China’s State-owned Assets Supervision and Administration Commission and the National Development and Reform Commission have intervened in China’s bond market to prevent a default by state-owned Sinosteel, South China Morning Post reported. The NDRC on Friaday first asked Sinosteel debt holders to not redeem RMB2 billion (US$314.4 million) of the principle on bonds from the company on Monday, then told them the redemption date had been delayed until November 16. The move was the first time regulators intervened in a corporate credit case, as the previous five bailouts in China this year came from shareholders.
China Economic Review