Evergrande missed payment of coupons due yesterday on two of its dollar bonds – the 9.5% 2022s and 10% 2023s as of 5pm HKT, as per Bloomberg. Similar to its missed coupons in September, the above bonds have a 30-day grace period before being considered as a default. The 9.5% 2022s and 10% 2023s trade at 21.75 and 20.81 cents on the dollar respectively.
Separately, Evergrande’s unit, China Evergrande New Energy Vehicle’s President Liu Yongzhuo pledged that the unit would deliver its first EV next year. This comes just weeks after admitting to cash-flow difficulties where it said that there was no guarantee it could meet financial obligations whilst simultaneously looking for strategic investors to inject capital. Bloomberg references the statement saying, “the local district’s top official said the region would provide help from funding to approvals and coordinating with financial institutions, to ensure the company can achieve mass-production goals early
For the full story, click here
