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Caixin

Bond defaults show bailouts over for China's state-owned enterprises

'Once the SOEs default their debt, it would turn the market upside down'

"This might be a historic credit crisis," a debt investor told Caixin, referring to a recent series of bond defaults by state-owned enterprises (SOEs).

The bond market veteran's employer holds AAA-rated bonds of two state-owned defaulters in the crisis: Brilliance Auto Group Holdings Co., a Shenyang-based automaker with links to BMW AG, and Yongcheng Coal and Electricity Holding Group Co. Ltd., a major coal mining company in Henan province.

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