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Bond Market News
Agile Defaults on Dollar Bonds as Grace Period Ends
May 14, 2024
Agile Group defaulted on its dollar bonds for the first time, after it failed to pay coupons on its 6.05% 2025s following the end of the 30-day grace period on the notes. The bonds have been trading at deeply distressed levels, with its default adding to the list of record number of defaults among Chinese developers. Agile said that the property sector “continues to experience a downward trend”. Some analysts have noted that problems for the sector may not be over yet.
Agile’s dollar bonds are trading at ~8-9 cents on the dollar.
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