Several bondholders of China Evergrande receive overdue bond coupon payments – media
Written by on November 10, 2021
November 11, 2021
HONG KONG (Reuters) – Several bondholders of China Evergrande Group have received coupon payments from the heavily indebted property developer, Chinese media outlet Cailianshe reported on Thursday, easing concerns about a potentially destabilising default.
The report cited several bondholders saying they have received interest payments of the three bond tranches that had a total of more than $148 million in interest payments due last month but which had a grace period that ended Wednesday.
Evergrande, the world’s most indebted developer, has been stumbling from deadline to deadline in recent weeks as it grapples with more than $300 billion in liabilities, $19 billion of which are international market bonds.
A failure to pay would have resulted in a formal default by the company and trigger cross-default provisions for other Evergrande dollar bonds, exacerbating a debt crisis looming over the world’s second-largest economy.
Evergrande could not immediately be reached for comment.
(Reporting by Clare Jim; Editing by Lincoln Feast.)