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Bond Market News
COGARD Gets $300mn Support from Founders; Wanda Scraps $452mn ABS Deal
October 16, 2023
Country Garden (COGARD) received a loan support of $300mn from the founding family of the company, according to a Chinese news outlet. The family is looking to support the liquidity of the company which has been under stress. Last month, the company had missed coupon payments on its dollar bonds and entered a 30 days grace period, which will start expiring next week. Earlier last week, the company had also warned of possible default. COGARD’s dollar bonds are trading at 5-7 cents on the dollar.
In other news related to Chinese Developers, Dalian Wanda Commercial Management Group, the property management arm of Dalian Wanda terminated its planned ABS issuance of $452mn. According to the exchange filing, no reason was specified for the termination of the offering. The application for the offering was accepted earlier on March 30 this year. The group’s another ABS deal worth RMB 3.5bn ($479mn) is currently in the feedback stage pending approval. Last month it was reported that Dalian Wanda was in midst of negotiations to avoid repayment of RMB 30bn ($4bn) to the investors if it fails to list Zhuhai Wanda before the end of this year.
Wanda’s dollar bonds are trading at distressed levels of below 40 cents on the dollar.
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