0 1
"18 ruyi 0 1" is sold back by default.
In recent days, the question of whether "18 ruyi 0 1" violates the contract has been lingering in the bond circle.
September 18 is the redemption date of "18 ruyi 0 1" under Shandong Ruyi Technology Group Co., Ltd. (hereinafter referred to as "Ruyi Group"). However, investors did not receive the resale money and did not see any announcement that day.
It is reported that some market participants said that Ruyi Group transferred the interest of "18ruyi 01"1.185 billion yuan at the "last moment", but investors did not receive it.
Just when the outside world thought that "18 ruyi 0 1" was silent, ruyi group issued a resale announcement.
On September 2 1 day, Ruyi Group announced that the resale amount of "18ruyi 0 1" was12.05 million yuan, and the company decided to resell it all from September 2020 to October 23, 2020.
condition clause
"18ruyi 0 1" was issued on September 28th, 20 18, with a duration of/kloc-0.5 billion yuan and 7.9% in coupon rate. The issuer can choose to adjust the coupon rate, and investors can choose to sell it back at the end of the second year and the end of the fourth year. The resale date is September 120.
According to informed sources, Ruyi Group plans to postpone the principal payment of the resale amount of "18ruyi 0 1" for two years, and the coupon will be paid on schedule.
"Looking at the market for small debts" noticed that just before the redemption date of "18 Ruyi 0 1", Ruyi Group chose to disclose the announcement on the private debt platform of the Shanghai Stock Exchange at the end of July, which was criticized by the outside world.
Since March this year, "19 Ruyi Technology MTN001"7500 has defaulted on interest of 75 million yuan, and the debt crisis of Ruyi Group has been made public, and "China Lu" has fallen into a debt quagmire. (Reply "Ruyi" in the background to view the original text)
02
"17 Fuyu 02" pays interest.
Coincidentally, in addition to Ruyi Group, there is Shandong Fuyu Chemical Co., Ltd. (hereinafter referred to as "Fuyu Chemical").
Recently, some investors reported to the small debt market that "17 Fuyu02" should pay interest on September 18, but it is a "three noes" product similar to "18 ruyi 0 1", with no interest payment, no announcement and no movement.
condition clause
"17 Fuyu02" was issued on September 28th, 20 17, with a balance of RMB 200 million and coupon rate 8. 1%, with a term of five years. The issuer has the right to adjust the coupon rate, and investors have the right to choose to sell it back at the end of the third year and the end of the fourth year. The resale date is September 28th, 2020 and the expiration date is 2008.
"Looking at the market for small debts" noticed that on September 14, Fuyu Chemical released the "17 Fuyu 02" interest payment announcement, and there was no news after that. "Small debt depends on the market" telephone contact with Fuyu Chemical and the main contractor Guohai Securities for verification, but no positive reply was received.
In March this year, before "17 Fuyu 0 1" paid interest, Fuyu Chemical held a meeting of holders, and put forward proposals such as amending the rules of the meeting of holders and increasing the default clauses of bonds. Since then, Fuyu Chemical's bond information disclosure object has been adjusted to the information disclosure area of SSE Bond Information Network for qualified institutional investors or bondholders.
"Same formula, familiar taste", this operation is exactly the same as Ruyi Group.
According to statistics, at present, Fuyu Chemical has three bonds with a scale of 600 million yuan, all of which will expire in 2022. It is worth noting that the auction system of these three bonds has been suspended since August 2, 2065438, and the trading on the fixed income platform is normal.
At the beginning of this year, due to the increased payment risk and decreased solvency, Dagong International listed Fuyu Chemical and "17Fuyu 0 1", "17Fuyu 02" and "17Fuyu 03" on the credit watch list.
According to public information, Fuyu Chemical was established in March 20 12, located in Hekou District, Dongying City, Shandong Province. It is a private enterprise, and its main products include gasoline, diesel, propylene and liquefied gas.
Since 20 18, the international crude oil price has continued to rise, the cost of refining enterprises has increased greatly, and the profit margin has been compressed; Although the price of crude oil fell later, the supply of oil refining enterprises exceeded demand, and the price of products fell sharply.
Affected by industry factors, Fuyu Chemical's profitability declined, and its net profit declined for two consecutive years. Due to the delay in disclosing the 20 19 annual report, the financial report data still stays in the 20 19 interim report.
