Country Garden defaults on USD bond: Chinese developer Country Garden has been deemed to be in default on a USD bond payment for the first time, reports Bloomberg. The developer failed to pay USD 15.4 mn of interest on a USD bond within the grace period that ended last week. China’s property market accounts for 20% of GDP and news of Country Garden’s default could send shockwaves through the national economy.

Country Garden saw this coming: The missed payment follows a warning note the developer issued earlier this month saying it expects to miss the payment. It is expected that the company will undergo the country’s largest-ever corporate debt restructuring program. (Bloomberg | Reuters | Financial Times)

Another Gulf IPO in the works: Bahrain-based asset manager Investcorp Holding is looking to raise some USD 321.5 mn from listing its investment vehicle Investcorp Capital on the ADX in a statement. The subscription period will take place between 2-9 November, with trading expected to start on 17 November. Investcorp was initially looking to raise some USD 600 mn from the listing.

EGX30

23,132

+3.4% (YTD: +58.5%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

10,505

+1.2% (YTD: +0.3%)

ADX

9,325

+0.6% (YTD: -8.7%)

DFM

3,841

+2.7% (YTD: +15.1%)

S&P 500

4,187

-1.4% (YTD: +9.0%)

FTSE 100

7,414

+0.3% (YTD: -0.5%)

Euro Stoxx 50

4,073

-0.2% (YTD: +7.4%)

Brent crude

USD 90.13

+2.3%

Natural gas (Nymex)

USD 3.01

+1.3%

Gold

USD 1,995

+0.4%

BTC

USD 34,661

+3.1% (YTD: +110.1%)

THE CLOSING BELL-

The EGX30 rose 3.4% at yesterday’s close on turnover of EGP 5.1 bn (125.4% above the 90-day average). Regional investors were net sellers. The index is up 58.5% YTD.

In the green: TMG Holding (+20.0%), Oriental Weavers (+13.9%) and Egypt Kuwait Holding (+10.6%).

In the red: Mopco (-6.2%), Orascom Construction (-2.0%) and AMOC (-0.7%).

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