US Open Note – Evergrande ghost haunts markets; euro weaker ahead of German election
Posted on September 24, 2021 at 1:25 pm GMTEvergrande’s drama continues Evergrande’s drama continued to spook markets on Friday as investors had no clue whether China’s giant property developer, which owes a debt larger than the external debt many entire countries face, had successfully met Thursday’s $83.5 million coupon payment. The company now has a 30-day grace period before it declares a default, and it will not be the first time a Chinese company uses this period to arrange its obligations. Though, it’s historically proven that the wait [..]