Zhongxin Jingwei, January 20 (Gao Boning) On the 20th, Shibor short-end varieties rose and fell. Overnight varieties were flat on the previous day, at 2.035%, down 1.4bp at 2.113% in a 7-day period, 2.6bp at 2.431% in a 14-day period, and down 0.4bp at 2.418% in a 1-month period. Judging from the news, what announcements and news in the bond market are worth paying attention to? JingweiJun combs through for you one by one.
Announcements at a glance
National Development and Reform Commission: The default of foreign debt of individual housing enterprises will not affect the overall function of the Chinese foreign debt market
Interbank Dealers Association: A total of 131 self-disciplinary sanctions were made in 2021
Huaxia Happiness: The amount of debt involved in signing the debt restructuring agreement with creditors totaled 8.857 billion yuan
Blu-ray Development: Donghai Securities required it to repay the principal and interest of the defaulted bonds of 118 million yuan
Sunshine City: 77.585 million shares held by the controlling shareholder, Sunshine Group, were judicially frozen
Evergrande Group: Shenyang Evergrande Jinbi Left Bank and other projects have been delivered in batches
Tsinghua Unigroup: The reorganization plan was approved by the court
Sunac China: Fitch downgrades its long-term foreign currency issuer default rating
Agile Group: Moody's S&P has downgraded its credit ratings
Xiangsheng Holdings: Fitch downgraded its long-standing foreign currency issuer default rating to CC
Times China Holdings: S&P downgraded its issuer credit rating to B+, with a negative outlook
Yuzhou Hongtu Real Estate: United Credit Adjusts the Credit Rating of Its Subjects and Related Debts to AA
Hopson: Moody's revokes its corporate family rating
Yuzhou Group: Fitch downgraded its long-term foreign currency issuer default rating to C
News tracking
1. National Development and Reform Commission: The default of foreign debt of individual housing enterprises does not affect the overall function of the Chinese foreign debt market
On January 18, Jin Xiandong, director of the Policy Research Office of the National Development and Reform Commission, said at a press conference that last year, a few high-leverage real estate enterprises defaulted on foreign debt due to their own business problems, resulting in a brief panic in the real estate sector of the Chinese foreign bond market, which is a self-regulation of the market and will not affect the overall function of the Chinese foreign bond market. In the long run, the Chinese foreign bond market will further mature and improve.
2. Interbank Dealers Association: A total of 131 self-discipline sanctions were made in 2021
On January 20, the Interbank Dealers Association released the 2021 annual self-discipline sanctions. It is reported that in 2021, there were a total of 131 self-discipline sanctions, including 52 times for issuers, 2 times for credit enhancement agencies, 6 times for lead underwriters, 1 time for accounting firms, 1 time for rating agencies, 5 times for other institutions, and 64 times for individuals.
3. Huaxia Happiness: The amount of debt involved in signing the debt restructuring agreement with creditors has accumulated 8.857 billion yuan
According to the announcement on the progress of debt restructuring issued by Huaxia Happiness, as of January 19, the Debt Restructuring Agreement signed by the company and its subsidiaries and relevant creditors involved a total of 8.857 billion yuan in debt and its subsidiaries, and the total amount of debt relief and penalty exemption was 547 million yuan, accounting for 14.91% of the company's latest audited net profit attributable to the company's shareholders of 3.665 billion yuan. Among the above-mentioned debts that have signed the Debt Restructuring Agreement, the debt amount of bonds and debt financing instruments is 8.407 billion yuan, and the amount of other financial debts is 450 million yuan, all of which are subject to the repayment method of "redemption", "offsetting" and "receiving".
Related Bonds: 20 Happiness 01
4. Blu-ray Development: Donghai Securities requires it to repay the principal and interest of 118 million yuan of defaulted bonds
On January 18, Donghai Securities issued an announcement involving litigation, saying that on July 16, 2019, Donghai Securities purchased the bonds involved in the RMB100 million case and held them so far, and had paid the corresponding amount in full. The unpaid Blu-ray bond at maturity constituted a substantial default, so Donghai Securities filed a lawsuit with the Chengdu Intermediate People's Court of Sichuan Province, demanding that Sichuan Blu-ray Company pay the principal, interest and late fees of the bond totaling about RMB1.184 billion.
Related bonds: 20 Blu-ray 04
5. Sunshine City: 77.585 million shares held by the controlling shareholder, Sunshine Group, were judicially frozen
On January 19, Sunshine City announced that on January 19, the company received a notification letter from Fujian Sunshine Group Co., Ltd., the company's controlling shareholder, and learned that 77.585 million shares of the company held by it had been judicially frozen by the Fuzhou Branch of China CITIC Bank, accounting for 11.49% of its shares and 1.87% of the company's total share capital.
