China suffers first corporate bond default

China experienced its first domestic bond default in recent history on Friday after a small Shanghai-based solar power company failed to pay out interest on a security it sold two years ago.

Shanghai Chaori Solar said Friday it only had available a fraction of the roughly $14.6 million in interest owed, according to the Financial Times.

“We were not able to deliver full interest payment by today but we will still try in the future to make payments [to investors],” Liu Tielong, board secretary for Chaori, told the Financial Times. He acknowledged that Chaori was now officially in default.

Read more from the Financial Times.