Many financial institutions have exposure to Evergrande through direct loans and indirect holdings, while any defaults will also trigger sell-offs in the high-yield credit market.
It did not specify how much interest would be paid or when, nor did Hengda mention Evergrande's other pressing debts, leaving it unclear what this means for $83.5 million in dollar bond interest payments due on Thursday.But engagement with bondholders, a common way to avoid default, on top of chairman Hui Ka Yuan's vow this week that Evergrande would"walk out of its darkest moment," cheered investors and soothed markets more broadly.
"We do not have a clearer picture as how Evergrande settled its onshore coupon," Singapore-based Chuanyo Zhou, a credit analyst at Lucror Analytics, said.Evergrande's woes have seen its shares fall 85% this year. The concerns have reverberated throughout China's property market.
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