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
Share this article:
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,...
Share this article:
This article is an example of the content you may receive if you subscribe to a product of Reorg Research, Inc. or one of its affiliates (collectively, “Reorg”). The information contained herein should not be construed as legal, investment, accounting or other professional services advice on any subject. Reorg, its affiliates, officers, directors, partners and employees expressly disclaim all liability in respect to actions taken or not taken based on any or all the contents of this publication. Copyright © 2023 Reorg Research, Inc. All rights reserved.
Thank you for signing up
for Reorg on the Record!