KOBC sells $600m bonds as Seoul kickstarts box ship building programme
Korea Ocean Business Corp (KOBC) has issued $600m of bonds to finance the state’s ambition ...
ZERO HEDGE reports:
The US bond market may be closed, but it was fully open in China, and locals took advantage of this fact to do one thing: sell.
In the aftermath of our viral post “”Catastrophic” Property Sales Mean China’s Worst Case Scenario Is Now In Play“, China property firms bonds were hit with another wrecking ball on Monday as Evergrande was set to miss its third round of (offshore) bond payments in as many weeks and rival Modern Land became the latest scrambling to delay deadlines.
Having already suffered the fastest drop on record, Chinese junk bond markets – where property developer issuers dominate – were routed once again as fears about fast-spreading contagion in the $5 trillion sector, which drives a sizable chunk of the Chinese economy, continued to savage sentiment. Meanwhile, China Evergrande Group’s offshore bondholders still had not received interest payment by a Monday deadline Asia time, Reuters reported citing sources.
But while Evergrande’s default is now just semantics, and one week after Fantasia shocked bondholders with a surprise announcement it too would stuff creditors just weeks after it had said its liquidity was fine, which sent its bond plunging from par to 74 cents in seconds…
To read the full post, please click here.
'I'm scared', says Boeing whistleblower, after two others suffer mysterious deaths
DSV could face $16m bill after helicopter is written off in haulage accident
Déjà vu as major ocean carriers scramble for tonnage and containers
Indian trade disrupted as port congestion forces liner services to skip calls
Shipper frustration as spot rates rise alongside demand, and cargo is rolled
Don't get too confident for Q2, market risks haven't disappeared, warns Yang Ming chief
Flexport's newly liveried aircraft ready as business looks up
Don't chase that final dollar, warning to shippers delaying signing new contracts
Comment on this article