Closed
DC Decision
Asia Ex-Japan DC Statement – 7 November 2023
As the Relevant Transaction 300/5 Criteria were not satisfied in respect of 2014 Transactions in respect of Country Garden Holdings Company Limited (the Reference Entity ), the Asia Ex-Japan DC determined whether or not an Auction should be held to settle 2014 Transactions in respect of the Reference Entity.
The Asia Ex-Japan DC determined that no Auction will be held to settle 2014 Transactions relating to the Reference Entity and accordingly no Transaction Auction Settlement Terms will be published. 7 November 2023 (being the date the decision was announced by the DC Secretary) is the “No Auction Announcement Date” for the purposes of Section 6.11 of the 2014 Definitions.
In relation to Physical Settlement for Standard Asia Corporate Transactions in respect of the Reference Entity, under Section 8.10(b)(i) of the 2014 Definitions the NOPS Cut-off Date is 7 December 2023.
11/07/2023 04:55am EST
Ongoing
Asia Ex-Japan DC Meeting Statement - 2 November 2023
The Asia Ex-Japan DC met today to continue discussions around settlement of credit derivative transactions in relation to Country Garden Holdings Company Limited. The Asia Ex-Japan DC agreed to meet again in due course to continue discussions.
11/02/2023 01:00pm EDT
Ongoing
Asia Ex-Japan DC Meeting Statement - 30 October 2023
The Asia Ex-Japan DC met today to commence discussions around settlement of credit derivative transactions in relation to Country Garden Holdings Company Limited. The Asia Ex-Japan DC agreed to meet again in due course to continue discussions.
10/30/2023 08:25am EDT
Ongoing
DC Decision
Asia Ex-Japan DC Meeting Statement – 26 October 2023
The Asia Ex-Japan DC met on Wednesday 25 October 2023 to discuss whether a Failure to Pay Credit Event had occurred with respect to Country Garden Holdings Company Limited (the Reference Entity ) due to the non-payment of the Reference Entity’s obligations in respect of its directly-issued USD500 million 6.15% senior notes due 17 September 2025 (ISIN: XS2051371222) (the Notes ).
The Asia Ex-Japan DC considered the news articles submitted by the Eligible Market Participant that raised the DC Question and a public copy of the Offering Memorandum in respect of the Notes dated 10 September 2019. Whilst the Asia Ex-Japan DC considered these items were sufficient for the purposes of the requirements of Section 2.1(b) of the DC Rules, it also noted that the following news story was published by Bloomberg on the day of the DC meeting: https://www.bloomberg.com/news/articles/2023-10-25/country-garden-default-on-dollar-bond-declared-for-first-time .
The Asia Ex-Japan DC determined that: (i) the Notes constituted an Obligation of the Reference Entity; and (ii) the Reference Entity had failed to make payments in respect of such Obligation prior to the expiry of the grace period on 18 October 2023. The Asia Ex-Japan DC also considered the 2019 Narrowly Tailored Credit Event Supplement to the 2014 Credit Derivatives Definitions and concluded that there was sufficient Eligible Information to determine that the Credit Deterioration Requirement was satisfied.
On the basis of the above, the Asia Ex-Japan DC determined that a Failure to Pay Credit Event had occurred and the date of such Failure to Pay Credit Event was 18 October 2023.
The Asia Ex-Japan DC will meet again in due course to discuss settlement of Credit Derivative Transactions referencing the Reference Entity.
10/26/2023 06:20am EDT
Request Accepted by DC
10/24/2023 06:50am EDT
Pending DC Consent
10/23/2023 01:35pm EDT
