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Qinghai Provincial Investment Group,   a state-backed Chinese aluminum producer, is yet to make a coupon payment on a $300 million 2020 note, which came due Thursday, according to a Bloomberg report.

It is worth noting that there is no grace period for a missed coupon on Qinghai Provincial’s 2020 note, according to the bond prospectus.

Missing the dollar bond coupon payment indicates that a local government-led debt restructuring program is yet to ease financial pressures.