Expected piece of information in an efficient market

hello every one

i have a question about the referred topic where in example 2 of reading 46 in curriculum page 118 of equity book asked a question about a company that was expected to default making its next interest payment by financial news media and after that the company announced that it will default on its upcoming interest payment, and the question was when the market will fully reflect the bond’s value after default:
1- leading up the announcement
2- first trade after market opens
3- when the issuer actually misses the payment

the ture answer is 2, but i answered 1 as the market prices are react only to an unexpected information and since the financial news media is already expect the event of default, so the prices should already reflect this information.