Evergrande did not pay coupons due on two of its dollar bonds on Saturday, 06 November. The property developer skipped coupons on its 13% 2022s and 13.75% 2023s, kicking-off a 30-day grace period to make the payments before being considered a default. The non-payment is not new for Evergrande since the company has skipped coupons since September, but has paid them before the 30-day deadline twice – $83.5mn coupon on its 8.25% 2022s on October 22 and a $47.5mn coupon on its 9.5% 2024s on October 29. The next 30-day deadline ends on November 11, for over $148mn in coupon payments that was had been due on Oct. 11.
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