China Evergrande’s main unit Hengda Real Estate has clarified that it will make coupon payments for onshore bonds due tomorrow. It looks like it’s probably a default:
In a vaguely worded exchange filing on Wednesday, the unit said that the issue for its 5.8% 2025 bond “has been resolved via negotiations off the clearing house,” under a section in the filing on the bond interest payment.
And off the AUD goes:
Big miners are ecstatic!
Yields are up and copper is flying. Iron ore is flat.
And more payments dead ahead: