Several bondholders of China Evergrande receive overdue bond coupon payments - media

  • 11/11/2021
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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.

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