StanChart Sees Relative Value in Shandong Ruyi Bonds After Slump
Alert: HALISTER1
Source: BFW (Bloomberg First Word)
Tickers
STAN LN (Standard Chartered PLC)
0761876D CH (Jining Ruyi Investment Co Ltd)
1319444D CH (Yinchuan Tonglian Capital Investment Operation Co Ltd)
Topics
First Word Credit Asia
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UUID: 7947283
(Bloomberg) -- Shandong Ruyi’s dollar bonds offer relative value among notes issued by China high yield industrial companies, according to a Wednesday note from StanChart.
- Investors should refocus on Ruyi operations, financials and business plans as they are the basis for its credit rating and ability to service debt rather than dwelling on the SOE stake in the company
- NOTE: Yinchuan Tonglian, a state-owned enterprise in Yinchuan city, remains “legal owner” of 26% equity in Shandong Ruyi, co. says in July 18 statement
- The CNY2b investment from Yinchuan for 26% stake in Ruyi is “not significant” compared to the company’s revenue, scale, assets and equity base: StanChart
- Shandong Ruyi’s 2022 notes rose 2.5c to 91.1c on the dollar as of 12:32pm, according to Bloomberg-compiled prices; they slumped ~6c since July 13
- Earlier story: Ruyi Bonds Drop on Concern About Shareholder Disclosure
Alert: HALISTER1
Source: BFW (Bloomberg First Word)
Tickers
STAN LN (Standard Chartered PLC)
0761876D CH (Jining Ruyi Investment Co Ltd)
1319444D CH (Yinchuan Tonglian Capital Investment Operation Co Ltd)
Topics
First Word Credit Asia
To de-activate this alert, click here
To modify this alert, click here
UUID: 7947283