SHANGHAI (Reuters) -Some offshore bondholders of China Evergrande Group did not receive coupon payments by the end of a 30-day grace period, four people with knowledge of the matter said, pushing the cash-strapped property developer closer to formal default.
Failure to make $82.5 million in interest payments that were due last month would trigger cross-default on the firm's roughly $19 billion of international bonds and put the developer at risk of becoming China's biggest-ever defaulter.
While the developer does not have any more onshore or offshore bonds maturing this year, it has $255.2 million in coupon payments due on Dec. 28.
Following is a list of upcoming U.S. and Hong Kong dollar bond coupon payment due dates for Evergrande and its units through May 2022:
Bond Outstanding Next Next RIC
amount coupon coupon
date amount
China $1.34 bln Dec. 28, $50.43
Evergrande 2021 mln
7.5% June 2023
China $4.68 bln Dec. 28, $204.77
Evergrande 2021 mln
8.75% June
2025
China $1 bln Jan. 22, $57.5 mln
Evergrande 2022
11.5% Jan.
2023
China $1 bln Jan. 22, $60 mln
Evergrande 12% 2022
Jan. 2024
Scenery $2 bln Jan. 24, $115 mln
Journey 11.5% 2022
Oct. 2022
Scenery $2 bln Jan. 24, $120 mln
Journey 12% 2022
Oct. 2023
China HK$81 mln Feb. 14, HK$1.72
Evergrande 2022 mln
4.25% Feb.
2023
China $2.025 bln Mar. 23, $83.53
Evergrande (due at 2022 mln (at
8.25% March maturity) maturity)
2022
China $1 bln Mar. 29, $47.5 mln
Evergrande 2022
9.5% March
2024
China $1.45 bln Apr. 11, $68.88
Evergrande (due at 2022 mln (at
9.5% April maturity) maturity)
2022
China $850 mln Apr. 11, $42.5 mln
Evergrande 10% 2022
April 2023
China $700 mln Apr. 11, $36.75
Evergrande 2022 mln
10.5% April
2024
Scenery $645 mln May 6, $41.93
Journey 13% 2022 mln
Nov. 2022
Scenery $590 mln May 6, $40.56
Journey 13.75% 2022 mln
Nov. 2023