion yuan was sold. Among them, 644.4 billion yuan was reached through the settlement agency model (605.3 billion yuan for agency transactions and 39.1 billion yuan for direct transactions), with a net purchase of 136.1 billion yuan; through the bond connect model, 780.7 billion yuan was reached, with a net purchase of 5.2 billion yuan.
3. China Evergrande: President Xia Haijun sold $128 million of Evergrande bonds last year
On February 10, according to information from the Hong Kong Stock Exchange, Xia Haijun, vice chairman and president of China Evergrande, sold Evergrande bonds with a face value of US$128 million from July to August 2021, with a face value of US$28 million in 2025. 8.75% senior notes due annually, $50 million 11.5% senior notes due 2023, and $50 million 11.5% senior notes due 2022.
Related bonds: China Evergrande 12.0% N20240122
4. Zhengrong Real Estate: The company plans to redeem 200 million US dollars of perpetual bonds, and encounters double killing of stocks and debts
On January 4, Zhengrong Real Estate announced that it will redeem a US$200 million perpetual bond on March 5, 2022. On February 11, there were market rumors that Zhengrong would no longer redeem the perpetual bond as previously planned, and the company planned to restructure all dollar bonds. On February 11, the price of Zhengrong Real Estate’s stocks and bonds changed. As of the close of February 11, Zhengrong Real Estate fell 66.4% to close at HK$1.23 per share, and Zhengrong Services fell 57.7% to close at HK$1.73 per share.
Related bonds: Zhengrong Real Estate 6.5% N20220901
5. Sunshine City: The shares held by the controlling shareholder were frozen by the judiciary
On February 11, Sunshine City announced that the company received on February 10, 2022 the company’s controlling shareholder Fujian Sunshine Group Co., Ltd., a wholly-owned subsidiary Oriental Xinlong Asset Management Co., Ltd., and the controlling shareholder Fujian Kangtian Industrial Group. Co., Ltd.’s notice that 118 million shares, 95.3 million shares, and 12.82 million shares of the company it held were judicially frozen by AVIC Trust Co., Ltd.
In addition, Sunshine City also announced that the shareholder Taikang Life Insurance Co., Ltd. plans to conduct centralized bidding transactions within 6 months after 15 trading days from the date of disclosure of the announcement, and block transactions within 6 months after 3 trading days. The number and proportion of the reduction will be no more than 165 million shares.
Related bonds: 20 Sunshine City MTN002
6. China Fortune Land Development: The controlling shareholder passively holds 1.11% of the company’s total share capital
On February 10, China Fortune Land Development announced that the controlling shareholder, China Fortune Land Development Holding Co., Ltd., enforced compulsory enforcement of the company’s stocks held by China Fortune Land Development Co., Ltd. due to its stock-pledged repurchase transactions and financial institutions in the margin financing and securities lending business. The disposal procedure has resulted in a passive decrease in the shareholding ratio of Huaxia Holdings from November 30, 2021 to February 10, 2022, reaching 1.11% of the company’s current total share capital. The aforementioned changes do not affect the tender offer.
On February 9, China Fortune Land Development Co., Ltd. announced that as of now, the financial debts in the “Debt Restructuring Plan” have been signed to achieve a total amount of 42.918 billion yuan in debt restructuring, and the corresponding amount of debt interest reduction and penalty interest waiver amounted to 2.869 billion yuan. Yuan.
Related Bonds: 20 Happiness 01
7. Ronshine Group: The company responded to the change in bond prices, saying that there was no major adverse change
On February 11, Ronshine (Fujian) Investment Group Co., Ltd. issued an announcement on the recent abnormal price fluctuations of corporate bonds.
Recently, the bonds “20 Rongxin 01”, “20 Rongxin 03” and “21 Rongxin 01” issued by Ronshine Group have repeatedly seen the transaction price in the secondary market obviously deviate from the reasonable value. In this regard, Ronshine Group stated that after verification, Ronshine Group’s recent production, operation and daily management have been operating normally, and no major adverse changes have occurred.
