China’s Offshore Defaults Top $4 Billion as Oil Firm Joins List
- China oil firm Hilong defaults on $165 million dollar bond
- Company’s 2020 dollar bond drops to lowest level on record
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Defaults in China’s dollar bond market are accelerating amid the economic fallout from the coronavirus.
Hilong Holding Ltd., an oil equipment and services company, became the latest to default on Monday when it failed to repay a $165 million dollar bond. The company had sought to swap the debt with new debt, but failed to get sufficient investor support.