{"id":195808,"date":"2023-09-05T11:30:00","date_gmt":"2023-09-05T15:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=195808"},"modified":"2023-09-05T13:06:10","modified_gmt":"2023-09-05T17:06:10","slug":"chinas-country-garden-skirts-default-dollar-bond-spikes-20-unresolved-risk-remains","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chinas-country-garden-skirts-default-dollar-bond-spikes-20-unresolved-risk-remains\/","title":{"rendered":"China&#8217;s Country Garden Skirts Default, Dollar Bond Spikes 20%: Unresolved Risk Remains"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-zinger-key-points\">ZINGER KEY POINTS<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Country Garden&#8217;s bonds jumped 20% as the company narrowly avoided default.<\/li>\n\n\n\n<li>Analysts remain skeptical about the long-term outlook for the developer.<\/li>\n<\/ul>\n\n\n\n<p>Bonds issued in U.S. dollars by China\u2019s troubled real estate developer\u00a0<strong>Country Garden Holdings Co. Ltd.\u00a0<\/strong>soared on Tuesday after the company made a last-minute interest payment following the\u00a0<a href=\"https:\/\/www.benzinga.com\/markets\/asia\/23\/09\/34213260\/chinas-top-developer-country-garden-races-to-avert-an-evergrande-like-scenario\" target=\"_blank\" rel=\"noreferrer noopener\">end of the grace period.<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Grace Period Drama<\/h2>\n\n\n\n<p>After missing the $22.5 million coupon payments on two $500 million bonds in August, Country Garden Holdings settled the payment on Sept. 5, just before the 30-day grace period deadline, successfully avoiding a default that could have sent shockwaves through China\u2019s fragile property sector.<\/p>\n\n\n\n<p>The bond, set to mature in January 2024 with a semi-annual coupon of 8%, saw an astonishing 20% jump in value on Tuesday, after the developer avoided a default.<\/p>\n\n\n\n<p>However, it closed at a still precarious 14 cents on the dollar, underscoring the persistent threat of a looming debt default.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-chart-country-garden-holdings-company-limited-8-000-27-jan-2024\"><em>Chart: Country Garden Holdings Company Limited 8.000% 27 Jan 2024<\/em><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1024\" height=\"769\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/XS188044271_2023-09-05_14-24-05_29bef-1024x769-1.png\" alt=\"Chart: Country Garden Holdings Company Limited 8.000% 27Jan2024\" class=\"wp-image-195809 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/XS188044271_2023-09-05_14-24-05_29bef-1024x769-1.png 1024w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/XS188044271_2023-09-05_14-24-05_29bef-1024x769-1-700x526.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/XS188044271_2023-09-05_14-24-05_29bef-1024x769-1-300x225.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/XS188044271_2023-09-05_14-24-05_29bef-1024x769-1-768x577.png 768w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; aspect-ratio: 1024\/769;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Market Response<\/h2>\n\n\n\n<p>On Monday, the company\u2019s Hong Kong-listed shares had soared 15% as the developer received creditor approval to extend payments on a 3.9 billion yuan ($540 million) onshore private bond over the next three years, providing some breathing room.<\/p>\n\n\n\n<p>However, despite avoiding a default on Tuesday, shares of Country Garden traded in Hong Kong closed 1% lower, highlighting lingering concerns about the company\u2019s future.<\/p>\n\n\n\n<p>Despite narrowly avoiding a technical default, industry experts express reservations about the company\u2019s long-term outlook. J.P. Morgan analysts caution that with 18 billion yuan in bond servicing due by year-end and continuing weak sales, the risk of default, distressed exchange, or potential restructuring is on the ascent.<\/p>\n\n\n\n<p><strong>Zerlina Zeng<\/strong>, a senior credit analyst at CreditSights, echoes these concerns in an interview with&nbsp;<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-04\/country-garden-has-just-days-to-avoid-default-on-dollar-bonds?sref=TBDibEcD\" target=\"_blank\" rel=\"noreferrer noopener\">Bloomberg<\/a>, emphasizing that Country Garden\u2019s recent actions haven\u2019t substantially improved its financial standing. She suggests that the company\u2019s future hinges on a sustained increase in home sales, which currently seems challenging.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Not Out Of The Woods<\/h2>\n\n\n\n<p>Country Garden grapples with a staggering debt load of $187 billion, earning the distinction of being the world\u2019s most indebted developer. The company\u2019s extensive projects across markets, including mainland China, Australia, Indonesia, Hong Kong, and the U.S., are under scrutiny.<\/p>\n\n\n\n<p>The broader market sentiment reflected Country Garden\u2019s struggles, as the Hang Seng Index, tracked by the&nbsp;iShares MSCI Hong Kong Fund Index&nbsp;tumbling 2.06% on Tuesday, underscoring concerns about China\u2019s faltering economic recovery.<\/p>\n\n\n\n<p>The nation\u2019s service activity gauge, as assessed by the Caixin Services PMI, further eased to 51.8 in August 2023, largely missing market expectations of 53.6 and underscoring the lowest rate of expansions since the start of the year.<\/p>\n\n\n\n<p>Country Garden\u2019s last-minute bond payment may have bought them time, but the broader challenges facing China\u2019s real estate sector remain unresolved, leaving investors cautiously watching Beijing\u2019s future moves.<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted September 5, 2023 &#8211; <a href=\"https:\/\/www.benzinga.com\/markets\/asia\/23\/09\/34236028\/country-garden-skirts-default-dollar-bond-spikes-20-unresolved-risk-remains\">China&#8217;s Country Garden Skirts Default, Dollar Bond Spikes 20%: Unresolved Risk Remains<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bonds issued in U.S. dollars by China\u2019s troubled real estate developer Country Garden Holdings Co. Ltd. soared on Tuesday after the company made a last-minute interest payment following the end of the grace period.<\/p>\n","protected":false},"author":1128,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,18,8,9,26,3],"tags":[45,216,406],"contributors-categories":[13584],"class_list":{"0":"post-195808","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-asia","7":"category-macro","8":"category-region","9":"category-securities","10":"category-text-articles","11":"category-traders-insight","12":"tag-bonds","13":"tag-china","14":"tag-debt","15":"contributors-categories-benzinga"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>China&#8217;s Country Garden Skirts Default, Dollar Bond Spikes 20%: Unresolved Risk Remains<\/title>\n<meta name=\"description\" content=\"Bonds issued in U.S. dollars by China\u2019s troubled real estate developer Country Garden Holdings Co. 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