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Moody's views 16 first time payment delinquencies over the last two years impacting $1.46 billion of debt as related to the pandemic's toll on the senior-living sector.
The proceeds from China Orient Asset Management’s bond sale will be used to acquire bad assets of the nation’s highly indebted property developers.
China’s private property developers have accelerated the sales of assets to state-owned enterprises (SOEs) amid a deepening debt crisis, despite the recent easing measures introduced by the government.
China’s US$200 billion junk-bond market is in the midst of a ‘significant default cycle,’ Varde Partners says. Value Partners in Hong Kong says market has rarely been this cheap.
Graceland drew on reserves to cover the Jan. 1 payment on two bond series and three other series were unable to make their interest payments.