On February 8, Ronshine China released unaudited operating data for January 2022. In January 2022, the group’s total contracted sales amounted to approximately RMB 6.506 billion, a year-on-year decrease of 47.09%; the group’s contracted GFA was approximately 321,300 square meters, a year-on-year decrease of 49.42%; the group’s average contracted sales price was approximately RMB 20,251 per square meter Yuan.
Related bonds: 21 Ronshine 03
8. CGA: Fitch adjusted its long-term foreign currency issuer rating to ‘B’
On February 8, Fitch Ratings announced that the long-term foreign currency issuer default rating of China Grand Auto Service Group Co., Ltd. was downgraded from “B+” to “B”, and the senior unsecured rating was downgraded from “B+” to “B”. The rating remains “RR4”. All of the above ratings are placed on the Negative Rating Watch List.
On February 10, China Guanghui Automobile stated on the investor interaction platform that due to the recent frequent credit risk events in the real estate industry, the Chinese high-yield bond market as a whole has been impacted. In a prudent manner, Fitch has recently adjusted the unified rating of many companies, but Fitch still recognizes the company’s achievements in improving profitability. In addition, the company has made full preparations and detailed arrangements for each debt that is about to expire, and plans to deal with it through various methods such as loan renewal, reorganization of syndicates, and return of its own funds.
Related Bonds: 21 Auto 01
9. SJM Holdings: Moody’s adjusted its corporate family rating to “Ba2”
On February 10, Moody’s Investors Service announced to downgrade the corporate family rating of Macau Gaming Holdings Co., Ltd. from “Ba1” to “Ba2”, and downgraded the bonds issued by Guantu Holdings Co., Ltd. and guaranteed by SJM Holdings. The mortgage rating was downgraded to “Ba3” from “Ba2”. The above ratings continue to be placed on the watch list for downgrade.
Related bonds: SJM Holdings 3.9% N20260512
10. Yuzhou Group: Fitch adjusted its long-term foreign currency issuer rating to “RD”
On February 9, Fitch Ratings announced that it would downgrade Yuzhou Group Holdings Co., Ltd.’s long-term foreign currency issuer default rating from “C” to “RD”, based on the company’s recently completed exchange offer. At the same time, Yuzhou Group’s senior unsecured rating was affirmed at “C” and its recovery rating was affirmed at “RR4”.
Related bonds: Yuzhou Group 7.8125% N20230121
11. Yuzhou Hongtu Real Estate: Lianhe Credit downgraded the credit rating of its main body and related debts to “AA”
Lianhe Credit decided to downgrade the credit rating of the main body of Xiamen Yuzhou Hongtu Real Estate Development Co., Ltd. and “19 Yuzhou 01” and “19 Yuzhou 02” from “AA+” to “AA”, and the rating outlook was adjusted to “negative”.
Related bonds: 19 Yuzhou 01
12. Blu-ray Development: Will not actively sell assets in the short term
On February 10, Blu-ray Development announced that all the company’s current focus will be on debt risk resolution, and no active asset sales will be carried out in the short term. If there is a similar passive sale required by creditors in the future, the company will definitely disclose relevant information in a timely manner in accordance with the corresponding internal decision-making procedures and regulatory requirements to protect the legitimate rights and interests of investors.
According to its announcement on the evening of February 9, the company and its subsidiaries added 2.116 billion yuan in principal and interest of debts due and not repaid. As of February 9, 2022, the company has accumulated a total of 29.855 billion yuan in debt principal and interest that has not been repaid.
Related Bond: 21 Blu-ray MTN001
13. Souyute: The company added some overdue debts and some assets were frozen
Soyute’s announcement disclosed that as of February 9, 2022, the company and its subsidiaries had a total of 2.469 billion overdue debts, accounting for 65.41% of the company’s 2020 audited net assets of 3.774 billion yuan. From December 17, 2021 to February 9, 2022, the new bank accounts of the company and its subsidiaries will be frozen for 12,782.26 yuan.
Related bonds: Soute Convertible Bonds
(Sino-Singapore Jingwei APP)
(The opinions in this article are for reference only and do not constitute investment advice. Investment is risky, and you need to be cautious when entering the market.)
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