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Bond Market News
COGARD’s Missed Coupon Payment to Trigger CDS Payout
October 27, 2023
Country Garden’s (COGARD) missed coupon payment on its dollar bond has been ruled as a “failure-to-pay” credit event after the end of the grace period deadline, and would trigger payments on CDS contracts written on it. The bond’s trustee Citicorp International, had earlier deemed the company to be in default, as per a notice. COGARD has an upcoming grace period deadline on October 27 regarding a $40mn coupon payment on another dollar bond. COGARD dollar bonds are trading at deeply distressed levels of 4-5 cents on the dollar.
With tightening regulations, declining sales and liquidity pressures, several Chinese developers have defaulted on their debt obligations since 2021. Yesterday, dollar bonds of investment grade rated developer China Vanke dropped 7-9 cents on the dollar yesterday. Its bonds have recovered slightly by 2-3 points today.
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