2021年10月26日

Bond market situation | archduke end new hualian holdings rating huaye assets received executive orders

New Zealand meridian client on March 9 (Xue Yufei intern Liu Lu)9, Shibor short-end varieties are mixed. From the news side, what are the bond market announcements worth paying attention to? Warp and weft gentleman comb for you one by one.

1. Fitch Ratings: granted “BBB” rating to Shaanxi Jinci for its proposed issuance of US dollar bonds

2. Dagong International: terminate the credit rating of Xinhua Joint Control Subject and related debts

3. Yinhai Leasing: the issuer pledged more than 5.8 billion yuan of financing lease receivable

4. China Credit International: pay attention to the pledge of Qujiang’s assets

5. Internet Group: reduce the coupon interest rate of “18 Internet MTN001” for 2 years

6. Yangzhou City Holding Group: transfer assets free of charge to complete the registration of industrial and commercial change

7. Huaye Capital: received the execution order from the court

8. Moody’s: “A1” rating granted to Seaport Group’s proposed US dollar bond

9. Dagong International: maintain the “AAA” rating of Huayang Group

10. Future science and technology: the cash flow of the project has not reached the predicted level for three consecutive years

Fitch issued a statement saying it granted a BBB/ “BBB” rating to Shaanxi Financial Asset Management Co., Ltd. The proceeds raised will be used for general corporate purposes. Shaanxi JinZi is the only provincial-level state-owned asset management company in Shaanxi Province that is qualified to acquire and deal with financial non-performing assets in bulk. Its responsibility is to manage and defuse regional financial risks, support the deleveraging of state-owned enterprises, and serve the development of the real economy.

Dagong International announced that it had recently received an application from New Huagong Holding Co., Ltd to terminate its cooperation with Dagong and no longer entrust Dagong to conduct credit rating. Since then, Dagong will no longer perform the obligation of continuous tracking in case of any major changes or adverse effects to the controlling entity of New Hualian and the aforesaid debt.

Related bonds: 16 Xinhua bonds, 17 Xinhua Joint Controlled MTN001, 18 Xinhua Joint Controlled MTN001, 19 Xinhua Joint Controlled MTN001

Chongqing Yinhai Financial Leasing Co., Ltd. said in a statement that as of the date of this announcement, the book value of the financing lease receivable pledged by the issuer totaled about 5.846 billion yuan, accounting for 409.27% of the issuer’s audited net assets at the end of 2019. The pledged assets of the Company are all the creditor’s rights of the finance lease funds receivable and used to handle the corresponding pledge loan or factoring business. The funds obtained will provide sufficient working capital for the business development of the Company.

Related bonds: 20 Yinhai Lease SCP001

According to a statement issued by China Credit International, as of February 9, 2021, the accumulated balance of assets pledged by Xi ‘an Qujiang Culture Holding Co., Ltd. was 24.30 billion yuan, accounting for 80.62% of the company’s net assets at the end of September 2020. According to the financial statement of the third quarter of 2020 disclosed by Qujiang, its asset-liability ratio is 81.28%, which indicates that the debt level continues to rise and remains at a high level. China Credit International will continue to pay close attention to the execution of the asset pledge contract of Qujiang and its impact on future business operation and debt paying ability, and timely evaluate the company’s overall credit status.

Zhejiang Int’l Group Co.,Ltd announced that at the end of the third year of the maturity of “18 Int MTN001”, it will reduce the coupon rate of the bond for 2 years to 2.90% by 383bp; The investor’s application date for backsale is March 8, BBB 0, March 10, the backsale price is 100 yuan, and the exercise date is April 13.

Related bonds: 18 intert MTN001

Yangzhou City Construction State-owned Assets Holding (Group) Co., Ltd. issued a notice that on March 5, the company transferred assets free of charge to complete the registration of industrial and commercial changes. After the completion of the transfer, the company still holds 55% of the equity of Xinsheng Company, and still has actual control over Xinsheng Company, which is included in the scope of the consolidated statement.

Related bonds: 21 Yangcheng Construction CP001

Beijing Huaye Capital Holding Co., Ltd. said in a statement that it recently received a written execution order from the Beijing No. 3 Intermediate People’s Court. The applicant for execution is CITIC Securities South China Co., Ltd., and Huaye Capital is the subject of execution. There is uncertainty about the impact of this execution case on the profit of the company for the current period and thereafter. The company will fulfill the obligation of information disclosure on the progress of the arbitration announcement in a timely manner in accordance with the relevant provisions.

Related bonds: 17 Huaye Capital CP001

Moody’s issued a report saying that it granted “A1” senior unsecured rating to the guaranteed US dollar bond to be issued by Zhejiang Port Investment and Operation Group Co., Ltd. (A1/ Stable), a wholly-owned subsidiary of Zhejiang Port International Co., Ltd. The bond is guaranteed by Zhejiang Port Investment and Operation Group Co., Ltd., with a “stable” rating outlook. Proceeds from the bond issue are planned to be used mainly to refinance existing debt and the rest to expand its international business.

Dagong International issued A report that determined that Huayang New Materials Technology Group Co., Ltd. ‘s main long-term credit rating to maintain “AAA”, rating outlook to maintain stability, “20 Yangcoal CP016”, “20 Yangcoal CP017”, “20 Yangcoal CP020” credit rating to maintain “A-1”.

Related bonds: 20 Yangmei CP016, 20 Yangmei CP017, 20 Yangmei CP020

Nanjing Future Science and Technology City Economic Development Co., Ltd. issued a notice that the actual company’s special community science and technology business center project in 2018, 2019 and 2020 operating activities did not generate cash flow, cash flow has not reached the forecast level for three consecutive years. The main reason why the net cash flow generated by business activities did not reach the predicted value is that the project was stopped for some reason and failed to be completed and accepted on time.

Related bonds: 17 Zijin Technology PRN001

(Xin Xin Jingwei APP)

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