Looking at the Huarong credit event on the Terminal

At the end of March, Huarong international finance perpetual dollar bond HRINTH 4 ½ PERP (the green line in the chart below) was trading at 102 cents on the dollar as investors figured the January execution of former chairman Lai Xiaomin for bribery put a line under past wayward behavior. But the failure of the company to release 2020 results by a March 31 deadline, and a subsequent report by mainland media Caixin that the firm will restructure, sparked weeks of turmoil. The same bond now trades at 65 cents.

Note: BBG news on Asia distressed names: NI Asia Distressed Wrap

 

Note: GN <GO> allows you to plot news sentiment and volume over intraday pricing action in a line chart, so you can visualize news/price correlations in real time.

There are 260 debts (256 securities and 4 loans) trading under China Huarong Asset Management.

 

Note: CAST <GO>  provides an overview of a company's capital structure and lets you zero in on individual bonds, loans, and municipals, so you can estimate funding costs and assess credit risk.

The selloff, which has spilled over to some of China Huarong’s peers, has become the latest test of investor faith in China’s state-owned borrowers after a record-breaking surge in defaults last year.

In past one month, CNY bonds under Huarong Asset Management moved up average 31bps, while USD bonds moved up average 1400bps.

 

Two securities under Huarong Asset Management will mature this month: HRINTH 3.3 05/20/21 in USD and HRJSAM 4.45 05/30/21 in CNY.

 

Note: DDIS <GO> displays the maturity distribution of debt for a selected issuer, sector, fixed income index, or custom universe of securities, so you can assess the ability of an issuer or group of issuers to meet obligations to debt holders. You can analyze outstanding debt by type, payment rank, currency, and more, as well as compare the maturity distribution between two different entities.