This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Country Garden’s Dollar Bond Grace Period Nearing End as Default Risk Looms
October 17, 2023
Country Garden’s (COGARD) has $15.4mn in coupon payments due on 17-18 October, the end of a 30-day grace period. This pertains to its 6.15% dollar bond due 2025 and under the bond’s covenants, the non-payment of such coupons would trigger cross defaults across its other dollar bonds. The exact end date of the grace period is unclear since the original coupon payment last month fell on a Sunday, making the effective deadline September 18 at the time. At the moment, COGARD has appointed Houlihan Lokey, CICC and legal firm Sidley Austin as advisers for a ‘holistic’ solution after looking at its capital structure and liquidity.
Its dollar bonds are trading at deeply distressed levels of 4-6 cents on the dollar
For more details, click here
Go back to Latest bond Market News
Related Posts:
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.