(Bloomberg) A bull run in Sri Lanka’s defaulted bonds may be nearing its end as investors turn skeptical over more gains with a successful debt revamp already priced in.Most Read from BloombergWall Street Divided Over Just How Aggressive Fed Cutting Will BeUBS Strategists See Far Deeper Fed Rate Cuts Than What Markets Are PricingIsrael Latest: Yellen Sees Limited Global Economic Impact So FarChina Weighs Ending Freeze on Boeing With 737 Max Deal in USStock Traders Sitting on Their Hands Befor
(Bloomberg) Sri Lanka is taking an unfavorable view toward a proposal by foreign dollar bondholders for restructuring its debt, signaling possible complications in negotiations that are key for accessing further funding to support its economic recovery.Most Read from BloombergRinggit Falls to 25-Year Low, the Worst Performer in Asia After Yen This YearTesla Tempers Growth Expectations as Musk Sees Storm AheadBiden Vows Aid for Gaza, Backs Israel Over Hospital BlastWhere Does Israel Get Its 22
Country Garden's entire offshore debt will be deemed to be in default if China's largest private property developer fails to make a $15 million coupon payment on Tuesday, the end of a 30-day grace period. A non-payment is expected after Country Garden last week warned about its inability to meet offshore debt obligations. Its dollar bonds are being bid at below 6 cents on the dollar.
China's Gemdale saw its stocks and bonds plunge on Tuesday after the resignation of its chairman, as investors took no chances amid the debt crisis in the key real estate sector. Ling Ke, 64, had resigned due to health reasons, Shanghai-listed Gemdale announced on Monday evening, adding that he would be replaced by company president Huang Juncan. It did not elaborate on the health reasons.
(Bloomberg) Chinese developer Country Garden Holdings Co. ramped up warnings that it’s set for its first-ever default and hired advisers, the strongest indications yet the company is headed for a restructuring that would be one of the nation’s biggest.Most Read from BloombergIsrael Latest: First Round of US Security Aid Is on the WaySchumer Confronts Xi on Israel-Hamas Stance in Rare MeetingIsrael Latest: Over 1,100 Dead; US Sends Warships to RegionStocks Shrug Off Losses After Fedspeak; Oil