China Inc. Scraps $7 Billion of Bond Offerings as Defaults Rise
- At least 62 Chinese firms scrapped bond sales in March
- That is more than double the 23 companies a year ago
A customer looks at Chinese calligraphy decorations for Lunar New Year at a market stall in Shanghai, China, on Thursday, Feb. 4.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Chinese companies canceled more than double the amount of bond offerings in March compared with a year earlier, as mounting defaults increased financing costs.
At least 62 Chinese firms postponed or scrapped 44.8 billion yuan ($7 billion) of planned note sales last month, compared with 23 companies with 15.7 billion yuan a year ago, according to data compiled by Bloomberg. China Eastern Airlines Corp. canceled issuance of 3 billion yuan of short-term bills on April 1 because of market volatility, according to a statement on Shanghai Clearing House website Tuesday.