APAC Chart of the Week: APAC (ex-Japan) HY oil-and-gas names face relatively small maturities this year
APAC Chart Of the Week: 28th April
As of now, only USD 358m bonds are coming due for the remainder of 2020 and USD 459m in 2021, but the maturity profile is expected to rise to USD 4.84bn in 2022.
Chinese oilfield-equipment and services provider Hilong Holding’s outstanding USD 165m 7.25% notes are the first from the sector to mature — in June this year. Fitch last Friday (24 April) lowered the company and the bonds by one notch to B, citing the oil-price impact. The rating agency expects the company will use its readily available cash and undrawn credit facilities to redeem the notes, depleting its near-term liquidity.
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