According to today's market news, three private housing enterprises, Longhu, Country Garden and Midea Real Estate, will issue RMB bonds one after another from this week, and the sponsors will also issue credit protection tools including credit default swaps (private CDS) or credit risk mitigation certificates (CRMW) to help private housing enterprises gradually restore the financing function of the open market.
The above three real estate enterprises all told CBN that the news that the company intends to issue financing instruments is true.
On the same day, official website of Shenzhen Stock Exchange showed that the first credit protection certificate business of private housing enterprises in the market landed today. This business was jointly initiated by CSI with its own funds and CITIC Securities, with Chongqing Longhu as the core enterprise and supporting ABS issuance in the supply chain.
The insiders believe that exploring market-oriented credit protection tools will help guide the market to restore investment confidence in private enterprise bonds, improve the financing environment of private enterprises and contribute to the healthy development of private enterprises.
Three housing companies took the lead in testing water.
Good news suddenly came from the long-depressed housing financing market.
The reporter learned from Country Garden that under the guidance of the central high-level officials and the promotion of the CSRC, the exchange actively promoted the open market financing of high-quality private real estate enterprises. The bonds issued this time are corporate bonds (Phase I) issued by Country Garden Real Estate Group Co., Ltd. for professional investors in 2022. The issuance scale does not exceed 500 million yuan, and the issuance period is 65,438+0,654,38+0 years.
It is reported that the bond will be enhanced by CITIC Jiantou Securities and China Securities Finance Company * * *, with an estimated credit enhancement amount of 200 million yuan. At the same time, this corporate bond is expected to be listed on the exchange on May 17, and the bookkeeping filing time will be no later than May 20, which will promote the establishment of CDS (Credit Protection Tool) as soon as possible.
In Longhu, the first credit protection certificate business of private housing enterprises in today's market was jointly established by CSI Finance and CITIC Securities with its own funds, which will support the ABS issuance of supply chain with Chongqing Longhu as the core enterprise and serve the financing of upstream suppliers. It is planned to create no more than 40 million yuan in cash bonds and support the reference bond issuance scale of 400 million yuan.
Midea real estate did not disclose details such as the specific amount of bonds issued and the issuance time. As of press time, Country Garden rose 10.4 1% to HK$ 4.88; Midea's real estate rose 7.89% to HK$ 65,438+05.04; Longhu Group rose 4.83% to HK$ 38.
Different from the past, the establishment of credit guarantee tools has become the highlight of this housing financing.
Previously, the exchange has been actively exploring the pilot work of credit protection tools. At the beginning of April, at a forum held by Shanghai and Shenzhen Stock Exchanges, relevant persons of the exchanges said that they would guide the market to restore investment confidence in private enterprise bonds, improve the financing environment of private enterprises and help them develop healthily through market-oriented credit protection tools.
Guotai Junan Securities said at the meeting that with the economic transformation in China, credit default incidents are increasing day by day, and some enterprises, especially private enterprises, have difficulty in financing and the financing cost is high. Bond issuers have realistic demand for underwriters to provide them with credit enhancement services. At the same time, apart from selling positions in the secondary market, bond investors lack effective credit derivatives to control credit risk, which limits the financing of private enterprises to some extent.
Through the mode of "credit protection of issuing bonds", the efficiency of issuing bonds can be significantly improved and the financing cost can be optimized to varying degrees. The credit protection tool business of the exchange can better promote the bond financing of private enterprises.
On May 1 1, China Securities Regulatory Commission issued a document in official website, saying that the bond market of the exchange launched a special support plan for private enterprise bond financing to stabilize and promote private enterprise bond financing.
It is reported that the special support plan for private enterprise bond financing is implemented by China Securities Finance Co., Ltd. with its own funds. Through cooperation with bond underwriting institutions, it is in line with the national industrial policy and strategic direction to create credit protection tools, increase credit and support private enterprise bond financing with market, prospect and technical competitiveness.
Boost the financing confidence of private enterprises
Thanks to the credit protection tools, the outflow financing scheme of the three housing enterprises once again reflects the importance attached by the supervision to the financing of private housing enterprises and the practical promotion of dredging the financing channels of private enterprises.
Since August last year, the financing environment of housing enterprises has greatly cooled down. The credit rating of the real estate industry has been affected by the increasing management of operating loans and channel financing business by many departments and the explosion of positions by many real estate enterprises. Overseas financing and domestic financing were tightened at the same time, and some banks withdrew their loans in advance for fear of default of real estate corporate bonds.
According to the statistics of TF Securities, in July of 20021year, Huayu, Rongxin, Wantong, Sunshine City, New Hope, Xinli and Zhongnan Construction issued bonds. After entering August, the issuance of bonds by Zhongwei private housing enterprises decreased significantly. Only general private enterprises such as Pearl River Investment issue bonds, while high-quality private enterprises such as Binjiang, Longhu, Xuhui and Country Garden issue bonds.
In June last year, 5438+065438+ 10, the Inter-bank Dealers Association held a symposium on housing enterprises, indicating that relevant business entities can restart financing tools such as winning the bid and short-term financing. Since then, a number of central enterprises, state-owned enterprises, city investment companies, and high-quality private enterprises such as Longhu and Country Garden have been allowed to register and issue winning tickets, and housing enterprises such as Longguang, New Hope and Xuhui have also taken financing actions.
On June 65438+1October 65438+July this year, Longhu Group announced that Chongqing Longhu Enterprise Development Co., Ltd., an indirect subsidiary of the company, publicly issued corporate bonds in 2022 (the first phase) to professional investors, and the issuance scale did not exceed 2.8 billion yuan.
/kloc-in may, 2006, longhu again issued the prospectus for corporate bonds in 2022 (the second phase), with the issuance scale not exceeding 500 million yuan, with the option of investors to sell back at the end of the third year and the option of issuer coupon rate to adjust.
But on the whole, most of the housing enterprises that can successfully issue bonds are a few high-quality private enterprises, and the overall financing situation of housing enterprises is still not optimistic. According to Far East credit statistics, in April, the real estate industry issued bonds of 60.224 billion yuan and repaid bonds of 90.923 billion yuan. The net financing amount of the real estate industry through the bond market is-30.699 billion yuan.
Ke Rui also said that the current industry risks are not clear, and the impact of the epidemic is superimposed. Policy transmission is not as good as expected, and corporate financing recovery is still slow. The financing amount of housing enterprises is still significantly lower than that of 202 1.
"Three private housing enterprises have publicly issued bonds, which has boosted the financing confidence of current housing enterprises." Wang Xiaoyu, chief analyst of Zhuge Housing Search Data Research Center, believes that under the current demand-side policy stimulus, the market has not recovered as expected, and many housing enterprises have not completely got out of the financial difficulties. The official financing support for private enterprises has improved the confidence of other housing enterprises and industries in the industry.
Yu Xiaoyu, research director of Han Yizhiku, said that this policy is more like releasing a positive signal. Only when enterprises are safe, stable and high-quality, can they obtain policy inclination. These three housing enterprises have good fundamentals and a high margin of safety. If the enterprise has a big problem, it is difficult to enjoy the support of the policy at present, and it can only benefit when the market improves.