China’s Largest Developer Issues State-Backed Bond After Rating Cut

What’s new: Country Garden Holdings Co. Ltd., China’s largest real estate developer by sales, has issued a 1.5 billion yuan ($213.9 million) onshore bond guaranteed by a state-owned financial guarantor.

The China Bond Insurance Co. Ltd.-backed bond has the term of three years with a coupon rate of 3.2%, according to a Tuesday filing to the Hong Kong stock exchange.