China Energy's Unkept Promise Jolts Dollar-Bond Investors

Asian credit investors tiptoeing around default risks in China learnt the hard way on May 25 that a pledge to repay a bond can be reversed within hours.

BLOOMBERG NEWS, CARRIE HONG & LIANTING TU

That’s what happened with China Energy Reserve & Chemicals Group Co. on that morning. The company said it planned to repay its overdue $350 million notes and a coupon on its 2019 bonds, sparking a rebound in its notes, only to say later that day it had insufficient funds in its trustee account to meet both the obligations. That sent the notes tumbling once again.

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