2019-04-19

CMIG Triggers $800 Million Crossborder Default

Bloomberg: Crisis at China's JPMorgan Wannabe Deepens on Bond Defaults
China Minsheng Investment Group Corp. has appointed Kirkland & Ellis as legal adviser, according to a Hong Kong stock exchange filing, which also noted that banks have set up a creditor’s committee to try to stabilize the company. The cross default comes after CMIG’s problems spread to its affiliate Yida China Holdings Ltd., making some of the developer’s debt immediately payable, and causing a chain reaction back to the parent company’s own securities.
FT: Chinese company endorsed by premier embroiled in $800m defaults
An investment group often described as the “brainchild” of Chinese premier Li Keqiang has seen cross-defaults triggered on $800m in bonds after showing signs of stress earlier this year with a missed debt payment.

The troubles for China Minsheng Investment Group, the country’s largest private investment company, highlight waning government support for state-owned companies and other high-profile institutions with strong political backing.
财新:中民投8亿美元海外债交叉违约 PPN延期兑付
中民投的债务危机还在发酵。子公司亿达中国(03639.HK)的一笔贷款违约,境内一笔超短融(PPN)延期兑付,触发中民投两笔共计8亿美元的海外债交叉违约。此外,为中民投接盘董家渡地块的绿地,还有70亿元尾款未付。

  4月18日,中国民生投资有限公司(下称中民投)在港交所发布公告称,其在境内发行的非公开定向债务融资工具“16民生投资PPN2”,与持有人协商后同意本息兑付日由4月8日延至4月19日,该期债应付本息金额为9.04亿元。

  此外,中民投在上清所公告称,截至4月4日,旗下因涉诉而被查封、冻结资产共计29.59亿元,占净资产3.85%,包括与邮储银行的共计3.805亿元本金的金融借款纠纷。
The U.S. Dollar Index closed Thursday at 97.46. A slightly volatile one-day move would be enough to trigger a bullish breakout.

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