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Bondholders Didn’t Receive Interest Payments: Evergrande Update

  • Some dollar-bond holders said coupon payments not received
  • Other developers seeking to delay payments, offer new bonds
Bloomberg business news
Evergrande Crisis Pushes China Builders to Avoid Bond Defaults
Updated on

Some holders of China Evergrande Group U.S. dollar bonds with coupon payments due Monday said they had yet to receive them, the latest sign of the property developer’s escalating debt crisis. 

The investors said they hadn’t received the coupons on the firm’s 9.5% note due 2022 and its 10% bonds due 2023 as of 5 p.m. in Hong Kong, requesting anonymity because they weren’t authorized to speak publicly. There is a 30-day grace period before any missed payment would constitute a default, according to at least one of the bond’s offering memorandum.