China saw record corporate bond defaults in Q1, significantly more bonds canceled

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China saw a record number of corporate bond defaults in the first quarter and an increasing number of bonds have been canceled since high-profile defaults by state-owned enterprises last November. Analysts expects more defaults in the quarters to come as credit policy nomalizes.

A total of 29 corporate issuers defaulted on 66 onshore bonds worth 72.17 billion yuan in the first quarter of the year, with the number of defaults and the value of the bonds both hitting the highest on record, according to data compiled by Wind Information, a financial data provider.