China posts first public bond default by unit of state-owned firm

April 21, 2015 9:35 AM

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SHANGHAI, April 21 (Reuters) - The deadline for Baoding Tianwei Baobian Electric Co Ltd to make an interest payment on a bond due on Tuesday passed without payment, a China bond clearinghouse official said, marking the first default by a state-owned firm.

The company said in a statement on the China bond clearinghouse website that it was unable to make the payment on time.

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