corporate bonds
What about solvency?
1. Profit-making companies are not necessarily better than loss-making companies: small companies, in particular, have strong financial adjustment ability and are profitable, which does not mean that there is no problem in repaying principal and interest. The key depends on the company's debt structure, liquidity, operating cash flow and asset liquidity. We should also avoid profitable corporate bonds with negative cash flow.
2. Having a guarantee does not necessarily mean that there is no worry about repaying the principal and interest, especially the equity guarantee of the company's shareholders. When the company goes downhill, the value of equity may be greatly reduced. In addition, the guarantee of the guarantee company is not reliable, so the profit-making guaranteed corporate bonds at this stage are not necessarily better than the unsecured loss-making corporate bonds in debt service.
3. Land, real estate, financial pledge and bank liquidity commitment are reliable forms of mortgage guarantee, such as122541122902 bonds. 12254 1 Although it is not a city investment bond, its mortgage guarantee and bank support make me feel double insurance.
4. The ratio of bond amount to total assets, net assets and working capital: in total assets, we should also pay attention to its liquidity. Some companies have a small total share of bonds, accounting for only a small part of the company's total assets. Even if there is no guarantee, the actual risk of such corporate bonds is very small.
5. Transaction opportunity cost of loss-making corporate bonds and its expected annualized expected rate of return: learn to identify risks and opportunities of loss-making corporate bonds. Chaori debt has been closed for customers, and the situation of Chaori company is unknown. I don't know if there is any chance to turn over in the future. This debt was originally intended as a souvenir, but it was finally sold. Because Chaori was insolvent, all the shares of the entrepreneurial father and daughter were pledged. The company itself is difficult to turn around, and the assets receivable are abroad. But the situation of 122 1 15 is completely different. The company's assets are of good quality, with abundant liquidity (5 billion yuan), and its accounts receivable are the same as those of central enterprises such as Huadian and Huaneng. The largest shareholder of the company is also a state-owned enterprise, belonging to the new energy industry protected by the state, and it is only 17 from the resale date. There are also non-tradable shares such as venture capital, and 20 14 will be lifted. Even if the rating is downgraded to AA, the rating outlook is stable and can be pledged. Therefore, I always think that the security level of1221kloc-0/5 should be at a medium level among all bonds. However, if Huarui Company loses 20 13, 122 1 15 cannot be traded for half a year.
6. State-owned debt, mixed debt and private debt: These are the factors that must be considered in debt service under the China system. Small, featureless and innovative private debt can only rely on the enterprise itself. For example, the Huarui debt that I have been paying attention to is the intermediate level of the wind power industry (thermal power first, hydropower second, wind power third and nuclear power fourth). According to the national development plan, it will be 20 15 years, so even CCB12210/5 will be able to recover the face value of 100 yuan+interest by February next year, and 17 months is expected to be annualized at the current price.