Barclays Sees Near-Zero Worst-Case Recoveries for China Vanke Dollar Bonds

MT Newswires Live01-08

China Vanke's (HKG:2202, SHE:000002) U.S. dollar bondholders would face negligible recoveries in a worst-case scenario modeled by Barclays, according to multiple media reports Wednesday.

Barclays estimates a 10.1% recovery rate for the developer's U.S. dollar bonds in its base case, falling to as low as 0.9% in a downside case.

The recovery rate reflects concerns that the Chinese property developer may not have sufficient resources to repay offshore bondholders if onshore creditors end up taking priority.

According to the bank, the outcome for offshore bondholders would heavily depend on their ability to access and enforce claims against onshore assets, the South China Morning Post reported.

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