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Evergrande to make domestic bond coupon payment, soothing fears

Evergrande to make domestic bond coupon payment, soothing fears

9/22/2021 9:05:00 AM

Evergrande to make domestic bond coupon payment, soothing fears

China Evergrande Group's main unit said on Wednesday it would make a coupon payment on its domestic bonds on Sept. 23, offering some relief to jittery markets that had been on edge over fears that a default of China's No. 2 developer could ripple through the global financial system.

1/3Vehicles drive by unfinished residential buildings from the Evergrande Oasis, a housing complex developed by Evergrande Group, in Luoyang, China September 16, 2021. Picture taken September 16, 2021. REUTERS/Carlos Garcia RawlinsRead MoreEvergrande says to make bond coupon payment Sept. 23

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Investors, analysts play down threat of "Lehman moment"Fed's Powell expected to be asked about Evergrande at meetingNEW YORK/HONG KONG, Sept 22 (Reuters) - China Evergrande Group's(3333.HK)main unit said on Wednesday it would make a coupon payment on its domestic bonds on Sept. 23, offering some relief to jittery markets that had been on edge over fears that a default of China's No. 2 developer could ripple through

the global financial system.Hengda Real Estate Group said in a statement it would make the coupon payment on its Shenzhen-traded 5.8% September 2025 bond on time on Sept. 23.The announcement comes as Evergrande, once the, inches closer to a key deadline for an interest payment on a dollar bond, with financial markets tense even as investors and analysts played down the threat of its troubles becoming the country's "Lehman moment." headtopics.com

Hengda Real Estate's coupon payment totals 232 million yuan ($35.88 million), according to Refinitiv data."We are still trying to understand what this payment means for the other bonds but I imagine they would want to stabilise the market and make other coupon payments, given the close scrutiny," said a source familiar with the situation who declined to be identified as they are not authorised to speak to the media.

U.S. stock futures , the yuan and the risk-sensitive Australian dollar rose, while safe-haven assets such as the yen and U.S. Treasuries slipped.Evergrande is set to make its onshore bond payment on time, but the developer has not indicated whether it will be able to pay $83.5 million in interest due on its March 2022 bond on Thursday. It has another $47.5 million payment due on Sept. 29 for March 2024 notes .

Both bonds would default if Evergrande fails to settle the interest within 30 days of the scheduled payment dates.Trade in Evergrande's onshore exchange-traded bonds has been halted since Sept. 16, when Hengda Real Estate applied to suspend trading for a day. While trading technically resumed on Sept. 17, it now only takes place through negotiated transactions in what traders said was an attempt to curb volatility.

read moreWhile concerns about the spillover from a messy collapse roiled markets on Monday, U.S. stocks were flat on Tuesday and Chinese shares fell in early trade after a two-day public holiday. But China's property index recovered losses and was up more than 3%, while banking stocks were down around 3%. headtopics.com

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Evergrande is so deeply intertwined with China's broader economy - from retail investors to infrastructure-related firms that are a gauge for global commodities demand - that fears over contagion have kept financial markets on tenterhooks."There's been a fair bit of concern about the possibility of contagion," analysts at New York-based Bespoke wrote in a research note on Tuesday. "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."

Evergrande missed interest payments due Monday to at least two of its largest bank creditors, Bloombergreportedon Tuesday, citing people familiar with the matter. 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.

As investors and policymakers around the world tried to assess the potential fallout, Securities and Exchange Commission (SEC) Chair Gary Gensler said the U.S. 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.

loadingFED MEETINGFed Chair Jerome Powell will likely be asked about the fallout from Evergrande when he speaks after the Fed's two-day meeting that wraps up on Wednesday at 2 p.m. ET. (1800 GMT). Read more: Reuters Top News »

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They know there’s another payment after this one right? And another one after that payment? Welcome to the Hand to Mouth club Evergrande ! Or is it Everstrapped? Still gonna default on the international debt payments though

World shares sink as China Evergrande fears spark risk offWorld stocks sold off sharply on Monday while safe-haven assets gained as troubles at property group China Evergrande fed concerns about spillover risks to the economy, sparking fresh investor worries ahead of a busy week of central bank meetings. It will be even worse. Play with the devil and get burned....

China won't let Evergrande fail, which should lead to a market rebound, Ed Yardeni saysThe likelihood that the Chinese government won't let Evergrande fail should help calm investors' nerves, Ed Yardeni of Yardeni Research said. Pro But them propping up Evergrande will lead to failure eventually anyway. This is how we got here. Pro Michael Burry Warns Retail Traders About the 'Mother of All Crashes'

S&P Global says default by China Evergrande could test government's capacity to backstop 'potentially substantial failures'S&P Global Ratings said Monday a default by Chinese property developer China Evergrande Group will neither lead to a tidal wave of defaults nor mere ripples... good luck

China Evergrande shares plummet to 11-year low on default risksShares of Evergrande on Monday plunged as much as 19% to their lowest in over 11 years, extending losses as investors take a dim view of its business prospects with a fast approaching deadline for payment obligations this week. Instead of catching profitable tech companies, they need to catch rogue directors.

Evergrande fears send stock market tumbling: Here’s what investors need to know about the China property giantEvergrande, a Chinese property giant, is on the brink of default. Here's what investors need to know. Lehman Brothers, Trillion of dollars failure, no noise, Evergrande 300 billion so much noise.

US stocks fall on fears of contagion from China real estateStocks are opening broadly lower on Wall Street, following declines overseas and extending a weak patch that has brought the U.S. market down over the past two weeks. Biden’s economy.. the downhill starts.. nice So the global stock market is down due to Hong Kong.