Evergrande has paid the coupon due on September 29 on its dollar bond ahead of the 30-day grace period deadline, as per sources. Evergrande had to make a $47.5mn coupon payment on its 9.5% 2024s to bondholders by today (October 29) before it could trigger cross-defaults. The property developer has now averted a default twice after paying $83.5mn in coupons on its dollar bonds just a week earlier. Evergrande still has nearly $338mn in dollar bond coupon payments due in November and December.
Evergrande’s dollar bonds were higher with its 8.25% 2022s up 1.5 points to 30 cents on the dollar.
For the full story, click here