China’s Offshore Bond Defaults Increased to $3.6 Billion in 2019

China’s offshore corporate bond defaults rose to $3.6 billion in 2019, up from $3.3 billion the year before, according to data compiled by Bloomberg. Tewoo’s dollar bonds were restructured with some investors agreeing to be paid just 37 to 67 cents on the dollar, depending on the maturity of the debt, Bloomberg News reported. China Minsheng Investment Group’s $300 million bond was paid by a Chinese bank guarantor. The company unveiled a plan to repay its $500 million note in October. China Singyes restructured its debt, including the cancellation of these two notes and another bond which defaulted in 2018, and issuance of a new dollar bond due 2022. Read more

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