Modernland misses bond payment
Indonesian property developer Modernland Realty missed a coupon payment on its dollar bond this week, triggering a further downgrade in its rating.
Modernland had a $8m coupon payment due on August 30 for its $150m 10.75% 2021 bond. As the date fell on a Sunday, Modernland was supposed to pay the coupon on the next working day, August 31. But the company missed the payment and entered a 30-day grace