Times China missed paying the coupon on its 5.55% 2024s that was due on December 4. While it has not yet paid the coupon, it noted that an “Event of Default” will only occur once the grace period of 30 consecutive days since the payment date expires. Its 5.55% 2024s were trading stable at 20 cents on the dollar.
Separately, Evergrande’s stake in its property services unit fell to 51.71% from 58.18% after a third party’s forced selling of 700mn pledged shares. The name of the seller was not known yet. Presently, trading in both Evergrande and its property services unit’s shares have been suspended since March given they did not release their results and alongside a pending investigation. Evergrande’s dollar bonds were trading flat at ~7 cents on the dollar.