Evergrande Narrowly Averted Default Again Paying Interest Payments on Offshore Bonds
Evergrande on Thursday paid its offshore bondholders interest payments at the eleventh hour of the end of grace period 
Evergrande on Thursday paid its offshore bondholders interest payments at the eleventh hour of the end of grace period
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Several offshore bondholders of indebted China Evergrande Group have received coupon payments, according to Reuters.Cailianshe a Chinese media earlier reported several bondholders have received interest payments of three bond tranches totaling interest payments of more than $148 million due on October and grace period needed on Wednesday.
Evergrande earlier last month narrowly averted default paying due interest payment right in the 11th hour in the end of the grace period. The company has more than $300 billion in liabilities of which $19 billion are offshore bonds.
Evergrande shares in the Hong Kong exchange went up over 11% after the news broke out.
Tensions yet mulls over the Chinese real estate sector as Kaisa Group has coupon payment totaling over $59 million due on Thursday and Friday.
The market also looking at Kaisa group which has coupon payment totaling over $59 million due on Thursday and Friday. The company has the most offshore debt after Evergrande.
Kaisa has been downgraded by S&amp;P and Moddy’s to “CCC-” from “CCC+” with a negative outlook. The rating agencies remarked liquidity in the company is tight and a default in the next six months is inevitable.