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Qinghai SOE Makes Delayed Interest Payment for China’s First Offshore U.S. Dollar Bond Default in 20 Years

By Peng Qinqin and Zhao Runhua / Feb 27, 2019 04:31 PM / Finance

Photo: VCG

Photo: VCG

Qinghai Provincial Investment Group has put into a Bank of New York Mellon account the $10.88 million interest payment it owes for $300 million of offshore U.S. dollar-denominated bonds, the state-owned company told Caixin.

The company said overseas investors will soon receive the payment, which had been delayed in the first default of its kind in more than 20 years.

The enterprise in the interior Qinghai province had also made late payment on a domestic note due Monday.

Related: China Logs First Dollar-Bond Default by Major State Firm in Two Decades

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