This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Dollar bonds of Country Garden (COGARD) continued to drop with its 8% bonds due January 2024 plummeting from 41 to 26 cents on the dollar. The developer earlier this week issued a loss warning in 1H 2023 due to a decrease in gross profit margins for its real estate business and an increase in impairment provisions for property projects. It also canceled a primary share offering worth ~$300mn, further adding to financing woes. While its subsidiary, Country Garden Services yesterday said it plans a share buyback up to 10% of its shares, the parent’s dollar bonds have not reacted favorably. COGARD does not have any dollar bonds maturing this year, with its 8% 2024s being the first maturing note next year. However, COGARD has about $2.9bn in bond payments due this year, of which $2.3bn is on its onshore notes.