Page 3 - Bond Defaults News Today

Cifi Holdings’ first offshore bond default sparks fears that the debt crisis gripping China’s property sector is spreading to developers previously deemed financially sound.

Longfor Group will sell an onshore bond of up to US$250 million next week, one of several private developers poised to issue similar notes guaranteed by a state-owned credit enhancement company.

Moody's said 35 out of the 82 borrowers that disclosed first-time draws on debt service reserve funds since April 2020 have averted delinquency "at least for now."

Officials are aiming by fall to finalize a bond exchange offer that would restructure general obligation bonds and resolve a legal dispute with bondholders.

Despite rating changes and volatility in the municipal bond market for 2021, Moody's annual report offers an overall picture of stability. We explore the key findings.

Defaults by Chinese issuers have exceeded US$20 billion so far this year, compared with about US$9 billion for all of last year, with property developers accounting for most of the defaults.

The New Jersey mall, the nation's second largest, faces an interest payment on Aug. 1 after drawing down a debt service reserve for a payment earlier this year.

The mall's developer was late paying funds used to support $800 million of municipal bonds, requiring a draw on reserves to make an interest payment.

Talks between original holders and a law firm over potential securities fraud litigation did not pan out, and trustee UMB NA has canceled all the bonds.

The time could be right to consider adding some munis to your portfolio. Here’s why.