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Bond Market News

Evergrande Clarifies Rumors of Bank Dealings

China Evergrande clarified news on reports from WeNews that the regulator CBIRC was examining more than CNY 100bn ($15.7bn) of transactions between the company and Shengjing Bank Co. Evergrande said in its statement on Monday that its business with the bank was in line with laws. The property developer added that it has never delayed any repayment of loan principal or interest and will arrange payment of a “very small amount” of commercial paper issued by some affiliates that were not repaid on time. “Evergrande’s clarification may lower volatility,” Bloomberg Intelligence analysts said.

Evergrande’s dollar bonds were flat, stemming a whole week of losses – its 7.5% 2023s were at 80.8, yielding 19.3% and its 12% 2024s at 84.88, yielding 19.6%

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