China's bond markets slump again as new Evergrande deadline passes

Chinese property firms' bonds were hit with another wrecking ball on Monday as Evergrande (3333.HK) looked set to miss its third round of bond payments in as many weeks and rivals Modern Land and Sinic became the latest scrambling to delay deadlines.

High-yield Chinese bond markets were being routed once again as fears about fast-spreading contagion in the $5 trillion sector, which drives a sizable chunk of the Chinese economy, continued to savage sentiment. Weary investors had been holding out little hope that Evergrande would suddenly stump up Monday's near $150 million of coupon payments, but the fact bondholders said they hadn't received anything this time either just bolstered expectations for a full-scale default.

Once China's largest developer, the firm has more than $300 billion in liabilities that are now at risk. Other signs of stress included smaller developer Modern Land (1107.HK) asking investors to push back by three months a $250 million bond payment due on Oct. 25 in part "to avoid any potential payment default."

Sinic Holdings (2103.HK) said it too was likely default next week as it didn't have enough financial resources to make its remaining bond payments this year. It has one at the start of next week, although that bond was already down 75%.

Modern Land's April 2023 bond with a coupon of 9.8% plunged more than 25% to 32.25 cents on the day, according to financial data provider Duration Finance, while the company's shares (1107.HK) have lost a third of their value over the last month.

Kaisa Group, which was the first Chinese property developer to default back in 2015, also saw some of its bonds slump to well under half their face value , . R&F Properties (2777.HK), and Greenland Holdings, which both have prestige projects in global cities like London, New York and Sydney, were also widely sold.

https://www.reuters.com/world/china/china-evergrande-bondholders-brace-mondays-coupon-deadline-2021-10-11/

RICO28 USAF Global Hawk RQ-4 north of Winnipeg heading west @ 53k ft from it's Sigonella AB, Sicily depart earlier today

>>100240

morning w

>>100244

a leetle bit but still gotta hold of me.

Will be sporadic until I can get some positive change to it.

>>100248

good to see ya too

tryin'

all I can do

C101 US Coast Guard G5 on approach at Miami Int'l from San Juan Int'l Airport overnight-arrived from Reagan National yesterday

>>100175, >>100176, >>100181 pb Southwest Air Pilots Seek to Block Covid Vaccination Mandate. Over 1,000 flights cancelled

Southwest Air Cancellations Move Into Fourth Day With 10% Parked

Southwest Airlines Co. disruptions moved into a fourth day, with 355 canceled flights, or 10% of its daily schedule, on Monday, the latest in a series of setbacks at the carrier.

Severe weather across Florida, where the airline has a widespread network, initially disrupted flights on Oct. 8, followed by unspecified air traffic control problems in the same region. Southwest canceled 30% of its flights Sunday, while another 32% were delayed, according to FlightAware, an online tracking service. About 24% of flights were delayed both Oct. 8 and Oct. 9. “Although we were staffed for the weekend, we could not anticipate the significant disruption that was created from unexpected ATC issues and bad weather across our Florida stations,” Alan Kasher, the company’s executive vice president of operations, told employees in a message Sunday. “Irregular operations disrupt even the best plans and can make it difficult to recover the operation quickly.” Southwest’s weekend issues are similar to delays and cancellations over the summer that led to frustration on the part of travelers and its crews. Other airlines faced scheduling issues this summer, including American Airlines Group Inc. and Spirit Airlines Inc., but Southwest’s problems have persisted into the fall.

Southwest pared an early drop as low as 4.3% to trade down 2.4% to $52.61 as of 9:58 a.m. in New York. The shares rose 16% this year through Oct. 8, trailing only American Airlines in a Standard & Poor’s index of the five largest U.S. carriers. Pilots weren’t part of the weekend problem, Casey Murray, president of the Southwest Airlines Pilots Association, said in a statement. “I can say with certainty that there are no work slowdowns or sickouts either related to the recent mandatory vaccine mandate or otherwise,” Murray said in a statement. Under federal labor law, “our union is forbidden from taking job action to resolve labor disputes under these circumstances. SWAPA has not authorized, and will not condone, any job action.” The union on Oct. 8 asked a court to temporarily block the company from carrying out federally mandated coronavirus vaccinations until an existing lawsuit over alleged U.S. labor law violations is resolved. The airline has set a Dec. 8 deadline for the shots, which the pilots claim “imposes new conditions of employment” and threatens termination.

The union previously threatened to protest publicly during the upcoming winter holidays if scheduling issues at the carrier didn’t improve. “What was a minor temporary event for other carriers devastated Southwest Airlines because our operation has become brittle and subject to massive failures under the slightest pressure,” Murray said Sunday. “Our pilots are tired and frustrated because our operation is running on empty due to a lack of support from the company.” In a statement Sunday on Twitter, the Federal Aviation Administration said that delays and cancellations “occurred for a few hours Friday PM due to widespread severe weather, military training, & limited staffing in one area of the Jacksonville en route center.” Jacksonville Center handles high-altitude traffic over Florida and other nearby states. The Dallas-based airline had ramped-up flights earlier this year to meet surging domestic demand, but was forced to cut its schedule for the last four months of 2021 due to staffing issues. More than 99,000 Southwest flight arrivals were delayed from June through August, in part because of worker shortages.

Southwest has struggled to hire 5,000 workers it wants to add this year, facing competition particularly for entry-level workers from retailers, shipping companies and others nationwide. It wants to add 25,000 employees over three years.

https://www.bnnbloomberg.ca/southwest-air-cancellations-move-into-fourth-day-with-10-parked-1.1664765

>>100257

morning B

not fer long...gonna be hit/miss until this gives some back.

>>100262

ty B

be back later...dats about wut I can do for nao.

keep muh eye upstairs best I can.

>>100309