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川煤再现5亿债券违约 地方政府或成唯一救命稻草
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Theresao
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川煤再现5亿债券违约 地方政府或成唯一救命稻草
May 17, 2017, 03:15:00 PM
#1
在违约的分析中,应更强调地区金融生态的影响力,而不是被忽视。地方政府参与协调的方式也是多样的,在此前已经违约后又延期兑付的案例中,不少也出现了“协调性资金”的影子。
本就不太平静的债券市场,再添波澜。5月15日,川煤集团发行的规模为5亿元的“12川煤炭MTN1”到期无法兑付本金,出现违约。5月12日,山水水泥当天到期的“14山水MTN002”也出现了本息违约,规模高达12亿元。
多次违约的难题
川煤集团和山水水泥都是原来已经出现过违约的发行人再次违约。
比如,川煤集团于2016年6月15日一笔10亿元的“15川煤炭CP001”到期无法兑付,首次出现违约后又延期兑付了。2016年12月25日,川煤集团10亿元的“13川煤炭PPN001”再次出现违约。
本次也是川煤集团第三次出现违约,并且还有一只10亿元的PPN将于5月18日到期。此外,川煤集团还有7只存续债券, 规模共计42.5亿元,其中公募8.5亿元,私募34亿元。
而山水水泥此前也因为控制权之争,融资渠道受限、资金链紧张, 已发生了多期债券违约。
不愿具名的市场人士向21世纪经济报道记者表示,此前已经出现过违约的发行人,存续债券几乎就处于“一个个等着到期违约”的状态。因为一旦公开违约,再融资渠道受限,唯一的救命稻草就是地方政府的救助或者协调。
2017年以来,银行间以及交易所共有10个发行人出现过违约,分别为大连机床、东北特钢、博源、山水、中城建、华盛江泉、珠海中富、春和、蒙奈伦和川煤炭,对应14只债券,远低于去年同期24只的水平。而且,在这些违约人中只有华盛江泉为新增违约主体,其余的主体均有存量债券处于违约状态。
区域金融生态的重要性
接近监管部门的人士也表示,在我们处置的很多风险案例中,只要是地方政府重视的,积极参与协调的,一般都能很好地化解了,也维护当地良好的融资环境,比如做得比较好的有山西、山东。而当地政府不太重视的地方, 一般都很难解决,结果就是接连出现新的违约风险,也容易造成投资者的不信任,影响当地其他企业的融资。
光大证券固定收益首席分析师张旭认为,在违约的分析中,应更强调地区金融生态的影响力,而不是被忽视。例如,2016年3月28日“15东特钢CP001”未能按期足额兑付,虽然有发行人自身经营的问题,但也有存在着非经济因素。
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