China Evergrande Group on Friday confounded market expectations that it would formally default this weekend, supplying funds to pay interest on a U.S. dollar bond before the expiration of a 30-day grace period on Oct. 23.
Evergrande missed coupon payments totalling nearly $280 million on its dollar bonds on Sept. 23, Sept. 29 and Oct. 11, beginning 30-day grace periods for each.
While the developer does not have any more onshore or offshore bonds maturing this year, it still faces coupon payments on its offshore bonds totalling nearly $340 million between Nov. 1 and Dec. 28, on top of $195 million in outstanding missed payments.
Evergrande's next payment deadline is Oct. 29 with the expiration of the 30-day grace period on its Sept. 29 coupon.
Below please a listing of upcoming U.S. and Hong Kong dollar bond coupon payment due dates for Evergrande and its units, from Nov. 1 through April 2022:
Evergrande's Outstanding Bond Coupon Dates
& U.S. and Hong Kong Dollar Amounts:
Next RIC amount coupon coupon date amount Scenery $645 mln Nov. 6, $41.93 Journey 13% 2021 mln Nov. 2022 Scenery $590 mln Nov. 6, $40.56 Journey 13.75% 2021 mln Nov. 2023 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 2022 mln (at 8.25% March 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 2022 mln (at 9.5% April 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.
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