{"id":608609,"date":"2023-10-23T00:00:00","date_gmt":"2023-10-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/23\/fears-of-default-rise-as-country-garden-misses-bond-interest-payment\/"},"modified":"2023-10-23T00:00:00","modified_gmt":"2023-10-23T00:00:00","slug":"fears-of-default-rise-as-country-garden-misses-bond-interest-payment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/23\/fears-of-default-rise-as-country-garden-misses-bond-interest-payment\/","title":{"rendered":"Fears of default rise as Country Garden misses bond interest payment"},"content":{"rendered":"

China\u2019s<\/strong>Country Garden inches closer to default:<\/strong>China\u2019s largest real estate developer, Country Garden, missed a USD 15.4 mn interest payment on a USD bond, pushing it one step closer to default<\/a>, Bloomberg<\/a> reported Friday. Bondholders are lobbying for a debt restructuring package, which would mark one of the country\u2019s biggest corporate debt agreements, three sources with knowledge of the matter told Reuters<\/a>. If Country Garden defaults on its USD 11 bn in outstanding offshore bonds, the country\u2019s brewing property sector crisis<\/a> could rapidly accelerate and have wide and far-reaching effects on the Chinese economy.<\/p>\n

Sounds familiar?<\/strong> China\u2019s property market has been in a slow-motion crisis for two years, which peaked in late 2021 when Evergrande \u2014 then the country\u2019s second-largest developer \u2014 defaulted on its debt.<\/p>\n

Yields on riskier European bonds hit seven-year high:<\/strong>Borrowing costs for Europe\u2019s lower-rated corporate bond issuers have surged on the back of rising default fears, the Financial Times<\/a> reported yesterday. The yields on EUR-dominated triple-C bonds are now 18% higher than those on government bonds, the salmon-colored paper added, citing an ICE BofA index. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

22,128<\/p>\n<\/td>\n

\n

+2.4% (YTD: +51.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

19.25% deposit<\/p>\n<\/td>\n

\n

20.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

10,469<\/p>\n<\/td>\n

\n

-1.5% (YTD: +0.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,307<\/p>\n<\/td>\n

\n

-1.3% (YTD: +8.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,752<\/p>\n<\/td>\n

\n

-1.5% (YTD: +12.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,224<\/p>\n<\/td>\n

\n

-1.3% (YTD: +10.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,402<\/p>\n<\/td>\n

\n

-1.3% (YTD: -0.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,025<\/p>\n<\/td>\n

\n

-1.6% (YTD: +6.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 92.16<\/p>\n<\/td>\n

\n

-0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 2.90<\/p>\n<\/td>\n

\n

-2.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,994.40<\/p>\n<\/td>\n

\n

+0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 29,846.96<\/p>\n<\/td>\n

\n

-0.7% (YTD: +80.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 2.4% at yesterday\u2019s close<\/strong> on turnover of EGP 2.7 bn (20.6% above the 90-day average). Foreign investors were net sellers. The index is up 51.6% YTD.<\/p>\n

In the green: <\/strong>Ezz Steel (+9.3%), TMG Holding (+8.1%) and Eastern Company (+6.9%).<\/p>\n

In the red:<\/strong> Juhayna (-1.0%) and E-Finance (-0.3%).<\/p>\n

Last weeks\u2019 sell-off in global stocks is continuing in Asia this morning<\/strong>, where bourses across the region are in the red. Shares in Europe are also poised to open lower, though equity futures (for now) have US equities rising at the opening bell.<\/p>\n","protected":false},"excerpt":{"rendered":"

Country Garden is at risk of defaulting on USD 11 bn of outstanding offshore bonds<\/p>\n","protected":false},"author":1,"featured_media":608610,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[82,102,116,11530,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-608609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-bonds","tag-capital-markets","tag-china","tag-country-garden","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"4d547151-a4f3-486f-ade4-109f5d1e3de0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1104.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fears 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likely miss payments on some of its offshore payment obligations","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/554.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":608849,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/country-garden-usd-bond-default-marks-milepost-in-chinas-real-estate-crisis\/","url_meta":{"origin":608609,"position":1},"title":"Country Garden USD bond default marks milepost in China\u2019s real estate crisis","author":"enterpriseam admin","date":"26 October 2023","format":false,"excerpt":"It\u2019s bad news for China\u2019s property market, which accounts for 20% of GDP","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET 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