China Evergrande paid an onshore bond coupon due on Tuesday, four sources said, as per IFR. The group’s subsidiary Hengda Real Estate remitted funds to pay the coupon of RMB 121.8mn ($19mn). The focus now turns towards the indebted developer paying the offshore coupon on its 8.25% 2022s that would officially be considered to be in ‘default’ if it does not make the coupon payment after a 30-day grace period that began since September 23.
Separately, peer Sunac paid coupons worth $27.14mn its offshore bonds, a source said while Sunac’s representative did not respond for comment. Sunac’s dollar bonds jumped over 10% on Monday led by its 8.35% 2023s that were up 15.7% to 86.6.