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Perpetual Motion: Chinese State Companies Fine-Tune Their Financial Engineering

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Perpetual bonds offer China’s debt-laden state-backed companies a way to clean up the books without actually improving their finances

China’s bond market is hosting a battle of wills between the country’s leadership and lower-ranking officials and corporate bosses.

They are fighting over perpetual bonds, debtlike securities that lack a maturity date and technically never need to be repaid. Issuance has surged since the start of 2018, partly because state-backed companies see them as a way to hit Beijing-mandated debt-reduction targets without going through a painful restructuring or diluting government control.

 

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