You've had a few answers so far, but what I've read in the news is different: (1) The rating downgrade that Fitch gave Evergrande to the default on one series

You've had a few answers so far, but what I've read in the news is different: (1) The rating downgrade that Fitch gave Evergrande to the default on one series of bonds may trigger accelerated repayment covenants in other bonds (source: https://www.aljazeera.com/amp/economy/2021/12/9/bb-chinas-evergrande-officially-defaults-on-dollar-debt https://www.aljazeera.com/amp/economy/2021/12/9/bb-chinas-ev...) (2) The default is reflective of the concern that Evergrande has no money, and although they've been able to stave off defaulting on other series of bonds so far, holders of all series of bonds should expect more defaults later unless Evergrande's debt is restructured. (source: https://www.nytimes.com/2021/12/09/business/china-evergrande-default.html https://www.nytimes.com/2021/12/09/business/china-evergrande...)