Country Garden Deadlines Pose First Big Test of Bond Guarantees [BNN Bloomberg (Canada)]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
NASDAQ:AMEX Investor Relations:
en.bgy.com.cn
Company Research
Source: BNN Bloomberg
Defaulted developer Country Garden Holdings Co. has payments due on May 9 on two yuan bonds with combined interest of 65.95 million yuan ($9.1 million). Both notes are guaranteed by China Bond Insurance Co., a state-owned credit-support provider at the heart of a program introduced by authorities in August 2022 to help private developers avoid liquidity crunches. None of the builders that have used the program have missed payments on the guaranteed securities yet. Country Garden itself recently dodged its first local default on yuan bonds after missing payments on dollar notes last year. If Country Garden were to have trouble making the payments, the government would be on the hook and the prospect of further payouts down the line could suddenly be on the horizon. “It is unclear whether Country Garden has the cash and willingness to pay the coupon given the sharp and continued contraction of its contracted sales,” said Zerlina Zeng, senior credit analyst at Creditsights Inc. “H
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