![]() ![]() ![]() Rowe Price Emerging Markets Bond fund, who does not have a position in the company.īNP Paribas estimated in a research note that less than $50 billion of Evergrande’s $300 billion outstanding debt is financed by bank loans, suggesting the Chinese banking sector will have a sufficient buffer to absorb potential bad debts.Ĭitigroup Inc C.N subsidiaries serve as trustee and payment agent for a China Evergrande bond VG158043114= that matures in March 2022 and has $83.5 million in interest coming due on Thursday. "I would characterize Evergrande as a telegraphed and controlled detonation," said Samy Muaddi, the portfolio manager of the $5.1 billion T. market is in a better position to absorb a potential global shock from a major company default than it was before the 2007-2009 financial crisis. The missed payments had been expected as China's housing ministry had said that the company would be unable to pay on time, Bloomberg said.Īs investors and policymakers around the world tried to assess the potential fallout, Securities and Exchange Commission (SEC) chair Gary Gensler said the U.S. 29 for March 2024 notes VG158786753=.īoth bonds would default if Evergrande fails to settle the interest within 30 days of the scheduled payment dates.Įvergrande missed interest payments due Monday to at least two of its largest bank creditors, Bloomberg reported on Tuesday, citing people familiar with the matter. It has another $47.5 million payment due on Sept. "But so far that concern isn't showing up in parts of the credit markets that have served well as red flags for broader credit crunches in the past."Ī major test for Evergrande comes this week, with the firm due to pay $83.5 million in interest relating to its March 2022 bond VG158043114= on Thursday. "There's been a fair bit of concern about the possibility of contagion from the meltdown at Chinese property developer Evergrande," analysts at New York-based Bespoke wrote in a research note on Tuesday. ![]()
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