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Financial Market Private Debt Cashing Peak Sounded Default Alert

2014/4/9 13:09:00 41

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after the "13 Zhong Sen debt" was proved to be unable to pay interest on time, another a href= "http://www.91se91.com/news/index_cj.asp" > private debt "/a" > "12 watts" cashing has also been in uncertainty. Its issuer has recently been accepted by the court to accept the production and reorganization. 
 more private debt interest payment days or maturities are approaching. The bond pressure of issuers and guarantee parties of related issuers is gradually rising. 
 as a "high risk and high return" investment type, it relies too much on the SME's private debt guarantee, and will fear a high risk of default in the future. 
The debt crisis of the P bond market is heating up again. This time, the focus of attention is to launch private debt for SMEs in less than two years (hereinafter referred to as private debt). 
 by the end of last month, the private debt issued by Xuzhou Zhong Sen Tong Hao new plate Co., Ltd. (hereinafter referred to as "Zhong Sen Hao Hao") issued in 2013, "13 Sen Sen debt" appeared interest default, causing concern from all walks of life. Today, there are reports that another private debt "12 watts" has suffered a "cash crisis" because of bankruptcy reorganization of the issuer Zhejiang Walters Polymer Technology Co., Ltd. 
 the private debt business known as "China junk debt" has not been launched for less than 2 years, and its risk is increasingly exposed when the first batch of private debt issued or underwritten will come to the peak of interest payment or maturity payment. 
 the industry is worried that with the advent of the first round of payment peak, the excessive reliance on guarantee and credit increase of SME private debt will enter a high incidence of breach of contract in the future, and the risk of breach of contract may focus on the outbreak. 
 private debt default alerts continue to /p >
 according to "new financial observation", this round was first exposed to the "13 Zhongsen debt" which loomed the risk of default. It was the three year private placement debt issued by Xuzhou Zhongsen Tong Hao new board Co., Ltd. in 2013. The total financing amount was 180 million yuan, the coupon interest rate was 10%, and the interest rate was paid once a year. It was provided by Zhonghai XinDa Company limited by guarantee (hereinafter referred to as China XinDa) for full unconditional guarantee. 
 that is to say, even if Zhongsen Tong Hao fails to repay the principal of the bond and the interest of 18 million yuan a year, the XinDa will eventually "reveal" and replace it in full. 
 official website shows that Zhonghai XinDa is a state-owned professional Guarantee corporation with a registered capital of 1 billion yuan. By the end of 2012, the company's net assets amounted to 2 billion 14 million yuan, and it had been issued as a guarantee letter for several bonds and information management plans. 
 but the problem is precisely in the guarantee section. Zhongsen Hao Hao accidentally "broke up", the XinDa at that time was also rumoured to refuse to assume the "bottom up" responsibility, the reason is that the "13 Zhongsen debt" guarantee clause has not been authorized by the company headquarters, which triggered the market for small and medium enterprises private debt investment risk concerns. 
When p reported the incident, in April 2nd, the latest news from market participants said that XinDa in the sea had issued a letter of commitment to investors on the bond, saying that it would fulfill its obligation of guarantee. At the same time, it denied that there was a rumor that the guarantee clause of 13 Zhongsen debt was not authorized by the General Department of the company, and that the default risk of "13 Zhongsen debt" had also been reversed. 
 but a wave is not yet smooth. According to today's report, after the "13 Sen debt", another private debt "12 watts" suffered a "cash crisis" because of the bankruptcy reorganization of the issuer. 
 recently, the people's Court of Anji County of Zhejiang Province issued a notice that it had decided to accept the bankruptcy reorganization of Zhejiang Walters Polymer Technology Co., Ltd. 
 Wind data show that in January 23, 2013, the company issued a small and medium enterprises private equity < a href= "http://www.91se91.com/news/index_s.asp" > bond < /a >, referred to as "12 watts", with a scale of 60 million yuan, with a term of 2 years, with an interest rate of 11%, plus the issuer's option to raise the coupon interest rate and the investor's right to sell back at the end of eighteenth months. 
 by January 2014, the work of "12 watts" was still normal. But in March 2014, the issuer of Zhejiang, Walters, suddenly declared bankruptcy and started the liquidation process, which undoubtedly brought uncertainty to the payment of the debt. 
 for investors, the guarantee clause of "12 watts" is a "straw saving" to restore the principal and interest. 
< prospectus shows that the guarantee of "12 watts" bonds includes third party guarantee, mortgage guarantee and company's actual controller guarantee: three, first, Tianlong Holding Group Co., Ltd. provides unconditional and irrevocable joint and several liability guarantee for the bonds; second, the company has mortgaged the state owned land use rights and houses, and Zhejiang Tianzi Lake Industrial Investment Co., Ltd. with its owned land use right as the bond of this period; third, all the lawful property of the company's actual controller provides full unconditional and irrevocable joint guarantee for the repayment of principal and interest of the bonds in the current period. 
 Deng Haiqing, director of fixed income research at CITIC Securities, believes that there should be no substantive breach because of the strong guarantee of "12 watts". 
 however, some investment bankers also said that at present, the issuer's bankruptcy involves more creditors, and the priority compensation matters need to be coordinated. Whether there will be any delay or even breach of contract is really not good. 
 according to the twenty-first Century economic report, in addition to issuing private debt, Zhejiang Walters also has credit in the Construction Bank, the Bank of communications and the industrial and Commercial Bank of China. As of December 2011, its credit line amounted to 507 million yuan, because the number of creditors, including banks, was more than that, which brought uncertainty to the claims of "12 watts" creditors, and it would also become a private debt with second exposures after the 13 debt. 
 private debt payment peak hit 
 at the same time, there is still the first round of rush payment to wait for SME debt. 
 it is understood that since the successful issuance of the first private debt of small and medium-sized enterprises in June 2012 - the "12 Soviet coating", the SME private debt has been running for 23 months. At present, there are more than 400 private debt in small and medium enterprises listed, of which more than 60% have set up guarantee clauses. 
 data show that as of now, there are 16 bonds in the private debt market expired. This year, 46 private debt will expire, with a total amount of 4 billion 143 million yuan, with an average coupon rate of 8.79%. In addition, in the nearly 400 private debt that has not yet expired, only one "13 days 01" has a coupon rate of 15%, with a total face rate of 10%~15% of 97, accounting for 24%, with an average interest rate of 9.24%. 
 because the issuance period of private debt is mostly 2 years or additional "2+1" clause, that is, investors have the right to exercise the repurchase clause after two years of issuance of the bond, and require the issuer to repay the principal. Therefore, in the second half of this year, the bond issuing enterprises of SMEs are likely to encounter intensive "Redemption" of bond investors. 
 the alarm against default of private debt in small and medium-sized enterprises has been alarming for market investors holding private debt. With the number of private debt paying interest days or maturities approaching, payment pressure of related issuers and guarantee parties is gradually rising. 
 industry insiders say that after the 11 ultra day debt "a href=" http://www.91se91.com "breach" /a >, the credit risk of the bond market has increased sharply. In order to reduce the investment risk, a href= "http://www.91se91.com/news/index_c.asp" > investors "/a" is very likely to exercise the terms of resale. If the bond issuing enterprises fail to carry out rolling financing in a timely manner, the SME private debt will enter a high risk of breach of contract in the future.