Chinese Companies Facing Largest Wave of Dollar Debt Maturities in History


Chinese companies are facing mounting pressure to repay their dollar debts, as more than $100 billion in Chinese corporate dollar bonds are due to mature this year—the largest wave of maturities in history. China’s wave of dollar maturities will reach $118 billion, according to Refinitiv, a global financial market data provider. Japanese investment bank Nomura Holdings expects $190.4 billion in Chinese corporate dollar debt to mature this year and $217.7 billion next year, while China’s local state-owned enterprises (SOEs) have as much as $25 billion in offshore bonds maturing this year, according to a March report by S&P Global Ratings. Among the thousands of local SOEs, 231 issued a total of 295 offshore bonds worth $100 billion, the report says. The average maturity of these bonds is about two years, with a quarter, or $25 billion, due this year. According to the report, corporate debt risk is regional, with SOE bond …

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