Country Garden’s dollar bonds were lower by over 2 points across the curve with the developer reporting its April contracted sales. It reported contracted sales of RMB 22.69bn ($3.3bn), almost unchanged YoY. In March, the developer reported a 17% YoY drop in its contracted sales that stood at ~RMB 25bn ($3.6bn). Dollar bonds of COGARD, Sino-Ocean and Wanda have been on a downtrend on the back of renewed fears over the property sector. This comes after Wanda signaled concerns about extending all of its onshore trust loans.
COGARD’s 6.15% 2025s were down 2.6 points to trade at 52 cents on the dollar.