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Bond Market News
COGARD Creditors Raise Failure-to-Pay Question to CDS Committee
October 24, 2023
Country Garden’s (COGARD) creditors have raised a question to the Credit Derivatives Determinations Committees (CDDS) whether the developer’s coupon payment would trigger CDS related to its bonds. The CDDS essentially deliberates on the potential payout on CDS tied to such cases that creditors can use to insure against default. The question at hand is whether a ‘failure-to-pay event’ had occurred. This comes after COGARD missed a $15mn dollar bond coupon payment on its 6.5% 2026s last week following the end of a 30-day grace period.
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