This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Ping An Refutes Reports of COGARD Acquisition
November 9, 2023
Country Garden (COGARD) will not see Ping An take a controlling stake in it, the insurer said, as it refuted initial reports that it was planning to acquire the distressed developer. Ping An said that it has not received any suggestions or requests from any government agency to take over COGARD. Instead, sources note that the insurer has reportedly exited its 4.9% stake in COGARD. Ping An has been trying to reduce exposure to the property sector and focus on their core business. Willer Chen, senior analyst at Forsyth Barr Asia said, “The odds are low for such a move to happen. It’s a weird move to ask a non-state-owned insurer to take on such national service”.
Ping An’s dollar bonds have inched higher this week with its 2.75% 2024s up 5 points to 87 cents on the dollar, yielding 22.51%.
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.