Tear Sheet: Ping An Real Estate’s USD Notes YTM Up to 34% Likely Due to Liquidity Concerns, Exposure to Troubled Projects; ~27% Yield Differential vs Ping An Group Offshore Arm’s Notes Stands Out; CNY 4.5B of Offshore Assets May Provide Downside Protection
Wed 09/13/2023 23:01 PM
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Relevant Documents:
Excel File on Reorg Analysis Page
2022 Annual Report
2023 Interim Financial Statements
$1 Billion Medium Term Note Programme OM
 
Reorg Asia Highlights:
  • Since June 2022, Ping An Real Estate Co. Ltd., or PARE, has used cash on hand and tapped short-term bank borrowings to meet its financing needs as higher onshore and offshore bond yields limit raising of capital in public debt markets;
  • While PARE has CNY 53.7 billion ($7.31 billion) of debt investments as of June 30,...
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