Evergrande isnt the only one suspended, we are in for an interesting week ahead

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Nervy Markets Await Outcome for Opaque Bond Tied to Evergrande

(Bloomberg) — China Evergrande Group has already fallen behind on payments to banks, suppliers and holders of onshore investment products, and hasn’t given any indication that it paid two recent dollar bond coupons.

Now the world’s most indebted developer may be facing its next big debt test from Sunday, underscoring the broader risks of opaque obligations in credit markets already on edge.

People familiar have said that a dollar note maturing Oct. 3 issued at an initial amount of $260 million by an entity called Jumbo Fortune Enterprises is guaranteed by Evergrande. As the maturity is a Sunday, the effective due date is Monday. The issuer is a joint venture whose owners include Hengda Real Estate, Evergrande’s main onshore unit.


See also  Perfect Storm: Evergrande Set to Default Saturday. Contagion Already Spreading. US Treasury Likely Defaults December 3rd.
See also  "Evergrande, the world’s most indebted property developer, is set to formally enter default on Oct. 23, when the grace period ends for its first missed bond payment."

h/t  christianbrooks


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