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Bond Market News
Evergrande Misses Two Dollar Bond Coupons as 30-Day Grace Period Begins
November 9, 2021
Evergrande did not pay coupons due on two of its dollar bonds on Saturday, 06 November. The property developer skipped coupons on its 13% 2022s and 13.75% 2023s, kicking-off a 30-day grace period to make the payments before being considered a default. The non-payment is not new for Evergrande since the company has skipped coupons since September, but has paid them before the 30-day deadline twice – $83.5mn coupon on its 8.25% 2022s on October 22 and a $47.5mn coupon on its 9.5% 2024s on October 29. The next 30-day deadline ends on November 11, for over $148mn in coupon payments that was had been due on Oct. 11.
Evergrande’s 13% 2022s and 13.75% 2023s were trading lower by 0.3-0.4 points to 22.35 and 22.28 respectively.
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