It’s happened – China has suffered its first domestic corporate bond default as Chaori fails to meet interest payments on schedule and rather more surprisingly failed to receive a last-minute mysterious or otherwise bailout…
- *CITIC BANK WON’T HELP CHAORI MAKE INTEREST PAYMENT: 21ST HERALD
- *SHANGHAI CHAORI DEFAULTS ON BOND INTEREST PAYMENTS, WSJ SAYS
But hey don’t sweat it, Moody’s think it’s great news…
- *MOODY’S: DEFAULT BY CHAORI SOLAR WOULD ADVANCE CHINA’S BOND MKT
Maybe tell the issuers that couldn’t get their deals off today!!!
Of course what they mean is – maybe the market will finally start pricing in some real risk…
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