All or nothing when it comes to recovering China bond defaults

Hong Kong

WHEN it comes to defaulted bonds in China, there has been either full repayment or delays and diversions.

Of the 26 local public notes with failures since Shanghai Chaori Solar Energy Science & Technology Co became the first company to renege on an onshore note payment in 2014, nine have been fully repaid and only one was partially made good, according to data compiled by Bloomberg. Most of the rest have not released information on repayment plans, and Moody's Investors Service bemoaned the lack of a transparent restructuring process.