Bond market continued to enlarge the number of enterprises incomprehensible debt paymentUpdated: October 20, 2015 Views: 23
After their rough statistics, before 2008, to issue bonds corporate debt rate is only about 50%. This year, the issuance of corporate bonds overall debt ratio at around 65%, the debt ratio over 80% in the proportion is not small, especially coal, nonferrous metals, steel and other industries and enterprises hovered at a high level of long-term debt ratio.
Our reporter Chen Hongxia Wuhan reports
A bond issued five years ago, has become suspended in the Steel Group head a sword of Damocles.
Public information, China Steel Group issued medium-term bonds this time was in 2010, the total amount of 2 billion yuan this year on October 20 will be the date of this bond principal and interest payment, but the moment has been caught in its own Steel Group liquidity shortage The dilemma of how to honor? The market is still closely.
Coincidentally, the previous day (October 18), China Yurun Food Group Co., Ltd. (hereinafter referred to as 'Yurun Food', 01068.HK) has just had a cash crisis. The company previously announced, the company had issued 13 a billion of corporate bonds will also expire, or face the risk of not able to pay cash, but the company again announced on the 19th, has been full payment of principal and interest this bond. In Yurun moment beleaguered situation, who do the white knight? The company did not disclose details.
On the bond market this year, hot, the rough statistics, a series of bond payment crisis has appeared in five cases, 'Although the debt crisis can not be characterized as the tide comes, but one can not ignore the fact that the risk of corporate bond issuance after payment is gradually increase. 'A senior researchers bond market analysis, if the real economy and corporate profitability can not quickly improve in the future, the frequency of this debt crisis likely to increase.
Two enterprises are facing exams
Yurun the debt crisis dragged into this storm, the company issued in 2012 a medium-term notes Company announcement information, the name of the bond. ': Nanjing Yurun Food Co., the first medium-term notes for 2012' , referred to as '12 Yurun MTN1', bonds code is 1282401, total issuance of 1.3 billion yuan, issued for a period of 3 years, coupon rate of 5.49%. That is to say, on the 18th of this month, will be this bond principal and interest payment date .
Calculated in accordance with the above information, this maturity Yurun principal and interest payable amounted to 1.371 billion yuan, but the financial situation of public view, immediate profit fell Yurun Food Company announcement data show that the first half of 2015, of the possibility of internal revenue of HK $ 958 million, gross profit of HK $ 255 million. The last three years the company financial report, the company net profit growth gradually slowed down. 'If you rely on a single company's own cash flow, book point of view, it can be compared with payment due small. less likely to clear surface of 'foreign aid' to achieve. 'a food industry analyst pointed out that after the company's actual controller of Zhu Yi timber residential surveillance, which in the hands of the hands of Yurun Group, another listed company Central Department Store ( 13.10, 0.00, 0.00%) of the shares have all been frozen, does not have the ability to cash.
But a week later after a thrilling final, Yurun Group announced that, at present, the company has completed the payment, who for Yurun to the rescue? The company has not been a detailed announcement.
Yurun Food crisis just after Sinosteel debt crisis after another. December 20, China Steel Group's '10 Steel debt' shall expire honor, and the investor will exercise puttable accordance with prevailing interest rate, Sinosteel 2.106 billion yuan of principal and interest due for payment. for Steel Group, from the book point of view, the moment to come up with such a huge real money there are pressures.
From the external environment, a food industry analyst also said that under the current economic downturn in the overall environment, Yurun Group, as the meat industry leader spared. Coupled with this, the meat industry is also facing hog and pork prices, bring the company's cost pressures, compressed margins while Sinosteel is caught in the steel industry overall decline for many years, production of the whole industry overcapacity and poor product structure, so that the company's continued profitability difficult to sustain, and even into the red.
'This year, there are 4-5 companies have been gradually occurred bond payment default crisis.' The people of the 21st Century Business Herald reporter said that after four trillion bailout policies, part of the funds flowing into the bond market, most of this group of companies in 2010 - the 2012 bond issue, but so far the overall economic situation to turn a good trend is not clear, did not enhance the profitability of their own, have arrived in a part of the bond payment period in fact, domestic enterprises since 2014 debt crisis. years before it began to appear, but after a year only 1-2 cases appeared over cash crisis, but ultimately did not break the rigid payment of myth, this year, including Yingli, double and Yurun Food Group and other debt crises scare spent less real event of default occurs, but is increasing the frequency of the debt crisis.
Bond market continued to 'rescue'
Debt crisis increased frequency fiery have a certain relationship with the bond market.
'Selecting the bond market financing, the enterprise is an effective way to reduce financing costs.' Hubei a brokerage analyst pointed out that the relatively long maturities, generally in about 3 years, some longer-term, while its interest rates Usually only about 5 percent after corporate bond issuance, without payment of principal prior to maturity, interest only payment, to the enterprise, its financing costs much lower than the cost of direct financing from the bank, the cost of 'part of the bond issue than direct financing from the bank at least half the cost low. 'In this situation, a significant means of corporate bond market financing.
2014, China's total bond market was 12.11 trillion yuan, an increase of 33.9%. Among them, the credit debt issue size topped seven trillion yuan, accounting for 58.7% of total issuance in the bond market, reaching a record high. And this year, Bond Market fiery situation continues.
Not only that, recently, the state of the bond market have introduced various policies, this year, the state has administrations will expand the range of corporate bonds to the legal system for all companies, but also allows the insurance company in the national inter-bank bond market for capital replenishment bonds, in addition, the NDRC also expanded the scope of the project implementation body, and cancel the inter-bank bond market transactions approval circulation and relax the city voted class corporate bond issuance conditions. 'To some extent, the bond market is to turn on the water.' These people frankly, local government bonds, private markets and asset-backed securities and other products have appeared, but much lower threshold for companies to issue bonds.
But the bond market, while hot, continued downward pressure on GDP, while their own profitability did not improve, rising debt ratio. 'In the enhanced profitability of the business has not been the case, companies can continue to rely on various channels borrowing way to alleviate the shortage of cash flow embarrassment. 'The source admitted that the old debts have not added a new debt, corporate debt ratio increased passive.
After their rough statistics, before 2008, to issue bonds corporate debt rate is only about 50%, but since 2012 after many industries do not make money, companies can only alleviate the debt by way of equity, or by the sale of assets to ease corporate debt ratio This year, corporate bonds overall debt ratio at around 65%, the proportion of debt ratio above 80% is not small, especially coal, nonferrous metals, steel and other industries and enterprises hovered at a high level of long-term debt ratio.
September 2014, the State Council issued << State Council on strengthening local government debt management >>, comprehensive management of local government debt, broke the local government reveal all the details of the letter rigid payment of 'traditional.'
'If the moment of the real economy and improve the profitability of their own little space, the future, the frequency of such a breach may also increase.' The source admitted.
So far, Chinese companies meet the issuer only about 4000, companies can issue bonds mostly belong to the industry's leading companies, as long as the industry can survive, means that these companies basically can survive. The source explained, 'but if there is Some industry crisis, especially the leading enterprises in the industry debt ratio is too high, there may be 1-3 at home, next year 10 may occur where, after there had been a crisis of the photovoltaic industry, next year to reach a certain payment period, the debt crisis Risk may also be exposed. '
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