Steelmaker Becomes Latest Chinese Company to Miss Bond Payment
Monday,28/03/2016|09:36GMTby
Bloomberg News
A state-owned Chinese steelmaker failed to make a 852 million yuan ($131 million) bond payment and expressed uncertainty about...
A state-owned Chinese steelmaker failed to make a 852 million yuan ($131 million) bond payment and expressed uncertainty about meeting a larger bill next week as the slowing economy weighs on debt-laden producers.
Dongbei Special Steel Group Co., based in the northeastern city of Dalian, said it failed to repay the sum of interest and principal due Monday, according to a statement posted on the Chinamoney website. The company said in a separate statement that it also might not be able to repay 1 billion yuan due April 3 on a 90-day bill because of tight Liquidity . The company sold 800 million yuan in one-year bonds last year with a coupon of 6.5 percent, according to data compiled by Bloomberg.
Chinese firms are struggling with surging debt burdens as Premier Li Keqiang seeks to weed out zombie corporations amid the country’s worst economic slowdown in a quarter century. At least a dozen companies have defaulted on bonds over the past two years even as the central bank loosened monetary policy. Nanjing Yurun Foods Co., a sausage maker, and Zibo Hongda Mining Co., an iron ore miner, both said they defaulted on notes this month.
Dongbei Special Steel’s missed payment comes just four days after the company disclosed that its former chairman, Yang Hua, was found dead by hanging at his home. The company said the death was under investigation by the relevant authority.
Other Chinese steelmakers are also facing rising debt pressures. The northern city of Tianjin plans to set up a committee of creditors to help Bohai Steel Group Co. “get out of trouble,” Caixin reported March 18.
Minister of Human Resources Yin Weimin said Feb. 29 that about 1.8 million steel-and-coal workers would be laid off as the country cuts industrial overcapacity and reforms bloated state-owned enterprises.
--With assistance from Martin Ritchie To contact Bloomberg News staff for this story: Judy Chen in Shanghai at xchen45@bloomberg.net. To contact the editors responsible for this story: Andrew Monahan at amonahan@bloomberg.net, Brendan Scott, Thomas Kutty Abraham
A state-owned Chinese steelmaker failed to make a 852 million yuan ($131 million) bond payment and expressed uncertainty about meeting a larger bill next week as the slowing economy weighs on debt-laden producers.
Dongbei Special Steel Group Co., based in the northeastern city of Dalian, said it failed to repay the sum of interest and principal due Monday, according to a statement posted on the Chinamoney website. The company said in a separate statement that it also might not be able to repay 1 billion yuan due April 3 on a 90-day bill because of tight Liquidity . The company sold 800 million yuan in one-year bonds last year with a coupon of 6.5 percent, according to data compiled by Bloomberg.
Chinese firms are struggling with surging debt burdens as Premier Li Keqiang seeks to weed out zombie corporations amid the country’s worst economic slowdown in a quarter century. At least a dozen companies have defaulted on bonds over the past two years even as the central bank loosened monetary policy. Nanjing Yurun Foods Co., a sausage maker, and Zibo Hongda Mining Co., an iron ore miner, both said they defaulted on notes this month.
Dongbei Special Steel’s missed payment comes just four days after the company disclosed that its former chairman, Yang Hua, was found dead by hanging at his home. The company said the death was under investigation by the relevant authority.
Other Chinese steelmakers are also facing rising debt pressures. The northern city of Tianjin plans to set up a committee of creditors to help Bohai Steel Group Co. “get out of trouble,” Caixin reported March 18.
Minister of Human Resources Yin Weimin said Feb. 29 that about 1.8 million steel-and-coal workers would be laid off as the country cuts industrial overcapacity and reforms bloated state-owned enterprises.
--With assistance from Martin Ritchie To contact Bloomberg News staff for this story: Judy Chen in Shanghai at xchen45@bloomberg.net. To contact the editors responsible for this story: Andrew Monahan at amonahan@bloomberg.net, Brendan Scott, Thomas Kutty Abraham
Clearstream to Settle LCH-Cleared Equity Contracts
OnePrime’s Jerry Khargi on Infrastructure, Liquidity & Trust | Executive Interview
OnePrime’s Jerry Khargi on Infrastructure, Liquidity & Trust | Executive Interview
Recorded live at FMLS:25 London, this exclusive executive interview features Jerry Khargi, Executive Director at OnePrime, in conversation with Andrea Badiola Mateos from Finance Magnates.
In this in-depth discussion, Jerry shares:
- OnePrime’s journey from a retail-focused business to a global institutional liquidity provider
- What truly sets award-winning trading infrastructure apart
- Key trends shaping institutional trading, including technology and AI
- The importance of transparency, ethics, and reputation in long-term success
- OnePrime’s vision for growth over the next 12–24 months
Fresh from winning Finance Magnates’ Best Trading Infrastructure Broker, Jerry explains how experience, mentorship, and real-world problem solving form the “special sauce” behind OnePrime’s institutional offering.
