China’s Tewoo Group has forced investors to take losses on a US dollar bond, marking the largest failure to repay dollar debt by a state-owned company in two decades and provoking fears of a wave of defaults.
The commodities trader, which is wholly owned by the city government of Tianjin, completed an exchange offer this week that made investors take significant discounts on their holdings in the company’s debt.
The offer was “tantamount to a default”, S&P Global Ratings said on Thursday, and is expected to reframe how global investors view the market for government-backed corporate debt.
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