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COGARD Pays Dollar Bond Coupons Within Grace Period Deadline
September 6, 2023
Country Garden (COGARD) has paid the coupons on two of its dollar bonds within their grace periods, thereby averting default, as mentioned by some creditors. The coupons totaled $22.5mn on the two notes as their grace period ended on September 5-6. Bloomberg analysts Kristy Hung and Lisa Zhou said, “Country Garden could struggle to avoid a downward spiral in its liquidity even after it dodged a default”. The payment of coupons of its dollar bonds adds to the coupon payments on its ringgit-denominated bonds and its proposal to extend the maturity on eight yuan-denominated bonds. Bloomberg notes that COGARD’s financial pressures will not be over as it has $8bn of bond payments due in the next six months.
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