February 8, 2023

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Evergrande avoids default at the last minute. Pay coupons on at least two of the three outstanding bonds

Evergrande paid interest on “at least three out of three bonds, in dollars.” Written by Bloomberg Citing sources close to the operation. Today ends the 30-day grace period for non-payment of the respective vouchers, which have a total value of $148 million (€129 million). Evergrande total debt of 305 billion e In 2022, the Group is expected to redeem the dollar bonds for 7.4 billion. The stock last closed 3% higher after reports that Beijing may make it easier for the country’s real estate companies to issue bonds.

German Consulting Group DMSA (German Market Inspection Agency) Officially filed for the bankruptcy proceedings of the Chinese group. A move that appears to be due to the non-payment of interest on the third bond. In a note sent to the press, the German firm highlighted how the construction giant allowed 30 days of non-payment on two bond issues maturing at the end of September. Dmsa has invested itself in these bonds and has not received any interest payments yet. We are now preparing for bankruptcy proceedings We ask all bond holders to join.”

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