Country Garden (COGARD) bought back another $10mn of its 4.75% bonds due July 2022 and 4.75% bonds due January 2023. From March 14 to May 2, the developer had bought back $9mn of the 2022s and $1mn of the 2023s. Overall in 2022, Country Garden has now bought back ~$56mn of the above 2022s, 2023s and its 7.25% 2026s. Research firm CreditSights said in late March that Country Garden had already made arrangements for the repayment of the its 4.75% 2022s, noting that its average borrowing cost was lowered to 5.2% in 2021 from 5.56% in 2020.

COGARD’s dollar bonds were higher with its 5.625% 2026s up 1.5 points to 69.6 cents on the dollar

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