Non-call events weigh on market watchers as rates rise

A Chinese company’s decision to pay an extra 300bp in coupon to defer payments on its onshore perpetual notes has not only shocked the domestic bond market, but also inevitably raised concerns offshore. Bankers and investors are now paying much closer attention to the onshore/offshore dynamics.

  • By Addison Gong
  • 14 Feb 2018

China Jilin Forest Industry (Group) Corp last week chose not to call back its Rmb1bn senior perpetual bonds sold in 2015 but will instead pay a step-up coupon of 300bp. That has raised the coupon on its perp from 7.1% to 10.55%, after the reset.

The non-call ...

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