🏆 Award Highlight: Best Trading Infrastructure Broker
👉 Subscribe to Finance Magnates for more executive interviews, market insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #OnePrime #InstitutionalTrading #Liquidity #TradingInfrastructure #ExecutiveInterview
Recorded live at FMLS:25 London, this exclusive executive interview features Jerry Khargi, Executive Director at OnePrime, in conversation with Andrea Badiola Mateos from Finance Magnates.
In this in-depth discussion, Jerry shares:
- OnePrime’s journey from a retail-focused business to a global institutional liquidity provider
- What truly sets award-winning trading infrastructure apart
- Key trends shaping institutional trading, including technology and AI
- The importance of transparency, ethics, and reputation in long-term success
- OnePrime’s vision for growth over the next 12–24 months
Fresh from winning Finance Magnates’ Best Trading Infrastructure Broker, Jerry explains how experience, mentorship, and real-world problem solving form the “special sauce” behind OnePrime’s institutional offering.
🏆 Award Highlight: Best Trading Infrastructure Broker
👉 Subscribe to Finance Magnates for more executive interviews, market insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #OnePrime #InstitutionalTrading #Liquidity #TradingInfrastructure #ExecutiveInterview
How does the Finance Magnates newsroom decide which updates are worth covering? #financenews
How does the Finance Magnates newsroom decide which updates are worth covering? #financenews
What makes an update worth covering in financial media?
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, editorial focus starts with relevance: stories that serve the industry, support brokers and technology providers, and help decision-makers navigate their businesses.
A reminder that strong financial journalism is built on value, not volume.
What makes an update worth covering in financial media?
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, editorial focus starts with relevance: stories that serve the industry, support brokers and technology providers, and help decision-makers navigate their businesses.
A reminder that strong financial journalism is built on value, not volume.
Liquidity as a Business: How Brokers Can Earn More
Liquidity as a Business: How Brokers Can Earn More
This webinar will focuses on how brokers can create new revenue streams by launching or enhancing their liquidity business.
John Murillo, Chief Dealing Officer of the B2BROKER group, covers how:
- Retail brokers can launch their own B2B arm to distribute liquidity and boost profitability.
- Institutional brokers can upgrade their liquidity offering and strengthen their market position.
- New entrants can start from scratch and become liquidity providers through a ready-made turnkey solution.
Hosted by B2BROKER, a global fintech provider of liquidity and technology solutions, the session will reveal how to monetize liquidity, accelerate business growth, and increase profitability using the Liquidity Provider Turnkey solution.
📣 Stay updated with the latest in finance and trading! Follow Finance Magnates across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: / https://www.linkedin.com/company/financemagnates/
👍 Facebook: / https://www.facebook.com/financemagnates/
📸 Instagram: / https://www.instagram.com/financemagnates_official/?hl=en
🐦 X: https://x.com/financemagnates?
🎥 TikTok: https://www.tiktok.com/tag/financemag...
▶️ YouTube: / @financemagnates_official
This webinar will focuses on how brokers can create new revenue streams by launching or enhancing their liquidity business.
John Murillo, Chief Dealing Officer of the B2BROKER group, covers how:
- Retail brokers can launch their own B2B arm to distribute liquidity and boost profitability.
- Institutional brokers can upgrade their liquidity offering and strengthen their market position.
- New entrants can start from scratch and become liquidity providers through a ready-made turnkey solution.
Hosted by B2BROKER, a global fintech provider of liquidity and technology solutions, the session will reveal how to monetize liquidity, accelerate business growth, and increase profitability using the Liquidity Provider Turnkey solution.
📣 Stay updated with the latest in finance and trading! Follow Finance Magnates across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: / https://www.linkedin.com/company/financemagnates/
👍 Facebook: / https://www.facebook.com/financemagnates/
📸 Instagram: / https://www.instagram.com/financemagnates_official/?hl=en
🐦 X: https://x.com/financemagnates?
🎥 TikTok: https://www.tiktok.com/tag/financemag...
▶️ YouTube: / @financemagnates_official
How FYNXT is Transforming Brokerages with Modular Tech | Executive Interview with Stephen Miles
How FYNXT is Transforming Brokerages with Modular Tech | Executive Interview with Stephen Miles
Join us for an exclusive interview with Stephen Miles, Chief Revenue Officer at FYNXT, recorded live at FMLS:25. In this conversation, Stephen breaks down how modular brokerage technology is driving growth, retention, and efficiency across the brokerage industry.
Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
👉 Don’t forget to like, comment, and subscribe.
#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
Join us for an exclusive interview with Stephen Miles, Chief Revenue Officer at FYNXT, recorded live at FMLS:25. In this conversation, Stephen breaks down how modular brokerage technology is driving growth, retention, and efficiency across the brokerage industry.
Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
👉 Don’t forget to like, comment, and subscribe.
#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
