Evergrande was on course to miss a deadline on three interest payments to international bondholders on Tuesday, as yields on risky Chinese corporate bonds traded near decade highs on concerns that a growing number of developers in the country faced default.

The world’s most indebted developer was due to make interest payments totalling $148m on dollar-denominated bonds on Monday but bondholders have not yet received any funds, according to two people familiar with the matter. The bonds were last trading at 21-22 cents on the dollar.

Evergrande originally missed a crucial $83.5m interest payment late last month on a bond maturing next year. The missed payment triggered a 30-day grace period before the company formally defaults. It has now missed at least five bond interest payments.