Wed 11/23/2022 22:10 PM
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Country Garden Holdings Ltd.’s onshore bonds rally across the curve today, Nov. 24, by about eight to 10 points with its RMB 3.4 billion ($476 million) corporate bond due 2025 “20 Bidi 01” up 10.1 points to 79 and its RMB 2.209 billion corporate bond due 2023 “19 Bidi 02” up 8.2 points to 49 following the news of the company entering into agreements with two large banks about new lines of credit, according to two buysiders.

Offshore, the company’s notes were up about two to three points with its 4.75% due 2023 notes up 1 point to 93/95.5 and its $1 billion 8% due 2024 notes up 3.5 points to 45.5/48.5, said two other buysiders.

Country Garden and Postal Savings Bank of China have entered into a long-term strategic cooperation agreement, under which Postal Savings Bank intends to provide up to RMB 50 billion ($6.999 billion) comprehensive lines of credit to Country Garden for uses including but not limited to real estate development loans, M&A loans, mortgage loans, letters of guarantee, factoring, bond investment and other forms of financing, as well as mortgage loans for projects that are developed by controlled or related entities of the project company, according to reports today, Nov. 24, from various onshore media outlets.

This is the latest bank-developer partnership aimed at providing financing for cash-strapped real estate companies. As reported, Agricultural Bank of China, Bank of Communications and Bank of China all have committed to providing comprehensive lines of credit for certain developers.

Industrial and Commercial Bank of China is also expected to enter into similar agreements with developers including Country Garden and Longfor Group in the next few days to provide up to tens of billions of RMB of credit lines, according to onshore reports dated Wednesday, Nov. 23.

Below is Country Garden’s capital structure:















































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































Country Garden - Pro Forma as of 08/23/2022


06/30/2022

EBITDA Multiple

(CNY in Millions)

Amount

Price

Mkt. Val.

US$ Amt.

US$ Mkt. Val.

