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Bond Default Dominoes as Tunghsu Fails to Pay Due Interest

Cao Wenjiao and Timmy Shen / Nov 19, 2020 06:52 PM / Business & Tech

A Chinese manufacturer of display panels has failed to pay 66 million yuan ($10 million) in interest on two bonds as China’s market-rattling string of corporate defaults continues.

Shenzhen-listed Tunghsu Optoelectronic Technology. Co. Ltd. said that “tight liquidity” means it could not come up with the cash to make interest payments due Tuesday on a 2.2 billion yuan medium-term note and another 800 million yuan note, the company said in a Tuesday filing (link in Chinese).

The company’s failure to make the interest payments is just the latest in a series of bond defaults in China, an issue that has caught the attention of the country’s top economic planner. Recent repayment failures by a coal mining company, a top Chinese chipmaker and a major car manufacturer highlight the risk of rising defaults in the country’s corporate bond market.

Read the full story here.

Contact reporter Timmy Shen (hongmingshen@caixin.com)

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