China’s first SOE bond default - MNI

MNI reported the news from 21st Century Business Herald earlier today, China’s State-owned enterprise (SOE) Dongbei Special Steel Group defaulted on principal and interest amounts on Monday.

Key Headlines:

State-owned Dongbei Special Steel Group announced on Monday it had failed to repay a one-year bond of CNY852 million, which included the principal and interest amounts due Monday

The company warned last Friday that the bond repayment faced uncertainties due to tight liquidity

This is the first bond default for local SOEs in the publicly offered bond market