Maturity

Rate

Yield

Book

Market


Bank and Other Borrowings

181,200.0


181,200.0

26,725.7

26,725.7




Total Bank and Other Borrowings

181,200.0

181,200.0

26,725.7

26,725.7

2.9x

2.9x

Lease Liabilities

598.0


598.0

88.2

88.2




Total Lease Liabilities

598.0

598.0

88.2

88.2

2.9x

2.9x

Bi RE1 - Sub

171.7


171.7

25.3

25.3

Apr-27-2036

-


Bi RE1 - Senior

1,545.3


1,545.3

227.9

227.9

Apr-27-2036

5.750%


17 Fung Huang Hotel C 1

351.0


351.0

51.8

51.8

Jul-12-2026

-


17 Fung Huang Hotel B 1

1,991.4


1,991.4

293.7

293.7

Jul-12-2026

6.800%


17 Fung Huang Hotel A 1

856.4


856.4

126.3

126.3

Jul-12-2026

6.000%


20 Hua Bi A1 2

950.0


950.0

140.1

140.1

May-27-2024

4.800%


20 Hua Bi B1 3

50.0


50.0

7.4

7.4

May-27-2024

-


Bi Sheng 02 - Sub 3

55.0


55.0

8.1

8.1

Sep-04-2023

-


Zhao Hui 15 - Sub 3

1.0


1.0

0.1

0.1

Jan-10-2023

-


Zhao Hui 15A 3

720.0


720.0

106.2

106.2

Jan-10-2023

5.500%


21 Yin Li - Sub 3

1.0


1.0

0.1

0.1

Dec-13-2022

-


21 Yin Li - Senior 3

283.0


283.0

41.7

41.7

Dec-13-2022

5.500%


Zhao Hui 14 - Sub 4

-


-

-

-

Aug-23-2022

-


Zhao Hui 14A 4

-


-

-

-

Aug-23-2022

3.980%


21 Yin Li 3S 4

-


-

-

-

Aug-23-2022

-


21 Yin Li 3A 4

-


-

-

-

Aug-23-2022

4.290%


21 Yin Li 2S 5

-


-

-

-

Jul-22-2022

-


21 Yin Li 2A 5

-


-

-

-

Jul-22-2022

4.350%


21 Hong Ji 3A 6

-


-

-

-

Jul-04-2022

4.340%


Hong Ji 3 - Sub 6

-


-

-

-

Jul-04-2022

-


Total ABS

6,975.8

6,975.8

1,028.9

1,028.9

3.0x

3.0x

21 Guangdong Giant Leap MTN003 7

800.0


800.0

118.0

118.0

Aug-12-2025

4.690%


21 Guangdong Giant Leap MTN002 8

1,270.0


1,270.0

187.3

187.3

Jul-21-2025

4.620%


21 Guangdong Giant Leap MTN001 9

1,000.0


1,000.0

147.5

147.5

May-06-2025

4.700%


21 Guangdong Giant Leap 01 10

2,000.0


2,000.0

295.0

295.0

Jan-08-2025

4.270%


20 Guangdong Giant Leap 02 11

2,000.0


2,000.0

295.0

295.0

Nov-23-2024

4.640%


20 Guangdong Giant Leap 01 12

2,000.0


2,000.0

295.0

295.0

Sep-15-2024

4.280%


16 Guangdong Giant Leap 02 13

492.3


492.3

72.6

72.6

Oct-21-2023

4.500%


16 Bi Yuan 05

3,904.0


3,904.0

575.8

575.8

Sep-02-2023

5.650%


21 Bi Di 02 14

1,100.0


1,100.0

162.2

162.2

Jun-15-2026

4.800%


21 Bi Di 01 15

2,000.0


2,000.0

295.0

295.0

Mar-12-2026

4.800%


21 Bi Di 04 16

1,000.0


1,000.0

147.5

147.5

Dec-17-2025

6.300%


20 Bi Di 04 17

1,778.0


1,778.0

262.2

262.2

Nov-03-2025

4.150%


20 Bi Di 03 18

2,000.0


2,000.0

295.0

295.0

Sep-24-2025

4.380%


21 Bi Di 03 19

1,435.0


1,435.0

211.7

211.7

Sep-14-2025

4.330%


20 Bi Di 02 20

1,360.0


1,360.0

200.6

200.6

Jul-07-2025

4.190%


22 Bi Di 01 21

500.0


500.0

73.7

73.7

May-24-2025

4.500%


20 Bi Di 01 22

3,400.0


3,400.0

501.5

501.5

Apr-01-2025

4.200%


19 Bi Di 03 23

992.7


992.7

146.4

146.4

Nov-20-2023

4.980%


19 Bi Di 02 23

2,209.2


2,209.2

325.8

325.8

Aug-01-2023

4.500%


Total Onshore Bonds

31,241.2

31,241.2

4,607.8

4,607.8

3.5x

3.5x

$700 Million 4.750% Senior Notes Due 2022 24

-


-

-

-

Jul-25-2022

4.750%


$610 Million 4.750% Senior Notes Due 2023 25

4,137.3


4,137.3

610.2

610.2

Jan-17-2023

4.750%


$1000 Million 8.000% Senior Notes Due 2024

