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Bond Market News

Evergrande Creditors Now Allowed to Sue Locally to Recoup Debt, Favoring Onshore Holders

Chinese lenders are now said to be able to file legal cases against Evergrande in local courts. This is an easing in policy restrictions from August 2021 that required all such lawsuits to be handled in a single court in Guangzhou where Evergrande is based. Sources say that at least three lenders in smaller provinces were told by courts last month that they can file the cases in their own jurisdictions rather than at a court in Guangzhou. Bloomberg notes that this easing in restriction may help onshore creditors gain control of assets ahead of a Evergrande’s looming debt restructuring.

Evergrande’s dollar bonds were slightly weaker at 13 cents on the dollar.

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