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Evergrande settlement soothes fears

SHANGHAI/SINGAPORE: 23 Sept.— China Evergrande agreed to settle interest payments on a domestic bond Wednesday, soothing fears of imminent contagion from the debt-laden property developer while Chinese Central Bank injected cash into the banking system.Evergrande, Asia’s biggest junk bond issuer, is so entangled with China’s broader economy that its fate has kept global stock and bond markets on tenterhooks as late debt payments could trigger so-called cross-defaults.Many financial institutions have exposure to Evergrande through direct loans and indirect holdings, while any defaults will also trigger sell-offs in the high-yield credit market.In an effort to reassure investors, the People’s Bank of China’s injected 90 billion yua...

September 23, 2021 at 11:05 am | Economic Affairs