China Forestry faces covenant breach struggle

China Forestry International Resources (CFIR) is struggling to obtain its lenders’ consent for a covenant waiver on a loan from 2017. The covenant was breached when CFIR’s state-owned parent, China Forestry Group, provided a guarantee for a $150m deal for another subsidiary launched in February.

  • By Pan Yue
  • 26 Apr 2019

The covenants on CFIR’s 2017 HK$4bn loan required that China Forestry Group provide no other guarantees on loans made to its other subsidiaries. But it provided one for subsidiary CFPC Singapore’s $150m facility.

Sources told GlobalCapital Asia that the covenant is common, but as a number of CFIR’s lenders did ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 21.07
2 Industrial and Commercial Bank of China (ICBC) 12.89
3 China Merchants Securities Co 12.45
4 Agricultural Bank of China (ABC) 7.55
5 China Securities 6.29

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1 CITIC Securities 9,832.84 52 7.36%
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5 UBS 7,462.30 53 5.58%

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1 HSBC 23,142.11 201 8.39%
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3 JPMorgan 14,329.96 97 5.20%
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5 Bank of America Merrill Lynch 10,422.96 80 3.78%

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