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China’s credit woe deepens as big investment group missed debt repayment

China's corporate bond market woe is deepening as the cash-strapped China Minsheng Investment Group (CMIG) failed to make repayment of a bond that had matured in late January.

Investors of the company’s note maturing on January 29th with a coupon of 5.2 per cent hadn't receive repayment of the principal and interest rate by January 31, marking the first time the company has failed to make a loan repayment on time.

CMIG has said that it’s working on repayment procedures and declined to make any further comments on the issue. The financing manager of . . .

 

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