Free Trial

Evergrande Avoids Technical Default On One Missed Coupon Payment

CHINA

It looks like China Evergrande has avoided an official default on a coupon payment for its US$ Mar '22 bond (which was missed back on September 23), with a local wire (the Securities Times) noting that yesterday saw the company place ~$83.5bn into its Citibank account, which will satisfy the missed coupon payment. Note that the 30-day grace period on the coupon payment expires tomorrow. Note that the company will have to make a ~$45mn coupon payment on a '24 before the close of play next Friday or it will enter official default (as far as we can tell).

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.