Evergrande’s local creditors agreed to defer coupon payments on two RMB-denominated bonds by six months. The total combined amount outstanding on the bonds amount to RMB 20bn ($3bn), due on May 6, which have been pushed to November 6, according to an exchange filing. The first is an RMB 15bn ($2.25bn) 4Y bond with a coupon of 6.27% and the second is an RMB 5bn ($750mn) 5Y bond with a coupon of 6.8%. The deferring of coupons gives some relief to Evergrande which continues to face a liquidity crisis and is pending restructuring.

Evergrande’s dollar bonds continue to trade at distressed levels of 11-13 cents on the dollar.

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