Tunghsu dollar bond nosedives after onshore defaults

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By Addison Gong
20 Nov 2019

The price on Tunghsu Group’s only dollar bond has plunged by more than 20 points in the secondary market, following missed payments in onshore China by a key subsidiary. Addison Gong reports.

Chinese company Tunghsu’s $350m 7% 2020 bond saw a 20-point drop in the secondary market on Tuesday, to 47 cents on the dollar, according to bankers. The price slid further to about 45 on Wednesday.

Priced at 99.337 in June 2017, the deal was sold under a guarantee structure, ...

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