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China’s Evergrande makes coupon payment prior to Friday deadline

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4 years ago

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China Evergrande Group has made an interest payment for an offshore bond before a grace period expires today

The payment narrowly averts a catastrophic default for the second time in a week.

Evergrande was once China’s top-selling developer, and is reeling under more than $300 billion in liabilities.

Its raised a series of concerns about the world’s second-largest economy on global markets.

If the company was unable to meet its deadline today, it would have triggered cross-defaults on all of the company’s bonds.

If that was the case, it would have been the world’s second-largest corporate debt default.

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Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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