Money
China’s Evergrande makes coupon payment prior to Friday deadline
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.