China's HITIC misses interest payment on Samurai bond
Asian Economic News, Oct 2, 2000
HONG KONG, Sept. 26 Kyodo
A Chinese investment firm owned by the government of Hainan Province has missed the Monday deadline for payment of interest on its seven-year Samurai bond, local media and financial sources said Tuesday.
Although Hainan International Trust & Investment Corp. (HITIC) still has a further two weeks to make the payment on the yen-denominated bond worth 14.5 billion yen issued in 1997, it remains uncertain whether it will make it, the sources said.
It was HITIC's second failure to make interest payments on time, following a case in late June in which the Chinese nonbank moneylender delayed payment on a different Samurai bond for a full month and was deemed close to declaring a default.
The Hainan provincial government is planning to consolidate the eight financial institutions under its control, including HITIC, but it would be a blow to China's external credit if it allows HITIC to default, the sources said.
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- Design a commission plan that drives sales - Sales Commissions
- LIFO vs. FIFO: a return to the basics
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
Most Popular Business Publications
Content provided in partnership with
