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China Cracks Down on Private Refiners
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CX Daily: Newly Formed Agriculture Giant Syngenta Group Posts Modest Annual Gains
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China’s Crackdown on Defaulters Starts to Embolden Creditors
Bloomberg 2/24/2021 Bloomberg News
(Bloomberg) Chinese bondholders are gaining more power in the corporate restructuring process, underscoring a renewed push by authorities to reform the nation’s $5.2 trillion credit market.
Following a slew of defaults late last year that rattled markets, disgruntled creditors have successfully pushed for borrower concessions that would have seemed out of reach in China only a year ago. They reversed a major automaker’s plan to make a profitable unit less accessible to bondholders, forced an energy producer to sweeten a debt swap offer and secured an unprecedented court ruling that required a construction company’s underwriter, rating firm and auditor to compensate individual bondholders.
China s Crackdown on Defaulters Starts to Embolden Creditors
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China Inc. Credit Stress Most Acute in Liaoning, Qinghai
Bloomberg 2/4/2021 Molly Dai
(Bloomberg) China saw a record number of corporate defaults last year and that trend looks set to continue as policy makers try to tighten credit and pull back on stimulus this year.
Those stresses aren’t distributed evenly across the country though, with companies in the provinces of Liaoning, Qinghai and Henan facing the most difficulty in raising funds at the moment, according to Bloomberg analysis of all corporate bonds issued in China.
The data shows that firms in those three regions issued new bonds equal to less than 30% of the debt that matured over the last three months. Firms in other provinces such as Anhui and Zhejiang were in a much better position, issuing 251% and 171% more bonds than maturing debt, respectively. The ratio was 116% nationwide in January.