9/22/2021- 6:38 a.m.
Evergrande SAVED – but for how long?? $620MN bond repayment agreed
Chinese construction conglomerate Evergrande has reportedly agreed a settlement with domestic bond holders to avoid defaulting on interest payments due Thursday, but still has overseas commitments to cover in the next 24 hours.
The (brief) good news caused minor bumps in global stock markets – up between 0.6 and 1.2%.
However, Tokyo dropped as uncertainty remains surrounding Evergrande’s “Lehman Brothers moment,” with more than $310BN overall debt to cover.
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