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Original title: Crack down on “structured bond issuance”, Dealers Association suspends Jinggong Group bond issuance in 2 years
Summary
[Reprimir estrictamente la “emisión de bonos estructurados” La Asociación de Comerciantes suspende la emisión de bonos del Grupo Jinggong en 2 años]The aftermath of Yongmei’s default is still there, and it has recently sparked discussions in the market about “issuance of structured bonds.” And on the evening of November 18, the Interbank Market Traders Association announced that the reason for suspending bond issuance by Jinggong Group Co., Ltd. (hereinafter “Jinggong Group”) within 2 years and penalizing them is precisely the reason for the heated discussion in the market. “Issuance of structured bonds”. (China Business News)
The aftermath of Yongmei’s breach are still there, and were recently triggeredmarketDiscussion on “issuance of structured bonds”. And on the afternoon of November 18,BankAssociation of merchants between marketsadHe said that the suspension of Jinggong Group Limitedthe company(Hereinafter “Jinggong Group”) The reason for issuing bonds in 2 years and penalizing them is precisely the “issuance of structured bonds” that is hotly discussed in the market.
BankThe Intermarket Distributors Association stated that Jinggong GroupFinancial debtThe issuer of the tool, in the course of issuing “18 Jinggong SCP003” and “18 Jinggong SCP004”, through the corresponding asset management plan, directly subscribed on the issuance link or promised to buy back after listing, leading two debt financing instruments Market issuance disrupted the market order.
In accordance with the relevant self-discipline regulations, Jinggong Group will be publicly condemned and its non-financial activitiescompanyBusiness related to debt financing instruments for 2 years; Jin Liangshun, the legal representative and chairman of Jinggong Group, received a serious warning and identified himself as non-financialCorporate debtUnsuitable candidates for the financing instruments market for 2 years.
Public information shows that Jinggong Group is a private enterprise in Zhejiang province, with Jinggong steel structure,Jinggong Technology、Kuaiji MountainThree listed companies.In July last year, Jinggong Group had 4LinkIn the case of same-day default, this is also the company’s first bond default, with a predetermined amount exceeding 1 billion yuan.
Some people in the industry mentioned to a China Business News reporter that the mentioned regulation refers to how the issuer directly underwrites its own bond issue through the relevant asset management plan is “structured bond issue.” In the context of this increase, to raise funds, issuers have used structuring to increase their credit, because this operation can make the least qualifiedcreditThe entity obtains a certain degree of financing, which is why it is also favored by some issuers.
“For example, the issuer invested 500 million yuan to subscribe a certainBrokerageAsset ManagementproductAnd then the asset management product uses the 500 million yuan to underwrite the issuer’s bonds. If the bond issuance scale is 750 million yuan, it is equivalent to the issuer’s leverage of 1.5 times, but the net financing amount is relatively low. , Only 250 million yuan. “Said the person mentioned.
The risk of this approach is that once the impact of the credit stratification occurs, some market entities with insufficient market financing capacities will encounter liquidity difficulties in the asset management products corresponding to the issuance of structured bonds.
In fact, after the contractor incident last year, the risk of “issuance of structured bonds” was exposed. At that time, the liquidity stratification phenomenon intensified and risk appetite decreased significantly, resulting in thePromiseformulaRepurchaseThe difficulty has increased significantly, which has led to the structuring of some brokers.Product riskOf exposition.
Guotai JunanInvestigation reportAccording to the report, there are three main models of structured issuance: “the issuer buys the level of asset management products”, “the issuer underwrites the inferiority of the asset management products” and “the issuer buys bonds and commits to to finance”. Dynamic leverage ratio, priorityBottom bottomsThere are certain differences in composition and sources, and the risks faced by different participants.
Among them, “the third situation isBankThe volatility of the interfunds has a greater impact and the form of maturity mismatch makes the financing model more fragile.In the liquidity adjustment phase, the bonds issued lose their mortgage capacity and the issuer cannot use other methods to repay funds.RepurchaseThe required funds constitute a breach of contract for the borrower of the funds. “Said the investigation report.
Last June, Sheyang County Coastal Investment Co., Ltd. wrote toXinhua Fund, Which serves as XinhuabackgroundIssuer “18 Sheyang 02” held by Dongsheng Asset Management Plan No. 2 will eliminate any behavior that lowers the valuation of its bonds and the value of the company. At the time, many people in the industry said that general issuers they would not interfere with the trading of bonds on the secondary market. The reason behind Sheyang Investment’s move may be “18 Sheyang 02”. Once the Xinhua Fund descendsTo sell, Bond issuers will cause significantLost。
It is worth mentioning that for this “gray area”. On the 18th, the Merchants Association simultaneously issued the “Notice on the strengthening of business standardization of the issuance of debt financing instruments”, in which the relevant expressions also point to the “issuance of structured bonds”. Directly underwrite, or actually finance by the issuer, but indirectly underwrite debt financing instruments issued by the issuer through subsidiaries, asset management products, etc. “.
Also, top subscribers, underwriters, investors, etc. they will not deliberately assist the issuer in the above activities. If the aforementioned situation is discovered during the issuance process, the corresponding issuance will stop immediately.jobsAnd inform the Dealer Association in a timely manner.
(Source: China Business News)
(Responsible editor: DF524)
I solemnly declare: The purpose of this information is to spread more information, and it has nothing to do with this booth.
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