ASIA-PACIFIC

摘要

Baoding tianwei group has become the first state-owned enterprise to miss a coupon payment in China's domestic bond market. The failure shows that credit risks are spreading to the state-owned sector after a couple of private firms defaulted. BTG, a manufacturer of power equipment, missed an interest payment due April 21 on a Rmbl.5bn (US$242m) five-year medium-term note due 2016. The firm failed to raise money to pay the Rmb85.5m interest after posting a loss of Rmbl0.14bn in 2014, according to a company statement last Tuesday. BTG said it would continue to raise funds from various sources, including disposals of assets to meet the payment.