Some bondholders of cash-strapped China Evergrande Group had not received coupon payments by close of business in Asia on Wednesday, the end of a 30-day grace period, pushing the developer again to the edge of default
Some bondholders not received payment by end of Asia businessMoody's downgrades Kaisa, S&P cuts Shimao to "BB+" from "BBB-"have not received coupon payments by the end of 30-day grace periods at close of Asia business on Wednesday, sources said, pushing the developer again to the edge of default.
The company has not defaulted on any of its offshore debt obligations. But a 30-day grace period on coupon payments of more than $148 million on its April 2022, 2023 and 2024 bonds ends on Wednesday. , , Exactly what time the grace period expires on Wednesday is unclear, but the two sources with knowledge of the matter said some bondholders had not been paid by the end of the Asian business day. They declined to be named as they were not authorised to speak to the media.For its two separate offshore coupon payment obligations that were due in late September, the developer's bondholders did not receive the payments until one working day after the 30-day grace periods ended.
"It would be quite a surprise if the funds do not flow to the trustee in the requisite timeframe given the immediate cross-default and ripple effect on suppliers and the wider People's Republic of China real estate market."
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