China’s state-owned enterprises are being forced to issue bonds at higher interest rates after a slew of high-profile defaults shattered investor confidence in what was once seen as a risk-free asset class.
Data from East Money, a financial data provider, show the average coupon rate for newly issued SOE bonds has hit 5.7 per cent since October, when a number of state-run companies, ranging from coal mines to automakers, failed to make principal or interest payments on their maturing debts.
This was 1 percentage point higher than the 4.7 per cent recorded in the first three quarters of this year.
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