Four companies pulled domestic bond sales and yields on speculative-grade debt jumped the most since November after Shanghai Chaori Energy Science & Technology Co. warned of what would be China’s first onshore default.
Asian stocks rose a second day after comments from Russian President Vladimir Putin signaled the Ukraine crisis won’t immediately escalate. China shares slid amid concern the country is facing its first onshore corporate bond default.
Shanghai Chaori Solar Energy Science & Technology Co. said it may not be able to make an 89.8 million yuan ($14.6 million) interest payment in full on March 7, in what would be the first default of an onshore bond.
The pace of consolidation in the solar manufacturing industry will accelerate in the next three years as the cost of the technology declines and installations surge, the founder of the fourth-biggest solar-panel maker said.
Chinese solar makers gained in New York as Yingli Green Energy Holding Co. rallied to a 10-week high after Deutsche Bank AG raised the sector’s growth outlook and Goldman Sachs Group Inc. called the industry “attractive.”