Chinese iron and steel bonds cashing crisis lifted, the central enterprises debt alarm is not remove kimi wo omou melodi

Iron Chinese bond payment crisis lifted the central enterprises debt is not in addition to the alarm Chinese iron worries is the central enterprises debt is not in addition to the alarm reporter Xu Yanyan Zhu Yanran of the State Council SASAC website in August 24th, China railway materials Limited by Share Ltd (hereinafter referred to as "China iron") to 6 billion 800 million yuan against the maturity of the bonds for years. This means that, in April more than a month, the market has been concerned about the Chinese iron and steel bonds cashing crisis has been officially lifted. However, with the increasingly difficult profits of traditional industries, the long-term warning of China’s iron debt problem has not been lifted, and the debt problem of the central enterprises can hardly be ended. Under the market reform continues to push forward, breaking the rigid bond payment and the "central enterprises faith" is also the general trend. SASAC’s attention in April 11th, iron China announcement said, because the scale of business continued to shrink, profit decline, the company is on the reform and difficulty relief measures and debt next major issues of reimbursement arrangements, for the 16 billion 800 million to suspend trading of debt financing instruments. The 16 billion 800 million debt financing tool contains 9 bonds, of which 6 were cashed in 2016, amounting to 6 billion 800 million yuan. However, the Chinese iron objects have been fully honored. According to the disclosure, the main source of funds for the payment to revitalize the Beijing Lugou Bridge building project, Chengdu Lize iron Thebaud real estate projects, respectively, to recover the funds 4 billion yuan and 2 billion 788 million yuan; collect the relevant central enterprises to 1 billion 138 million yuan, 849 million yuan payment risk event handling, and support Chengtong group. Undoubtedly, the debt problem of China’s iron products has been attached importance to by SASAC at the very beginning. China iron is a large central enterprises SASAC direct management of railway material supply services, commodity trade and production services business is the main source of the company’s revenue and profit. The company’s operating income and gross profit declined sharply due to falling oil sales and falling prices, stripping companies and controlling risk exposure business scale. SASAC Research Center Hu Chi on the "First Financial Daily" said that the central enterprises debt is one of the focus of the market, the iron Chinese debt payment schedule, has a positive effect on the stability of the entire bond market. Yesterday, the SASAC news shows, the second half of this year maturity scale more than 42 non-financial companies 10 billion yuan of debt, the highest risk of 7 companies are the local state-owned enterprises. Shandong steel as an example, the company in the second half maturity of the bond amounted to 20 billion yuan. This year, there have been a number of central and local state-owned enterprises bond issuance was canceled, its credit rating has been cut, the market of state-owned enterprises to the solvency of poor default fears increased