6,782.5


6,782.5

1,000.4

1,000.4

Jan-27-2024

8.000%


$550 Million 6.500% Senior Notes Due 2024

3,730.4


3,730.4

550.2

550.2

Apr-08-2024

6.500%


$750 Million 5.125% Senior Notes Due 2025 26

5,086.9


5,086.9

750.3

750.3

Jan-17-2025

5.125%


$544 Million 5.400% Senior Notes Due 2025

3,689.7


3,689.7

544.2

544.2

May-27-2025

5.400%


$500 Million 6.150% Senior Notes Due 2025

3,391.3


3,391.3

500.2

500.2

Sep-17-2025

6.150%


$500 Million 3.125% Senior Notes Due 2025 27

6,782.5


6,782.5

1,000.4

1,000.4

Oct-22-2025

3.125%


$500 Million 4.200% Senior Notes Due 2026

3,391.3


3,391.3

500.2

500.2

Feb-06-2026

4.200%


$1345 Million 7.250% Senior Notes Due 2026 28

9,122.5


9,122.5

1,345.5

1,345.5

Apr-08-2026

7.250%


$700 Million 2.7% Senior Notes Due 2026 29

4,747.8


4,747.8

700.3

700.3

Jul-12-2026

2.700%


$324 Million 5.625% Senior Notes Due 2026

2,195.4


2,195.4

323.8

323.8

Dec-15-2026

5.625%


$550 Million 5.125% Senior Notes Due 2027

3,730.4


3,730.4

550.2

550.2

Jan-14-2027

5.125%


$450 Million 5.625% Senior Notes Due 2030

3,052.1


3,052.1

450.2

450.2

Jan-14-2030

5.625%


$500 Million 4.800% Senior Notes Due 2030

3,391.3


3,391.3

500.2

500.2

Aug-06-2030

4.800%


$500 Million 3.875% Senior Notes Due 2030

3,391.3


3,391.3

500.2

500.2

Oct-22-2030

3.875%


$700 Million 3.3% Senior Notes Due 2031

4,747.8


4,747.8

700.3

700.3

Jan-12-2031

3.300%


Total Offshore Bonds

71,370.5

71,370.5

10,526.6

10,526.6

4.7x

4.7x

THB 1.5 Billion 4.75% Senior Notes Due 2022 30

-


-

-

-

Jul-24-2022

4.750%


MYR 60 Million 4.13% MTN Due 2022 31

-


-

-

-

Jul-26-2022

4.130%


THB 575 Million 3.7% Senior Notes Due 2022 32

110.1


110.1

16.2

16.2

Oct-01-2022

3.700%


MYR 200 Million 6.6% Senior Notes Due 2023 33

303.7


303.7

44.8

44.8

Feb-23-2023

6.600%


MYR 100 Million 5% MTN Due 2023 34

151.9


151.9

22.4

22.4

Feb-20-2023

5.000%


MYR 65 Million 5.4% MTN Due 2023 35

98.7


98.7

14.6

14.6

Jun-09-2023

5.400%


THB 400 Million 4% Senior Notes Due 2023 32

76.6


76.6

11.3

11.3

Oct-19-2023

4.000%


THB 374.4 Million 4.75% Senior Notes Due 2024 32

71.7


71.7

10.6

10.6

Oct-01-2024

4.750%


MYR 295 Million 5.25% Senior Notes Due 2025 33

448.0


448.0

66.1

66.1

Mar-27-2025

5.250%


MYR 50 Million 4.9% MTN Due 2026 33

75.9


75.9

11.2

11.2

May-04-2026

4.900%


MYR 100 Million 5.7% Senior Notes Due 2027 36

151.9


151.9

22.4

22.4

Mar-02-2027

5.700%


Total Offshore MYR and THB Bonds

1,488.5

1,488.5

219.5

219.5

4.7x

4.7x

HKD 3 Billion 4.5% Convertible Bonds Due 2023 37

2,595.0


2,595.0

382.7

382.7

Dec-05-2023

4.500%


HKD 3.9 Billion 4.95% Convertible Bonds Due 2026 38

3,187.1


3,187.1

470.1

470.1

Jul-28-2026

4.950%


Total Convertibele Bonds

5,782.1

5,782.1

852.8

852.8

4.8x

4.8x

Total Debt

298,656.1

298,656.1

44,049.6

44,049.6

4.8x

4.8x

Less: Cash and Equivalents

(116,217.8)

(116,217.8)

(17,141.3)

(17,141.3)

Plus: Restricted Cash

46,215.0

46,215.0

6,816.4

6,816.4

Net Debt

228,653.3

228,653.3

33,724.7

33,724.7

3.7x

3.7x

Plus: Market Capitalization

57,573.3

57,573.3

8,491.6

8,491.6

Enterprise Value

286,226.6

286,226.6

42,216.3

42,216.3

4.6x

4.6x

Operating Metrics

US$ Amt.

