The alarming lack of response to Qinghai’s non-payment

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By Addison Gong
05 Mar 2019

The brief default of a dollar bond by local government financing vehicle (LGFV) Qinghai Provincial Investment Group last week caused next to no impact in the China offshore bond market. That is a bad sign.

After years of speculation, it finally happened: a major government-owned entity failed to make good on a dollar bond payment. But the market’s reaction to the rare default by Qinghai Provincial Investment was surprisingly calm. The defaulted bond dropped to to a cash price in the high-70s at ...

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