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Bond Market News

COGARD Wins Approval for Local Bond Extension; Dollar Bond Coupons Near Grace Period End-Date

Country Garden (COGARD) won the approval from its onshore bondholders to extend payments for a private bond, as per sources. COGARD had called for a vote on Friday to extend the maturity on its RMB 3.9bn ($540mn) onshore private bond, helping avert a default. The maturity extension allows for COGARD to make the payments in instalments over three years. 56.08% of the bondholders approved the extension while 43.64% opposed and 0.28% abstained. Separately, COGARD wired a MYR 2.85mn ($613,365) coupon payment due today on a Malaysian ringgit bond. The developer is now running short of time to make coupon payments on two of its dollar bonds at the end of the grace period on September 5 or 6.

Its dollar bonds were trading flat at 8-9 cents on the dollar.

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