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China Evergrande’s offshore bond default imminent; bondholders’ advisor says By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – Police officers and security staff walk past the China Evergrande Group headquarters in Shenzhen (Guangdong Province, China), September 30, 2021. REUTERS/Aly Song

HONG KONG (Reuters) – China Evergrande Group is expected to default on its offshore bond payment obligations imminently, investment bank Moelis (NYSE:) & Co, which has been selected as an advisor by a group of the cash-strapped developer’s bondholders said on Friday.

Evergrande is currently in one of the largest defaults of any country. It has more than 300 billion dollars of debt and missed two coupon payments last month.

Global investors are wondering whether they’ll have to take large losses after the 30-day grace period ends for coupon due dates of Sept. 23rd and 29rd, respectively.

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