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Chinese developer Shui On Land told some holders of its $474.5mn 5.75% bond due November 12 that it has prepared sufficient funds to repay its dollar bond, according to sources. Following the announcement, the bond has moved higher by 1.5 points to currently trade at 91.13 cents on the dollar.
Separately, Country Garden (COGARD) has missed the final deadline data to make the coupon payment on its dollar bond, as per FT, citing three creditors. COGARD is also yet to comment on the $15.4mn payment on its 6.15% 2025s after an initial warning on Wednesday that “it will not be able to meet all of its overseas debt repayment obligations”. Confirmation of non-payment would constitute a default and trigger a cross default across its other dollar bonds. COGARD’s dollar bonds are trading at ~5 cents on the dollar.