SHANGHAI (Reuters) – Some offshore bondholders of China Evergrande Group did not receive coupon payments by the end of a 30-day grace period on Monday New York time, four people with knowledge of the matter told Reuters.
A failure to make $82.5 million in interest payments that had been due last month could represent the developer’s first offshore default on a public bond, and would trigger cross-defaults on all the company’s about $19 billion of bonds in international capital markets.
The company has in the past made last-minute payments on coupons before grace periods expired.
The embattled developer on Monday said it had set up a risk management committee, including officials from state entities, which would play an important role in “mitigating and eliminating the future risks” of the group.
While the developer does not have any more onshore or offshore bonds maturing this year, it has $255.2 million in coupon payments due on Dec. 28.
Following is a list of upcoming U.S. and Hong Kong dollar bond coupon payment due dates for Evergrande and its units through May 2022:
Bond Outstanding Next Next RIC
amount coupon coupon
date amount
China $1.34 bln Dec. 28, $50.43
Evergrande 2021 mln
7.5% June 2023
China $4.68 bln Dec. 28, $204.77
Evergrande 2021 mln
8.75% June
2025
China $1 bln Jan. 22, $57.5 mln
Evergrande 2022
11.5% Jan.
2023
China $1 bln Jan. 22, $60 mln
Evergrande 12% 2022
Jan. 2024
Scenery $2 bln Jan. 24, $115 mln
Journey 11.5% 2022
Oct. 2022
Scenery $2 bln Jan. 24, $120 mln
Journey 12% 2022
Oct. 2023
China HK$81 mln Feb. 14, HK$1.72
Evergrande 2022 mln
4.25% Feb.
2023
China $2.025 bln Mar. 23, $83.53
Evergrande (due at 2022 mln (at
8.25% March maturity) maturity)
2022
China $1 bln Mar. 29, $47.5 mln
Evergrande 2022
9.5% March
2024
China $1.45 bln Apr. 11, $68.88
Evergrande (due at 2022 mln (at
9.5% April maturity) maturity)
2022
China $850 mln Apr. 11, $42.5 mln
Evergrande 10% 2022
April 2023
China $700 mln Apr. 11, $36.75
Evergrande 2022 mln
10.5% April
2024
Scenery $645 mln May 6, $41.93
Journey 13% 2022 mln
Nov. 2022
Scenery $590 mln May 6, $40.56
Journey 13.75% 2022 mln
Nov. 2023
(Reporting by Andrew Galbraith; Editing by Sumeet Chatterjee and Christopher Cushing)