Related bonds: 21 Sunshine City MTN001
6. Evergrande Group: Shenyang Evergrande Jinbi Left Bank and other projects have been delivered in batches
On January 17, Evergrande Group's WeChat public account released an article saying that since January, Shenyang Evergrande Jinbi Left Bank, Shantou Evergrande Jinbijiang Bay, Zhaoqing Evergrande City, Zhongshan Evergrande Royal Palace, Yong'an Jade Huating, Daqing Evergrande Royal Lake Manor, Qingyuan Evergrande Jinbi Tianxia, Baotou Evergrande Royal Palace, Tianfu Evergrande Cultural Tourism City, Dalian Evergrande City Light, Xinzheng Evergrande Yuelong Bay, Baoji Evergrande Royal Bay and other projects have been delivered in batches. The article also said that as of the end of December, Evergrande's national resumption rate was 92.9%, and 37,899 units were completed in December. According to the plan, Evergrande Group will hand over 30,000 units in January.
Related bonds: 20 Evergrande 01
7. Tsinghua Unigroup: The reorganization plan was approved by the court
On January 17, the administrator of Tsinghua Unigroup Co., Ltd. received the Civil Ruling served by the Beijing No. 1 Intermediate People's Court. According to the Civil Ruling, the Beijing First Intermediate People's Court ruled to approve the reorganization plan of the substantive merger and reorganization of seven enterprises, including Tsinghua Unigroup Co., Ltd., and to terminate the reorganization procedures of seven enterprises, including Tsinghua Unigroup Co., Ltd.
Related bonds: 19 Unigroup 01
8. Sunac China: Fitch downgraded its default rating for long-term foreign currency issuers
On January 20, Fitch reported that it downgraded the default rating of sunac China Holdings Limited's long-term foreign currency issuer from "BB" to "BB-" and outlook "negative", and downgraded its senior unsecured and outstanding senior unsecured DOLLAR notes from "BB" to "BB-".
On January 20, "20 Sunac 01" and "21 Sunac 03" were traded at intraday prices compared to the previous trading day. The closing price rose by 20% or more for the first time, and both touched the temporary stop.
Related bonds: 20 Sunac 01, 21 Sunac 03
9. Agile Group: Moody's S&P has downgraded its credit rating
On January 18, Moody's announced that it would downgrade agile Group's long-term corporate family rating from "Ba2" to "B1" and its senior unsecured debt rating from "Ba3" to "B2"; the outlook remained negative. On the same day, S&P announced that it would downgrade the long-term issuer credit rating of Agile Group Holdings Limited from "BB-" to "B+" and maintain a "negative" outlook, with the long-term issuance rating of the company's senior unsecured notes downgraded from "B+" to "B".
Related bonds: 16 Yaju 03
10. Xiangsheng Holdings: Fitch downgraded its long-term foreign currency issuer default rating to CC
On 18 January, Fitch announced that it would downgrade the default rating of long-term foreign currency issuers of Xiangsheng Holdings Limited from "B-" to "CC" due to the increased refinancing risk of its recently maturing US dollar bonds.
Related bonds: Xiangsheng Holding Group 12% N20230818
11. Times China Holdings: S&P downgraded its issuer's credit rating to B+, with a negative outlook
On January 17, S&P downgraded the credit rating of the issuer of Times China Holdings Limited from "BB-" to "B+" and the long-term issuance rating of the US dollar notes it guaranteed from "B+" to "B".
Related Bonds: Times China Holdings 5.75% N20270114
12. Yuzhou Hongtu Real Estate: United Credit Adjusts the Credit Rating of Its Subject and Related Debts to AA
On January 18, United Credit announced that the credit ratings of Xiamen Yuzhou Hongtu Real Estate Development Co., Ltd., "19 Yuzhou 01" and "19 Yuzhou 02" were downgraded from "AA+" to "AA", and the rating outlook was adjusted to "negative".
Related bonds: 20 Yuzhou 02
13. Hopson: Moody's revokes its corporate family rating
On January 17, Moody's reported that, for its own business reasons, Moody's revoked Hopson's "B2" corporate family rating. Prior to the revocation of the rating, its rating outlook was "negative".
Related bonds: Hopson Chuangzhan Group 8% CB20230106
14. Yuzhou Group: Fitch downgraded its default rating for long-term foreign currency issuers to C
On January 20, Yuzhou Group announced that it had successfully obtained the support of the vast majority of holders of the exchange notes and all necessary consents required to obtain consent to the notes.
Previously, on January 17, Fitch reported that based on the non-performing debt exchange, the long-term foreign currency issuer default rating and senior unsecured rating of Yuzhou Group Holdings Co., Ltd. were downgraded to "CCC-" and the recovery rate rating remained "RR4".
Related bonds: Yuzhou Group 9.95% N20230608
(Zhongxin Jingwei APP)
(The views in this article are for reference only and do not constitute investment advice, investment is risky, and you need to be cautious when entering the market.) )
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Editor-in-Charge: Wei Wei
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