The prices on Country Garden’s debt, at just pennies on the dollar, underscore how little creditors expect to claw back in any eventual restructuring.
Will a missed dollar bond interest payment by distressed Chinese developer Country Garden Holdings Co trigger credit default swaps tied to its debt? That question has been posed to the Credit Derivatives Determinations Committees, according to a notice posted Monday. The industry bodies deliberate on such queries involving potential payout on CDS, which can be used by creditors to insure against default by borrowers.
China’s former top builder has remained silent after saying in a statement to Bloomberg News last week that it doesn’t expect to meet all of its offshore payments on time, citing China’s home market weakness and subdued sales. The company added that it hopes to seek a “holistic solution” to its debt problems. Chinese developers have suffered record defaults as a property debt crisis heads into its fourth year. Other builders have had their CDS contracts triggered.
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