Chinese bond defaults by state-owned enterprises are on the rise, heightening investor anxiety that is creating difficulties for other companies aiming to sell debt.
Since the start of April, two SOEs have missed scheduled bond payments, while a third suspended trading of its notes, warning of difficulty making a payment due in May.
For years bond defaults were unheard of in China’s onshore corporate bond market, with the government reliably stepping in to bail out troubled issuers. The first-ever onshore corporate bond default occurred in March 2014 when privately owned Chaori Solar missed an interest payment.
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