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☆ China Evergrande to unveil debt restructure details on Wednesday
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 20 (Reuters) - Embattled developer China Evergrande Group (3333.HK) plans to publish an offshore debt restructuring term sheet on Wednesday, aiming to sign an agreement with creditors by month-end, it told a Hong Kong court. With more than $300 billion in liabilities, including the offshore debt, Evergrande began one of China's biggest debt restructuring processes early last year. Once China's top-selling developer, Evergrande has been at the centre of a property debt crisis in which multiple developers defaulted on offshore debt obligations over the past few years, forcing many to enter into debt restructuring talks. The two units are Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (0708.HK). In a court hearing last November, Evergrande said it aimed to win creditors' approval for its debt restructuring proposals by the end of February.

[1/2] Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 19, 2023. UBS will buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and agreed to assume up to $5.4 billion in losses as it winds down the smaller peer's investment bank after a shotgun merger engineered by Swiss authorities. The U.S., UK and Swiss central banks are all scheduled to meet in the week ahead. Even after Sunday's news on Credit Suisse, optimism from analysts was laced with caution and some scepticism. Others drew attention to the losses likely to be suffered by Credit Suisse junior bondholders.

[1/2] Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 19, 2023. UBS will buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and agreed to assume up to $5.4 billion in losses as it winds down the smaller peer's investment bank after a shotgun merger engineered by Swiss authorities. The failure of two U.S. banks and a rout in Credit Suisse shares have sent shock waves through markets over the past week, reviving memories of the 2008 financial crisis. The U.S., UK and Swiss central banks are all scheduled to meet in the week ahead. Others drew attention to the losses likely to be suffered by Credit Suisse junior bondholders.

☆ Adani made scheduled U.S. bond payments, to release credit report Friday
▼ + stars: | 2023-02-02 | by ( ) www.cnbc.com time to read: +3 min

Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaks at the World Congress of Accountants in Mumbai on November 19, 2022. Adani Ports and Special Economic Zone Limited paid coupons, the two sources, speaking on condition of anonymity, said. Adani Group plans to issue a credit report by Friday which will address concerns raised by the Hindenburg report about its liquidity, the same source said. Brokerage CLSA estimated in a Jan. 26 report that consolidated debt of the top five Adani Group companies — Adani Enterprises , Adani Ports , Adani Power , Adani Green and Adani Transmission , with some element of double counting — stood at 2.1 trillion Indian rupees ($25.60 billion). The U.S. dollar-denominated bonds of Adani Ports and Special Economic Zone, Adani Transmission and Adani Electricity Mumbai were also trading lower.

Adani Ports and Special Economic Zone Limited paid coupons, the two sources, speaking on condition of anonymity, said. The source with knowledge of the firm's strategy said Adani Transmission also processed bond payments on Thursday. Adani Group plans to issue a credit report by Friday which will address concerns raised by the Hindenburg report about its liquidity, the same source said. Brokerage CLSA estimated in a Jan, 26 report that consolidated debt of the top five Adani Group companies -- Adani Enterprises, Adani Ports, Adani Power, Adani Green and Adani Transmission, with some element of double counting – stood at 2.1 trillion Indian rupees ($25.60 billion). The U.S. dollar-denominated bonds of Adani Ports and Special Economic Zone (APSE.NS), Adani Transmission (ADAI.NS) and Adani Electricity Mumbai were also trading lower.

☆ Party City files for bankruptcy after struggling with pandemic rebound
▼ + stars: | 2023-01-18 | by ( ) www.nbcnews.com time to read: +1 min

Party City filed for Chapter 11 bankruptcy protection on Tuesday, making it the latest casualty in the U.S. retail industry as persistently high inflation takes a toll on consumer spending. Troubled retailers often seek bankruptcy protection following the holiday season to take advantage of the cash cushion provided by recent sales. The party supplies retailer’s fortunes have dwindled since the Covid-19 pandemic as it wrestled with slowing sales due to lockdowns and store closures, along with inventory shortages and tight supplies of helium due to global supply chain disruptions. Shares of the party goods company were up about 11% at 41 cents before being halted premarket on Wednesday. The stock fell as much as 57% on Jan. 6 after the Wall Street Journal reported that the company could file for bankruptcy within weeks.

[1/2] Zambia's Finance Minister Situmbeko Musokotwane attends the Annual Meetings of the International Monetary Fund and World Bank in Washington, U.S., October 15, 2022. Zambia's Finance Minister Situmbeko Musokotwane told Reuters that China had sought clarification from the Zambian government and the IMF on their debt agreement, he said. At the end of 2021, Chinese creditors accounted for almost $6 billion of Zambia's external debt, which was then $17.27 billion. The Export-Import Bank of China is representing all Chinese creditors in their restructuring negotiations with Zambia, Musokotwane said. These include commercial banks, the Industrial & Commercial Bank of China (601398.SS), Jiangxi Bank (1916.HK) and China Minsheng Bank (600016.SS).

