China Evergrande will reportedly dodge a default by making a payment for an offshore bond coupon just before the end of the 30-day grace period on Saturday.
China Evergrande remitted $83.5 million through Citibank to make a payment for its March 2022 offshore dollar bond, according to a report by state media «Securities Times».
The debt-laden property developer just made the deadline before being deemed to have officially defaulted on Saturday after missing the payment on the first due date on September 23.
More Deadlines Coming
Despite the positive news for offshore bondholders who have reportedly had limited communication with Evergrande, any relief will be temporary as more deadlines approach in the coming days and weeks.
The next key deadline will be October 29 after Evergrande missed its second offshore payment of $45.2 million on September 29, followed by November 11 after missed payments totaling $148 million on October 11.
