(Bloomberg) -- 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.
Here are the main offshore bond defaulters from China in 2019:
| Company | Bond | Issue amount (mln) |
|---|---|---|
| Tewoo Group* | TEWOOG 5.8 PERP | $450 |
| TEWOOG 4 ½ 12/16/19 | $300 | |
| TEWOOG 4 ⅝ 04/06/20 | $300 | |
| TEWOOG 5 ½ 04/06/22 Corp | $200 | |
| CMIG** | CHMINV 3.8 08/02/20 | $500 |
| CHMINV 3 ¼ 07/23/20 Corp | $300 | |
| Huachen Energy | HCELEC 6 ⅝ 05/18/20 Corp | $500 |
| Kangde Xin | KANGDE 6 03/16/20 Corp | $300 |
| China Singyes*** | CSSXF 7.95 02/15/19 | $260 |
| CSSXF 5 08/08/19 | 930 yuan ($134) | |
| Haikou Meilan | MEILAN 5 ¼ 09/06/19 Corp | $200 |
| China Huiyuan | CHIHUI 0 01/24/19 | HK$1,000 ($129) |
*NOTE: 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.
**NOTE: 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.
***NOTE: 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.
All currency exchange calculations as of Jan. 9.
READ: ‘Massive Snowball’ Effect to Spur China Bond Defaults Abroad
©2020 Bloomberg L.P.
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