LTM Reorg EBITDA

62,357.0

9,197.2


Liquidity

Plus: Cash and Equivalents

116,217.8

17,141.3

Less: Restricted Cash

(46,215.0)

(6,816.4)

Total Liquidity

70,002.8

10,324.9

Credit Metrics

Gross Leverage

4.8x

Net Leverage

3.7x

Notes:
Sources: Reorg, company filing, Wind; NCI: RMB 105.554 Billion; Guarantees provided to JVs/ associates/ other related parties: RMB 34.701 Billion
1. by subsidiary Zengcheng Country Garden Property Development Co., Ltd.
2. by Country Garden Properties Group Co. Ltd.; Puttable May 27, 2023
3. by Country Garden Properties Group Co. Ltd.
4. by Country Garden Properties Group Co. Ltd.; Matured on August 23, 2022
5. by Country Garden Properties Group Co. Ltd.; Matured on July 22, 2022
6. by Country Garden Properties Group Co. Ltd.; Matured on July 04, 2022
7. by subsidiary Guangdong Giant Leap Construction Co. Ltd.; Puttable Aug. 12, 2023
8. by subsidiary Guangdong Giant Leap Construction Co. Ltd.; Puttable July 21, 2023
9. by subsidiary Guangdong Giant Leap Construction Co. Ltd.; Puttable May 6, 2023
10. by subsidiary Guangdong Giant Leap Construction Co. Ltd.; Puttable Jan. 8, 2023
11. by subsidiary Guangdong Giant Leap Construction Co. Ltd.; Puttable Nov. 23, 2022
12. by subsidiary Guangdong Giant Leap Construction Co. Ltd.; Puttable Sept. 15, 2022
13. by subsidiary Guangdong Giant Leap Construction Co. Ltd.
14. Issued by Country Garden Properties Group Co. Ltd.; Puttable June 15, 2024
15. Issued by Country Garden Properties Group Co. Ltd.; Puttable March 12, 2024
16. Issued by Country Garden Properties Group Co. Ltd.; Puttable Dec. 17, 2023
17. Issued by Country Garden Properties Group Co. Ltd.; Puttable Nov. 3, 2023
18. Issued by Country Garden Properties Group Co. Ltd.; Puttable Sept. 24, 2023
19. Issued by Country Garden Properties Group Co. Ltd.; Puttable Sept. 14, 2023
20. Issued by Country Garden Properties Group Co. Ltd.; Puttable July 7, 2023
21. Issued by Country Garden Properties Group Co. Ltd.; Issued on May 20, 2022; Puttable May 24, 2023
22. Issued by Country Garden Properties Group Co. Ltd.; Puttable April 1, 2023
23. Issued by Country Garden Properties Group Co. Ltd.
24. Repurchased on Jan. 17, Feb. 04, March 13, May 2 and June 24, 2022; Total movement: $427.6M; Matured on July 25, 2022
25. Repurchased on March 3, March 13 and May 2, 2022; Total movement: $15M
26. Additional $150M issued on Sept. 4, 2018 was consolidated and formed a single series with the 2025 Notes.
27. Additional $500M issued on May 18, 2021 was consolidated and formed a single series with the 2025 Notes.
28. Repurchased on Jan. 17, 2022, Total movement $5M.
29. Additional $200M issued on July 20, 2021 was consolidated and formed a single series with the 2026 Notes.
30. by subsidiary Risland (Thailand) Company Ltd.; Matured on July 24, 2022
31. by subsidiary Country Garden Real Estate Group Sdn Berhad; Islamic Sukuk (Murabaha); Matured on July 26, 2022
32. by subsidiary Risland (Thailand) Company Ltd.
33. by subsidiary Country Garden Real Estate Group Sdn Berhad; Islamic Sukuk (Murabaha)
34. by subsidiary Country Garden Real Estate Group Sdn Berhad; Islamic Sukuk (Murabaha); Issued on March 18, 2022
35. by subsidiary Country Garden Real Estate Group Sdn Berhad; Islamic Sukuk (Murabaha); Issued on June 9, 2022
36. by subsidiary Country Garden Real Estate Group Sdn Berhad; Islamic Sukuk (Murabaha); The MYR sukuks and THB bonds are guaranteed by Country Garden Holdings Co. Ltd.
37. Issued by Smart Insight International Ltd.; The convertible bonds are guaranteed by Country Garden Holdings Co. Ltd. and certain subsidiaries of the Group
38. Issued by Smart Insight International Ltd. on Jan. 28, 2022; Puttable Jan. 28, 2024; The convertible bonds are guaranteed by Country Garden Holdings Co. Ltd. and certain subsidiaries of the Group
US$ Translation: CNY/USD rate used for USD conversion is 6.78.


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