☆ Exclusive: Kaisa delays offshore debt revamp talks on uncertain sector outlook
▼ + stars: | 2022-11-18 | by ( Clare Jim | ) www.reuters.com time to read: +4 min

The second-largest U.S. dollar bond issuer among Chinese developers after China Evergrande Group (3333.HK), Kaisa has been in the process of restructuring its $12 billion offshore debt after defaulting on some bonds last year. Kaisa is among a growing number of Chinese developers to have defaulted on offshore debt obligations in the past year, including Evergrande, which is also working to firm up terms of debt restructuring negotiations with its bondholders. UNCERTAIN OUTLOOKThe delay in Shenzhen-based Kaisa's debt restructuring negotiations comes as many of its defaulting peers face growing pressure from bondholders to hasten revamp plans before the end of the year. Kaisa is "struggling with" a factor that also affects other developers, as the outlook for the property sector is not too clear, said one of the sources. Bondholders have grown impatient after Kaisa struggled to make repayments, and offered several financing solutions, aiming to advance talks.

☆ Elon Musk floats bankruptcy as a possibility, demands 'hardcore' culture in first meeting with Twitter employees
▼ + stars: | 2022-11-10 | by ( Grace Kay | Kali Hays | ) www.businessinsider.com time to read: +4 min

Elon Musk brought up bankruptcy as a possibility in a meeting with Twitter staff, people present said. At the meeting, Musk said Twitter staff will be expected to "perform hardcore." It took place after Musk earlier that morning sent Twitter staff an email, his first company-wide communication since he took over almost two weeks ago. Robin Wheeler, who Musk tasked with leading advertising at Twitter, just left the company, a person familiar told Insider. Are you a Twitter employee or someone else with insight to share?

☆ Windstream Chapter 11 Plan Withstands Bondholder Appeal
▼ + stars: | 2022-10-25 | by ( Andrew Scurria | ) www.wsj.com time to read: 1 min

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☆ Rates on I bonds are expected to drop in November. Why they're still offering the best risk-free return
▼ + stars: | 2022-10-21 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

If you buy an I bond before Oct. 28, you will lock in the 9.62% interest rate for six months. How to buy I bonds I bonds can only be bought on the government website, TreasuryDirect.com , which has been recently updated . "If you are going to need it in the next year or two, that is a great interest rate you can make." However, a diversified bond portfolio will likely provide the same results over the long term, she added. Another thing to think about is how much you are holding in I bonds, McLoughlin said.

☆ Analysis: Chinese property developers on tenterhooks ahead of Communist Party Congress
▼ + stars: | 2022-10-14 | by ( Clare Jim | ) www.reuters.com time to read: +7 min

HONG KONG, Oct 14 (Reuters) - Chinese real estate developers are delaying their debt restructuring moves until after the upcoming Communist Party Congress, hoping the crucial gathering offers clues on how Beijing plans to stabilise the embattled sector. Smaller peers, which have done bond exchanges to extend the maturities of their debt, are also considering restructuring, the developers told Reuters. China's gigantic real estate debt China's gigantic real estate debtChina's twice-a-decade party congress kicks off on Oct. 16, during which President Xi Jinping is poised to secure a precedent-breaking third leadership term as general secretary. Echoing that apprehension ahead of the party congress, some fund managers and brokers have been told to avoid big share sales, two sources told Reuters. For some stakeholders, the stalling of the debt restructuring ahead of the party congress is frustrating.

☆ Market rout has muni bonds looking attractive. How to add them to your portfolio
▼ + stars: | 2022-09-25 | by ( Michelle Fox | ) www.cnbc.com time to read: +7 min

"Uncertainty around how high interest rates will go has driven redemptions in muni bond funds," he explained. Whenever we have a chance to add to muni bonds now, we do so." For instance, you can go to Fidelity Investments' website and access more than 50,000 municipal bonds as new issues or through dealers on the secondary market. Here are five Morningstar five-star rated muni bond funds. "Many closed-end bond funds are trading at prices that are below their net asset value," he said.

☆ EXCLUSIVE Kaisa offshore creditors offer $2 bln to take over stalled projects - sources
▼ + stars: | 2022-09-19 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

A sign of the Kaisa Holdings Group is seen at the Shanghai Kaisa Financial Centre, in Shanghai, China, December 7, 2021. It also comes as authorities are scrambling to contain a mortgage boycott by homebuyers against stalled projects. The offshore bondholder group, which is being represented by financial advisory group Lazard Ltd, made the offer to acquire Kaisa's stalled projects to the developer's advisor CITIC Securities, said the people. As most of Kaisa's projects are in top-tier Chinese cities, where housing prices are relatively resilient, bondholders expect to reap the profits after the completion of the stalled projects, said the two people. It is unclear how many stalled projects would be covered by the bondholder group's offer, and how many of them meet the purchase criteria laid out by the group.

☆ Exclusive: Kaisa offshore creditors offer $2 billion to take over stalled projects
▼ + stars: | 2022-09-19 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

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