...April 15, 2019 HONG KONG (S&P Global Ratings) April 15, 2019--S&P Global Ratings said today China Evergrande Group's (Evergrande) frequent debt issuance could hinder its deleveraging efforts. The company's latest issuance was a retap on its three tranches of U.S. dollar-denominated senior unsecured notes due 2022, 2023, and 2024. Although new capital raised will partly be used for refinancing, a portion of it will be incremental debt. It may signal a change in Evergrande's spending appetite with the easing in both onshore and offshore funding environment. The retap alone will not affect Evergrande's leverage profile significantly due to the sheer size of its gross debt level. However, if the company's investment appetite accelerates, it may also increase usage of other channels for funds, including trust loans, which have become easier to obtain in recent months. Consequently, there is a risk of Evergrande's debt growth coming in stronger than we had expected, although the new issuance...
