Selloff Spreads to Others With Coupon Unpaid: Evergrande Update
WATCH: Evergrande Needs to Restructure: Lowy
Source: Bloomberg
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Investor concerns over China Evergrande Group’s debt are shifting to the country’s stronger property companies as a selloff across the industry’s dollar bonds hits higher-quality borrowers.
The fear of contagion comes as holders of dollar notes sold by Evergrande unit Scenery Journey Ltd. are yet to receive payment for coupons that were officially due Saturday. The unit had two dollar bond coupons due Nov. 6: $41.9 million on a 13% note and $40.6 million on a 13.75% bond.