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Bond Market News
Evergrande Makes Another Dollar Bond Coupon Ahead of Deadline
October 29, 2021
Evergrande has paid the coupon due on September 29 on its dollar bond ahead of the 30-day grace period deadline, as per sources. Evergrande had to make a $47.5mn coupon payment on its 9.5% 2024s to bondholders by today (October 29) before it could trigger cross-defaults. The property developer has now averted a default twice after paying $83.5mn in coupons on its dollar bonds just a week earlier. Evergrande still has nearly $338mn in dollar bond coupon payments due in November and December.
Evergrande’s dollar bonds were higher with its 8.25% 2022s up 1.5 points to 30 cents on the dollar.
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