Offshore Outlook – Year of the Tiger Trends 2022 – Debt Capital Markets – Finance & Banking

Cayman Islands: Offshore Outlook – Year of the Tiger Trends 2022 – Debt Capital Markets

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Following government measures introduced to curb borrowing, the last quarter of 2021 saw a number of Chinese property developers struggling with liquidity issues in the face of maturing offshore debt. With tens of billions in offshore debt set to mature in 2022, developers will focus this year on liability management. Accordingly, in an effort to improve capital structures, credit ratings and to manage liquidity, we have already seen a number of issuers conduct exchange or tender offers and solicitation exercises consents to change terms and extend maturity in the offshore bond market, among other recovery strategies. Inquiries about Cayman and BVI equity security guarantee enforcement and debt restructuring have increased. While there has been some easing of government measures, we expect these trends to continue through 2022 until developers can find longer-term solutions to their liquidity issues.

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