An earlier version of this article incorrectly described the timing of a potential default. The article has been corrected.
What’s happening? Evergrande faces an $83.5 million interest payment Sept. 23 on its March 2-22 bonds and a $42.5 million payment on Sept. 29 on its March 2024 notes, according to news reports. Failure to settle those payments within 30 days of their due date would put Evergrande in default. That is a turnabout from last week, when analysts had taken note of the lack of reaction by investors to Evergrande’s woes.
“Events could broadly rattle investors’ confidence in China’s property sector and for speculative-grade markets broadly, possibly diminishing funding access for unrelated names,” said S&P Global Ratings credit analyst Matthew Chow. Why the delayed reaction? Some analysts last week argued that investors are largely justified in looking past Evergrande-related turmoil.like one large company,” said Tom Essaye, founder of Sevens Report Research, in a Friday note.
Lehman Brothers, Trillion of dollars failure, no noise, Evergrande 300 billion so much noise.
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