Export Credit Insurance – Business Continuity And Disaster Recovery World http://business-continuity-and-disaster-recovery-world.co.uk/ Sat, 25 Sep 2021 08:00:41 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://business-continuity-and-disaster-recovery-world.co.uk/wp-content/uploads/2021/05/cropped-icon-32x32.png Export Credit Insurance – Business Continuity And Disaster Recovery World http://business-continuity-and-disaster-recovery-world.co.uk/ 32 32 Payment of the China Evergrande bond remains uncertain https://business-continuity-and-disaster-recovery-world.co.uk/payment-of-the-china-evergrande-bond-remains-uncertain/ https://business-continuity-and-disaster-recovery-world.co.uk/payment-of-the-china-evergrande-bond-remains-uncertain/#respond Fri, 24 Sep 2021 14:11:00 +0000 https://business-continuity-and-disaster-recovery-world.co.uk/payment-of-the-china-evergrande-bond-remains-uncertain/

The deadline passed without a word, with no sign that the closely watched payment had been made, so investors did what they did for months to the struggling Chinese real estate giant with lots of debt and little of solutions: they sold.

China Evergrande Group shares fell nearly 12% on Friday, as Thursday’s deadline for making an $ 83 million interest payment was passed without any word from the company on whether it had met its commitments.

A bondholder, speaking on condition of anonymity to discuss the matter, said the company did not make the payment. But this default did not necessarily put the company in default. The company’s covenants give it a 30-day grace period before the missed payment results in default, the person said, meaning debt holders could face a month in limbo.

China Evergrande’s financial woes rocked global markets, although they stabilized towards the end of this week as investors accepted Beijing’s claim it could contain any crisis.