Qinghai Provincial Misses Coupon Payment on 2020 Dollar Bond

Qinghai Provincial Investment Group Co. has again missed a coupon payment on a dollar bond, a sign that a local government-led debt restructuring has yet to ease finances at the Chinese state-backed aluminum producer, Bloomberg News reported. The company has yet to wire funds to pay a coupon that came due Thursday on a $300 million 2020 note, according to a person familiar with the matter. It is in talks with financial institutions for funds to make a delayed payment, said the person who is not authorized to speak publicly and asked not to be identified. Calls to the company’s office responsible for securities information disclosure went unanswered. Qinghai Provincial missed a semi-annual coupon payment on the same bond in February, citing insufficient cash, only to repay a few days later. Read more