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The Evergrande Escapade Continues
Posted on October 14, 2021
The Evergrande escapade continues. Evergrande missed coupon payments on two USD denominated bonds in September. Now, with their 30 day grace period nearing, a $260 million USD bond issued by Jumbo Fortune Enterprises and guaranteed by Evergrande came due 10/3/2021, but creditors went unpaid. These continued defaults among real estate firms are leaving investors feeling uneasy about what this means for the sector, as well as China as a whole. Below is a list of upcoming coupons payments through year-end for Chinese real estate developers along with the current price and YTW.
| Bond | Amount Outstanding | Next Coupon Date | Price | YTW |
| Powerlong Real Estate Hldg LTD (USD) 3.9% 4/13/2022 | 200 | 10/14/2021 | 92.375 | 20.92305714 |
| Future Land Dev Hldgs LTD (USD) 6.15% 4/15/2023 | 200 | 10/15/2021 | 93 | 11.35638258 |
| Kunming Construction (USD) 5.8% 10/17/2022 | 500 | 10/17/2021 | 94.75 | 11.47527052 |
| E-House China Hldg LTD (USD) 7.625% 4/18/2022 RegS | 300 | 10/18/2021 | 74.875 | 75.97042822 |
| Logan Group Co. Limited (USD) 5.25% 10/19/2025 | 300 | 10/19/2021 | 82.125 | 10.8654616 |
| Country Garden Holdings Co. LTD (USD) 3.125% 10/22/2025 | 1000 | 10/22/2021 | 87.75 | 6.64777768 |
| Country Garden Holdings Co. LTD (USD) 3.875% 10/22/2030 | 500 | 10/22/2021 | 85 | 6.05788305 |
| Central China Real Estate (USD) 7.25% 4/24/2023 RegS | 300 | 10/24/2021 | 46.75 | 68.94090727 |
| Ronshine China Hldgs Ltd. (USD) 8.75% 10/25/2022 | 700 | 10/25/2021 | 52.625 | 87.54293303 |
| Greentown China Holdings Limited (USD) 4.7% 4/29/2025 | 300 | 10/29/2021 | 95.75 | 6.05132615 |
| Powerlong Real Estate Hldg LTD (USD) 5.95% 4/30/2025 | 400 | 10/30/2021 | 80.875 | 12.8243954 |
| Central China Real Estate (USD) 7.9% 11/7/2023 | 200 | 11/7/2021 | 40.625 | 63.24374393 |
| Powerlong Real Estate Hldg LTD (USD) 7.125% 11/8/2022 | 300 | 11/8/2021 | 86.375 | 22.17265034 |
| KWG Property Holding Limited (USD) 5.875% 11/10/2024 | 625 | 11/10/2021 | 77.5 | 15.33209678 |
| Powerlong Real Estate Hldg LTD (USD) 4.9% 5/13/2026 | 200 | 11/13/2021 | 83 | 9.57107388 |
| Central China Real Estate (USD) 7.75% 5/24/2024 | 300 | 11/24/2021 | 40.125 | 52.25807313 |
| Country Garden Holdings Co. LTD (USD) 5.4% 5/27/2025 Reg S | 544 | 11/27/2021 | 94 | 7.3153154 |
| Jinke Properties Group Co. LTD (USD) 6.85% 5/28/2024 | 325 | 11/28/2021 | 77.75 | 17.83606063 |
| Ronshine China Hldgs Ltd. (USD) 8.1% 6/9/2023 | 316 | 12/9/2021 | 47.25 | 64.40947788 |
| E-House China Hldg LTD (USD) 7.6% 6/10/2023 | 300 | 12/10/2021 | 63.5 | 39.71150048 |
| Logan Group Co. Limited (USD) 4.85% 12/14/2026 | 300 | 12/14/2021 | 81.125 | 9.56363218 |
| Ronshine China Hldgs Ltd. (USD) 7.35% 12/15/2023 | 410 | 12/15/2021 | 46.375 | 50.90266307 |
| Tuspark Forward LTD (USD) 6.95% 6/18/2022 | 522.5 | 12/18/2021 | 50.25 | 39.33725388 |
| Xian Construction Invest (USD) 4% 6/24/2022 | 500 | 12/24/2021 | 101.125 | 2.34669026 |
| China Evergrande Group (USD) 7.5% 6/28/2023 | 1344.921 | 12/28/2021 | 20.125 | 142.8201026 |
| China Evergrande Group (USD) 8.75% 6/28/2025 | 4680.476 | 12/28/2021 | 19.625 | 75.62186182 |
| Leading Hldg Group Limited (USD) 12% 6/27/2022 | 150 | 12/28/2021 | 98.875 | 13.66576182 |
| Yuzhou Group Hldg Company Limited (USD) 12% 6/30/2022 | 100 | 12/31/2021 | 99.375 | 12.8278691 |
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