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Bond Market News
Country Garden Said to Have Missed Coupon Post Deadline
October 19, 2023
Country Garden (COGARD) is said to have missed paying the coupon worth $15mn on its 6.15% 2025s following the end of the 30-day grace period on Wednesday. There was no word of payment by the developer and one bondholder said that he had not received payment, as per Reuters. Earlier yesterday, COGARD had said it does not expect to be able to meet all of its offshore debt obligations, and was seeking a “holistic” solution. If the non-payment of yesterday’s coupon is confirmed, it would constitute a default and also trigger a cross default across its dollar bonds.
COGARD’s dollar bonds are trading at ~5 cents on the dollar.
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