Grace period default
A missed payment that was made good within the cure period allowed by the documentation: the obligation was breached, but the issue is not yet in default.
How to read the number
Formally it is a reprieve; in substance it is a signal that the issuer had no money on the appointed day, and the reason is established afterwards.
When the metric lies
The price reacts immediately and usually harder than the outcome warrants. The distinction from a real default is legal, and liquidity does not return in either case.
Also known as: missed payment within the cure period, cured payment failure