China Evergrande Group's main unit said on Wednesday it would make a coupon payment on its domestic bonds on Sept. 23, offering some relief to jittery markets that had been on edge over fears that a default of China's No. 2 developer could ripple through the global financial system.
Vehicles drive by unfinished residential buildings from the Evergrande Oasis, a housing complex developed by Evergrande Group, in Luoyang, China September 16, 2021. Picture taken September 16, 2021. REUTERS/Carlos Garcia RawlinsInvestors, analysts play down threat of "Lehman moment"NEW YORK/HONG KONG, Sept 22 - China Evergrande Group's
Evergrande is set to make its onshore bond payment on time, but the developer has not indicated whether it will be able to pay $83.5 million in interest due on its March 2022 bond on Thursday. It has another $47.5 million payment due on Sept. 29 for March 2024 notes . Evergrande is so deeply intertwined with China's broader economy - from retail investors to infrastructure-related firms that are a gauge for global commodities demand - that fears over contagion have kept financial markets on tenterhooks.
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