Last Wednesday, Tewoo Group announced results of its "unprecedented" debt restructuring, which saw a majority of its investors accepting heavy losses, and which according to rating agencies qualifies as an event of default. As a result of the default, until recently seen as virtually impossible for a state-owned company, investors’ perceptions are undergoing a dramatic U-turn about government-owned borrowers whose state-ownership had for years offered an ironclad sense of security. https://www.zerohedge.com/markets/chinas-moment-reckoning-arrives-38bn-state-owned-giant-announces-largest-dollar-bond
Topics:
David Stockman considers the following as important: Recommended Reads
This could be interesting, too:
David Stockman writes Wuhan Update: Bat Woman Gone, Transgenic Mice Into The Spotlight
David Stockman writes January 20th Reprise: Sleepy Joe And His Wax Museum Of Deep Staters
David Stockman writes Zoom Privilege: How Lockdowns Made the Rich Richer
David Stockman writes And It’s Gone! The Fed Has Obliterated Price Discovery
Last Wednesday, Tewoo Group announced results of its "unprecedented" debt restructuring, which saw a majority of its investors accepting heavy losses, and which according to rating agencies qualifies as an event of default. As a result of the default, until recently seen as virtually impossible for a state-owned company, investors’ perceptions are undergoing a dramatic U-turn about government-owned borrowers whose state-ownership had for years offered an ironclad sense of security.