Country Garden says it aims to pay onshore coupons due Thursday by May 13 [Yahoo! Finance]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
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Source: Yahoo! Finance
it aims to make the payment and additional interest incurred by May 13, within the grace period. The developer which defaulted its $11 billion offshore bonds and extended its onshore bond repayments late last year, said in a filing that if it still failed to pay the coupons by the end of a grace period, state-owned China Bond Insurance Co would undertake the credit enhancement obligations as a guarantor. Country Garden has two coupons totalling 65.95 million yuan ($9.1 million) due on Thursday. Both medium-term notes, with an outstanding 800 million yuan and 900 million yuan, were issued in May last year, a few months before it defaulted its offshore bonds, under a Beijing-led programme launched in August 2022. Under the programme, China Bond Insurance Co, which provides financial guarantee services, provides unconditional and irrevocable joint liability guarantee for the notes. ($1 = 7.2248 Chinese yuan renminbi) (Reporting by Clare Jim; Editing by Jamie Freed and Stephen
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