China 2019 Offshore-Bond Defaulters Span an Airport, Solar Tech

China’s record boom in debt issuance abroad in recent years has left a sour after-taste for bondholders: missed payments on billions of dollars worth of securities. In what’s now become a new normal for the $815 billion-plus Chinese offshore-debt market, at least seven borrowers defaulted in 2019, Bloomberg News reported. About $3.6 billion of bonds went into default last year, up from $3.3 billion the year before, according to data compiled by Bloomberg. The 2019 tally spanned a state-owned commodity trader to a onetime Coca-Cola Co. acquisition target. And with nearly half of the supply of stressed bonds -- those with yields of at least 15% -- coming due this year, the ranks of defaulters is expected to swell. Read more