Sino-Ocean Group’s offshores notes dropped eight to 11 points across the curve this afternoon after a blog post on social media platform
Xueqiu claimed the company might establish a creditor committee as it faces financial difficulties, said two sources familiar with the matter.
A company spokesperson told Reorg the information contained in the blog was completely false.
The blog, a public post, was subsequently deleted, the sources noted.
Sino-Ocean has also told investors that the blog was false, and pointed out to them that the company had issued an
announcement a day earlier, April 18, regarding the redemption of its CNY 2 billion ($289.9 million) 3.35% private placement notes “20 Sino-Ocean PPN001” due April 24, said the sources.
The company’s 6% due 2024 notes were down 11 points to be indicated around 39/41, its 4.75% due 2030 notes were down eight points to 22.5/24.5, while its 6.876% perpetual securities were down eight points to 15/17.