Chinese developer Country Garden Holdings suffered a failure to pay credit event on October 18, a panel ruling on derivatives said on Thursday, paving the way for investors to receive a payout on default insurance.
"A failure to pay credit event had occurred and the date of such failure to pay credit event was 18 October," the Asia ex-Japan Credit Derivatives Determinations Committee said in a statement on its website.
"Failure to pay" is one of a number of credit event circumstances which can trigger a payout on so-called credit default swaps , derivative instruments used to insure against losses from exposure to corporate or sovereign debt. A grace period on a $15 million coupon payment on a Country Garden bond due in September 2025 expired last Wednesday, with bondholders saying they did not receive the money as the deadline expired.
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