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Bond Market News
COGARD Proposes Grace Period for Local Bond; Set to Report $7.55bn Loss in H1
August 30, 2023
Country Garden (COGARD) has proposed a grace period of 40-days for payment on a local yuan bond maturing September 2, to avoid triggering a default on the notes. The Chinese developer is also to set report its first-half results with net losses expected at about $7.55bn in the first half of 2023. This compares to a net profit of about $920mn during the same period a year ago. Analysts are looking at signs from its cashflows noting that most of its funds are held in escrow accounts of project contractors that cannot be touched, to ensure the delivery of homes over the next two years. Thus, they believe that COGARD does not have much cash left to repay its debt at group level.
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