Evergrande staves off second default in a week by paying US$45.2 million in overdue coupon before grace period runs out

China Evergrande Group has staved off a potential default for the second time in a week, after paying an overdue offshore bond coupon before a 30-day grace period runs out.The Shenzhen-based developer paid US$45.2 million of coupon due on its 9.5 per cent, US$951 million bond that matures on March 29, 2024, according to people familiar with the matter. Evergrande missed the payment on September 29, and was given 30 days to comply before bondholders are entitled to declare it in default, a move…

Evergrande staves off second default in a week by paying US$45.2 million in overdue coupon before grace period runs out
China Evergrande Group has staved off a potential default for the second time in a week, after paying an overdue offshore bond coupon before a 30-day grace period runs out.The Shenzhen-based developer paid US$45.2 million of coupon due on its 9.5 per cent, US$951 million bond that matures on March 29, 2024, according to people familiar with the matter. Evergrande missed the payment on September 29, and was given 30 days to comply before bondholders are entitled to declare it in default, a move…