Country Garden’s (COGARD) dollar bonds continued the move from last week to surge higher again as the developer received funding in the form of credit lines. Up to $7bn in credit lines were signed between COGARD and Postal Savings Bank of China which will be used for loans for land development, M&A, and mortgage financing. Besides COGARD also among a list of 12 developers that will receive $91.5bn in credit lines from ICBC. While dollar bonds across the developers’ space have seen a rally, COGARD has seen the biggest move having traded at ~20 cents on the dollar earlier this month despite its relatively stable operations and higher credit ratings (rated Ba2/BB- by Moody’s/Fitch) among high yield names.

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