In 20 18, Fuyu chemical realized a net profit of 564 million yuan, down13.34% year-on-year; 20 19 The net profit returned to the mother in the first half of the year was 326 million yuan, down 1 1.74% year-on-year.
By the first half of 20 19, Fuyu Chemical had total assets of 5.892 billion yuan, total liabilities of 2.206 billion yuan and net assets of 3.686 billion yuan, and its debt structure was mainly current liabilities.
During the same reporting period, the current liabilities of Fuyu Chemical were 65.438+60.6 billion yuan, mainly short-term loans, notes payable and accounts payable, and the short-term liabilities due within one year were 807 million yuan.
However, compared with short-term liabilities, Fuyu Chemical's liquidity is tight, and there are 974 million yuan of monetary funds in the account, nearly half of which are restricted funds that cannot be used, so the short-term risk of debt is greater.
In terms of indirect financing, as of the end of June, 20 19, the total credit of Fuyu Chemical Bank was15.96 million yuan, and the unused bank credit was only 99 million yuan, which shows that its reserve fund is small and its financial flexibility is poor.
In terms of liabilities, Fuyu Chemical also has 600 million yuan of non-current liabilities, all of which are bonds payable. Its overall interest-bearing liabilities are 65.438+0.407 billion yuan, mainly short-term interest-bearing liabilities, and the proportion of interest-bearing liabilities is 64%.
Profits are declining, funds are tight, and the external financing of Fuyu Chemical is not smooth. After 20 17, no new bonds were issued, and the financing channels were narrow. It can be said that Fuyu Chemical is in a financial dilemma.
In addition, as a refining enterprise in Shandong, Fuyu Chemical is caught in the risk whirlpool of "mutual insurance circle". The scale of its external guarantee is large, and most of the guaranteed enterprises have broken their promises, so there is a great compensation risk in their external guarantee.
By the end of June, 2065438+2009, the balance of external guarantee of Fuyu Chemical was 468 million yuan, of which Shandong Wang Shuang Rubber and Shandong Lu Yu Sitong were affiliated companies of Fuyu Chemical, with guarantee amounts of 95 million yuan and 205 million yuan respectively.
It is reported that the loan guaranteed by Fuyu Chemical for Lu Yusitong has been overdue, and CITIC Bank Dongying Branch has frozen the deposit of 50 million bank acceptance bills of Fuyu Chemical, which has led to bank acceptance advances and lawsuits.
Due to the financial loan dispute with China Bank Guangrao Sub-branch, many assets of Shandong Wang Shuang Rubber were seized. In addition, the financial loan contract dispute between Wang Shuang Rubber and China Merchants Bank Jin 'an Sub-branch led to the seizure, seizure and freezing of the deposits or equivalent assets of/kloc-0.8 million of the defendants, such as Fuyu Chemical.
At present, Fuyu Chemical has been applied for execution by creditors for many times. In fact, the controller Zhang Mingfeng and shareholders have been included in the executor, and Zhang Mingfeng has been restricted from high consumption many times.
"Looking at the market for small debts" notes that Fuyu Chemical has involved many lawsuits, and there have been dozens of judgment documents since 20 18, including 18 cases involving "financial loan contract disputes".
Generally speaking, in 20 19, Fuyu Chemical was dragged into the debt quagmire by the "guarantee circle", followed by litigation, height limit, stock right freeze and other negative aspects, and fell into debt crisis.
03
Shandong "mutual insurance circle"
It is worth noting that Ruyi Group and Fuyu Chemical are both private enterprises in Shandong, and both of them are involved in the local "guarantee circle".
According to statistics, the balance of external guarantee of Ruyi Group is 210.60 billion yuan, including "Ling Hua Department"10.235 billion yuan, "Yulong Department" 580 million yuan and "Zhong Yi Department" 200 million yuan.
Among them, most of the guarantee enterprises of Ruyi Group are "mutual insurance" private enterprises, and some enterprises have been included in the list of untrustworthy enforcers for many times. Ruyi Group has the risk of guarantee compensation.
Since 20 18, many enterprises above designated size in Shandong have defaulted on their debts, which has had a negative impact on the local credit environment. The contraction of credit policy has led to an increase in the liquidity risk of individual enterprises within their jurisdiction.
Nowadays, some of these private enterprises, such as Dahai Group, Shandong Jinmao and Shengtong Group, are still in bankruptcy and reorganization.
Ruyi Group and Fuyu Chemical, which have not been reorganized, are still struggling to resolve huge debts, but debt default has become more and more secret and silent.