Tag: Hong Kong

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China’s Seazen Group eyes dollar-denominated debt issuance

Representative Image SYDNEY: China property developer Seazen Group said on Thursday it was planning a dollar-denominated debt issuance to buy back some of the company’s existing bonds. The developer is targeting a three-year bond with a non-call, non-put option for the first two years, offering a yield to put of around 13.25%, according to a term sheet seen by Reuters. In a regulatory filing to the Hong Kong Stock Exchange, Seazen said the proceeds would be used to repay a $300 million bond maturing in July 2025 and another $300 million bond due in October 2025. Seazen has weathered the…

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Hong Kong: New World’s securities tumble after coupon payments deferred

HONG KONG: New World Development , a major Hong Kong property developer, saw its shares and bonds tumble on Monday after announcing it would defer coupon payments on its perpetual bonds, increasing concerns about its liquidity. The market has been watching whether New World’s debt woes might be a harbinger of a sector crisis similar to the one in mainland China that started in 2021. New World, which has one of the highest debt ratios among its peers and also had two CEO changes last year, said on Friday it would defer coupon payments worth $77.2 million on four perpetual…