Evergrande Investors Face Moment of Truth on Thursday: Bloomberg

Investors in China Evergrande Group bonds face a moment of truth on Thursday when interest payments totaling $119.5 million come due on two of its notes, Bloomberg News reported.

One of the payments due is for $83.5 million of interest on an 8.25%, five-year dollar bond that has a 30-day period before a missed payment is considered a default, according to its covenants, Bloomberg reported. Evergrande needs to pay another 232 million yuan ($36 million) on an onshore bond the same day, the story said.  A total of $669 million in coupon payments are due through the end of the year, about $615 million of that on dollar bonds, the report stated. Full story: Bloomberg. 

 

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