Chinese property development company Evergrande has frequently been in the financial press during most of 2021. Since it is also often used in structured products in Asian markets, it is of particular interest.

Evergrande is China’s second biggest property company and has been in trouble for at least two years due to its aggressive expansion plans and the associated debt burden. It is now thought to be the world’s most indebted company with US$300 billion in debt, a rather unwelcome title that means it deserves attention. As at the end of October 2021, its equity market capitalisation was only US$40bn, indicating the market is ascribing very little net worth to that debt. The company was f

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