Caixin
Nov 23, 2020 05:31 AM
FINANCE

Cover Story: How SOE Default Wave Shows State Bailouts Are Over

The government’s position is that Henan Energy is going down and there’s nothing the government can do, a person close to the Henan government says.
The government’s position is that Henan Energy is going down and there’s nothing the government can do, a person close to the Henan government says.

“This might be a historic credit crisis,” a debt investor told Caixin, referring to a recent series of bond defaults by state-owned enterprises (SOEs).

The bond market veteran’s employer holds AAA-rated bonds of two state-owned defaulters in the crisis: Brilliance Auto Group Holdings Co., a Shenyang-based automaker with links to BMW AG, and Yongcheng Coal and Electricity Holding Group Co. Ltd., a major coal mining company in Henan province.

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