significantly. The State Council Development Research Center of State Enterprise Institute Research Director Xiang Anbo accept the "First Financial Daily" said in an interview, the central enterprises debt risk reflects a current relationship between government and enterprises, to bear more social responsibility and profitability beyond the goal of diversification, such as social stability, security of employment, which leads to a change it is very difficult to cut production, market measures to cope with the market environment. In the past few years, there are also some defaults

中国铁物债券兑付危机解除 央企债务警报未除   中国铁物近忧虽解 央企债务警报未除   记者 徐燕燕 祝嫣然   国务院国资委网站8月24日信息,中国铁路物资股份有限公司(下称“中国铁物”)按时兑付年内到期68亿元债券。这意味着,持续4月多月,备受市场关注的中国铁物债券兑付危机已正式解除。   然而,随着传统行业盈利日益艰难,中国铁物债务问题的长期警报并没解除,央企债务问题也难言终结。而在市场化改革不断推进之下,打破债市的刚性兑付与“央企信仰”,也是大势所趋。   国资委的高度关注   4月11日,中国铁物公告称,因业务规模持续萎缩,经营效益有所下滑,公司正在对下一步的改革脱困措施及债务偿付安排等重大事项进行论证,申请168亿债务融资工具暂停交易。这168亿债务融资工具包含了9只债券,其中在2016年内兑付的6只,金额共计68亿元。   不过,中国铁物上述债务已悉数兑付。据披露,兑付的主要资金来源为盘活北京卢沟桥丽泽铁物大厦项目、成都泰博房地产项目,分别收回资金40亿元和27.88亿元;清收相关央企回款11.38亿元,风险事件处置回款8.49亿元,以及诚通集团的支持。   无疑,中国铁物的债务问题一开始即得到了国资委的重视。中国铁物是国资委直接管理的大型中央企业,铁路物资供应服务业务、大宗商品贸易及生产性服务业务是该公司收入和利润的主要来源。受油品销量下降及价格下跌、剥离子公司及控制风险敞口业务规模等影响,公司营业收入和毛利润均大幅下降。   国资委研究中心胡迟对《第一财经日报》称,央企债务是市场关注的焦点之一,中国铁物债务的按期兑付,对稳定整个债券市场有积极意义。昨日国资委的消息显示,今年下半年债券到期规模超过100亿元人民币的42家非金融企业中,债务风险最高的7家企业均为地方国企。以山东钢铁为例,公司下半年到期债券规模达200亿元人民币。   今年以来,已经有多家央企和地方国企的债券发行被取消,其信用评级也被纷纷下调,市场对偿债能力较差的国有企业的违约担忧明显增强。   国务院发展研究中心企业研究所国企研究室主任项安波接受《第一财经日报》采访时称,央企债务风险反映了当前的一种政企关系,承担着较多的社会责任和盈利之外多元化的目标,比如社会稳定、保障就业等,这导致它很难采取减产、停产等市场化的举措来应对市场环境的变化。而前些年发生的违约,也存在少数企业在转型改制、结构调整、兼并破产过程中利用多种方式逃避银行债务的现象。   胡迟表示,国资委不仅直接提出了防止发生债券违约,还上升到了“维护国家金融市场稳定”的层面,这是因为央企在债券市场的交易行为影响重大。国资委应着眼于风险防控的制度建设,进一步完善央企债务风险动态监测和预警机制。在央企面临债务违约风险时,应不遗余力地扶助企业。   今年4月份,国资委对央企各类债券进行了全面摸底和风险排查。普查结果显示,截至3月底,共有82家中央企业发行债券余额4.05万亿元,4家央企违约金额达84亿元,占央企整体发行债券规模的0.2%。4家央企分别为1家央企(中钢)及3家央企所属子企业(天威、二重和中煤华昱)。   项安波表示,应形成良性互信的政企关系、银企关系,企业和银行互信互助。在企业特别困难的时候,金融机构应给企业提供帮助,尽可能采取合作的姿态去解决债务问题,支持企业渡过难关。金融机构自身也要提高风险防控的意识,防范和规避风险,保障权益。地方政府应创造好的环境,提供便利服务和必要的协助,但不应直接介入或有过多的越位。   打破刚兑大势所趋   在中国铁物人士看来,近忧虽已缓解,但未来还存在很大的风险和不确定性。从企业财务表现来看,公司资产负债率高且流动性压力大,偿债严重依赖外部支持。近年来,公司资产负债率基本维持在80%以上,2014年末和2015年9月末资产负债率分别达到88.32%和87.81%。   其他应收款在公司流动资产中占比近50%。2014年公司剥离13家资不抵债、风险敞口较大的子公司,划出风险资产,致使资产规模大幅下降,同时对其往来款形成的其他应收款大幅增加,回收风险很大。目前,中国铁物还有100亿的PPN债务融资工具尚在存续期,最近一个要到2018年12月3日兑付。   去年以来,国内信用债市场违约频现,央企子公司、地方国企也相继发生信用违约事件。去年9月15日,二重重装发布公告称,由于公司收到债权人的重整申请,其公司债“08二重债”可能无法按期支付本息。不过此后出现转机,二重债最终找来大股东国机集团接盘。10月20日,中钢股份确定延期支付本期利息,构成事实上的违约,成为首家发生债券违约的钢铁央企。   今年2月24日,保定天威集团有限公司的10亿中票11天威MTN1宣告违约,随后在3月8日和4月21日,10亿定向工具13天威PPN001和15亿11天威MTN2也先后不能按期兑付。4月6日,央企子公司中煤集团山西华昱能源有限公司的6亿短融“15华昱CP001”,成为煤炭行业首例违约,目前已经实现足额偿付。   据《第一财经日报》统计,在今年的违约事件中,央企子公司和地方国企6家,但是金额却达164.7亿元之多,占违约总金额的66.5%。加上中国铁物的暂停交易,央企违约的数量、规模以及涉及的领域越来越大,市场感慨债市的“央企信仰”已经打破。   从已经解决的违约债务来看,大股东或者母公司买单是最主要的方式。如二重债由大股东国机集团接盘,中煤华昱也表示“公司克服重重困难,积极、努力通过多种渠道筹措资金”,一位银行从事债券承销人士告诉本报,资金来源主要还是母公司。“母公司非常在意这种违约,这关乎它是否可以继续获得融资。”   在业内人士看来,央企和国企的违约债务最终如何处置,依然都在观望。“对于央企来说,是否能够偿付也不是本身能够决定,还取决于整个国家的政策制定,以及国家层面对债务处置的政策方向。而地方国企违约的解决很大程度上取决于地方政府的态度。”中信证券研究部总监、固定收益首席分析师明明称。   昨日国资委网站的消息称,将进一步完善债务风险动态监测机制,对近3个月即将到期的债券进行重点监控,逐笔分析,及时预警,积极应对,防止发生债券违约,自觉维护国家金融市场稳定。   不过,也有券商投行人士称,打破刚兑是大势所趋,政策本身如果摇摆不定,供给侧改革阻力会很大,不破不立,改革推进也就困难重重。   7月26日,财政部部长楼继伟在2016年G20财长和央行行长会议上,对于国企债务违约的表态是,“援助但不兜底”。 进入【新浪财经股吧】讨论相关的主题文章: