15 huayang economic and trade MTN00 1 The total scale is 800 million, with coupon rate accounting for 4.8%. Among them, 750 million investors chose to sell back, and only 50 million investors did not choose to sell back. The expiration date is September 30, 2020.
On September 30, Lianhe Credit downgraded Huayang's economic and trade subject rating from AA to CC, which was fast enough and in one step.
Also a rating agency, Dagong International gave Huayang's economic and trade subject AA+ a rating on June 25th this year. After the breach of contract, Dagong International did not follow up to downgrade the subject rating.
Generally speaking, there will always be some clues before the bond defaults, and there will always be some signs of capital shortage. Just like Guangxin, the old bond drivers questioned Dagong's upgrade of its rating, believing that Guangxin would default sooner or later, and eventually it would.
However, Huayang Economic and Trade is not on the list of potential mine explosions recognized by old bond drivers, and there is no sign of imminent default.
The most amazing thing is that, since 18, Huayang Economic and Trade has successfully issued 5 billion short-term financing/ultra-short-term financing, and less than half of the newly issued 5 billion funds are used to borrow the new and return the old. I have to admire that this company is too confident.
It is difficult to issue bonds with low and medium ratings this year. There should not be many issuers like Huayang Economic & Trade who can issue 5 billion bonds only with AA subject rating.
What kind of company is this special issuer? According to the ultra-short financing of Huayang Economic and Trade 18, the actual controller of Huayang Economic and Trade is the Asset Management Center of the China Council for the Promotion of International Trade, which holds 60% of the shares of China Huayang Economic and Trade Group Co., Ltd.
On September 2018 15, China-Venezuela Economic and Trade Cooperation Forum and China-Venezuela Bilateral Entrepreneur Council Meeting were held in Beijing. Gao Yan, President of China Council for the Promotion of International Trade, attended and delivered a speech. It is understood that this is Gao Yan's first public appearance as the president of China Council for the Promotion of International Trade. Like former President Jiang Zengwei, they both served as vice ministers of commerce.
According to the official website of CCPIT, the Asset Management Center is indeed a directly affiliated institution of CCPIT, but Huayang Economic and Trade is not found in the column of enterprises directly affiliated to CCPIT.
It is hard to say whether the asset management center under the group organization can be used as a reason to claim to be a central enterprise.
There are not a few companies in Beijing that like to play ambiguous games. Sometimes selling dog meat by hanging sheep's head can also be popular, and the prices of many junk bonds are still very low.
In addition to 15, huayang economic and trade MTN00 1 defaults, according to the relevant information of the enterprise early warning APP, huayang economic and trade still has 8.683 billion bonds to be repaid, including 5.62 billion bonds in one year, 50 million bonds in 1-3 years and 301300 million bonds in 3-5 years. Short-term debt repayment pressure is very great. Its 18 annual report disclosed total liabilities of 23.406 billion.
Source: Enterprise Early Warning Application
As of March 3 1 2065438, the credit line of Huayang Economic and Trade Co., Ltd. totaled 10825 million, the used credit line was 895 10/00000, and the unused credit line was only 1874 million, among which the credit lines of AVIC Trust and Bohai Bank were the largest, and Huayang Economic and Trade Co., Ltd. had little room to put into use.
From the details of Huayang's economic and trade business income, it can be seen that in the past three years, the income from the trade sector accounted for about 80%, and the net profit went to the parent10.86 million, 16 years 802 million, 15 years 852 million. Which financial report is the biggest, are you interested in receiving Huayang Economic and Trade? The net profit is so high.
Generally speaking, without core technology, it is increasingly difficult for trading enterprises to earn the difference. The most terrible thing is that the issuer's main business has a low profit margin or does not make money. Even if a white knight comes to the rescue, it is difficult to explain clearly how to pay back the money.
In addition to huge debts, Huayang Economic and Trade has many projects under construction, which is the dream of Huayang Economic and Trade. According to its prospectus, after the completion of Huafeng Phase II and Phase III, it is estimated that the annual sales revenue will reach more than 25 billion.
This is a good point. Then you can tell a story to your creditors. With such a large sales income, it's no problem to return your little money. Give me some credit and I'll pay you back as soon as I make money.
It's been a week since September 30, and maybe people have raised money. Can we have a surprise technical breach of contract? Let's wait and see.
It's hard to do this year. One big thunder after another, the fried financial dogs have tinnitus. Download the enterprise warning APP. With it in hand, you won't worry. Breach of contract, early detection and early treatment.