China Evergrande Group makes interest payment prior to Friday deadline, sources say
Developer China Evergrande Group has made an interest payment for an offshore bond before a grace period expired on Friday, two people with direct knowledge of the matter said, narrowly averting a catastrophic default for the second time in a week.
Evergrande did not respond to Reuters’ request for comment. The people declined to be identified due to the sensitivity of the matter. That still left them trading at discounts of more than 75 per cent from their face value, with the 2023 bond yielding nearly 190 per cent. “Evergrande has tried its best to solve liquidity problems, but it’s a little bit difficult to gather enough capital to pay all the debt,” said Cliff Zhao, chief strategist at China Construction Bank International in Hong Kong.
Other developers with significant dollar debt have proposed extending offshore bond maturities or undertaking debt restructuring in a meeting with regulators, sources have said.
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