Following Country Garden, Midea Real Estate and Longhu Group, with the joining of Xincheng Holdings and Xuhui Holdings, the first batch of five "pilot enterprises for private housing enterprises to issue bonds" are now in their prototype.
On May 24th, Xincheng Holdings issued the prospectus for the first issue of medium-term notes in 2022. The first phase is 654.38 billion yuan, with a term of "2654.38+0" years. The credit risk mitigation certificate was jointly created by China Credit Promotion Company and Shanghai Bank, and became the first credit risk mitigation certificate for housing enterprises launched by China Credit Private Enterprise Support Tool. Following Xincheng Holdings, the Beijing News reporter learned that Xuhui Group is applying for a bond issuance quota and will also try the "bond issuance guarantee tool" model, which is currently proceeding as planned and will be officially issued in the near future.
With the above five housing enterprises "early adopters" of credit protection tools, can this new financing model be popularized in private housing enterprises?
Endorsement of "National Team" to Boost Market Investment Confidence
According to the prospectus of the first issue of medium-term notes in 2022 disclosed by Xincheng Holdings, the registered amount of the bonds in this issue is 3 billion yuan, and the first issue of this year is 654.38+0 billion yuan with a term of "265.438+0". China Chengxin International Credit Rating Co., Ltd. gives the issuer a long-term credit rating and debt rating of AAA.
According to official website, China Bond Credit Promotion Company, on May 24th, China Bond Credit Promotion Company and Shanghai Bank jointly created a credit risk mitigation certificate, with a total amount of no more than 654.38+0.3 billion yuan, and the total scale of supporting new town holding financing was no more than 654.38+0.0 billion yuan. This is the first credit risk mitigation certificate for real estate enterprises launched by China Bond Private Enterprise Support Tool.
Different from the previous credit risk mitigation contracts attempted by Longhu, Midea Real Estate and Country Garden, the credit guarantee tool chosen by Xincheng Holdings is the credit risk mitigation certificate, which is endorsed by the "national team".
Kerui pointed out that the credit risk mitigation contracts adopted by the above-mentioned first three housing enterprises belong to credit protection contracts (contracts). Before the contract is reached, the two parties to the transaction sign the master agreement, and submit the contract declaration after reaching an agreement through consultation, and may not circulate and transfer in the secondary market; The credit risk mitigation certificate selected by Xincheng Holdings is created by the initiator and can be traded in the interbank market.
Then, what is the real identity of China Bond Credit Promotion Investment Co., Ltd., which provides "insurance" for the winning tickets of Xincheng Holdings? What is the special significance of its "escort" for the winning ticket of Xincheng Holdings?
According to official website, China Bond Credit Promotion Investment Co., Ltd. is the first professional bond credit promotion institution in China. In September 2009, under the guidance of the People's Bank of China, China Association of Interbank Market Dealers, China Oil and Gas Group Co., Ltd., State Grid Ying Da International Holding Group Co., Ltd., China Sinochem Group Co., Ltd., Beijing State-owned Capital Operation Management Co., Ltd., Shougang Group Co., Ltd. and BOC Investment Asset Management Co., Ltd. initiated the establishment of * * *.
It can be seen that China Bond Credit Promotion Investment Co., Ltd. was established to meet the market demand of developing direct debt financing tools and solving the financing difficulties of low credit issuers, especially small and medium-sized enterprises.
Bai Wenxi, chief economist of IPG China, commented: "Xincheng Holdings issued a third-party credit enhancement ticket, and the credit enhancement tool was jointly built by China Credit Enhancement Corporation and Shanghai Bank. The background of the former' national team' is very clear, which shows that the national team has provided credit support for outstanding private housing enterprises and solved the financing problem, and its intention to promote the recovery of the property market and real estate industry is very obvious. This is equivalent to using policy tools to let the national team pay for insurance, help enterprises reduce financing costs and boost market investment confidence. "
The "bond issuance credit protection" model has landed one after another.
Coupled with the debt issuance plans of Xincheng Holdings and Xuhui, at present, private housing enterprises have successively launched five single credit protection tools.
Previously, Longhu Group took the lead in testing the new model of "corporate bond credit protection tool". On May 16, Longhu Group announced the issuance of the second phase of domestic corporate bonds in 2022, with an issuance scale of 500 million yuan, a term of 3 3 years and an issuance interest rate of 4%. This bond created the first credit protection contract for corporate bonds of private housing enterprises. At the same time, on May 20th, Longhu Group and CITIC Securities-Lianyirong-Xinlian 1 No.2 Special Plan for Supporting Supply Chain Financial Assets (referred to as "Longhu Supply Chain ABS") successfully completed bookkeeping and announced the successful establishment of the first credit protection certificate for private housing enterprises. The total scale of ABS issuance in the supply chain is 402 million yuan, and the priority interest rate is 3.50%. The basic assets are accounts receivable from 306 small and medium-sized suppliers in the upstream of Longhu supply chain. The nominal principal of the corresponding credit protection certificate is 40 million yuan, and the issuance scale of the protection target is 400 million yuan.
On May 20th, Midea Real Estate successfully issued corporate bonds in 2022 (the first phase), with the issuance scale of 654.38+0 billion yuan. Midea Real Estate said that under the guidance of the Shanghai Stock Exchange, China Securities Finance Co., Ltd. and Guotai Junan Securities created a credit protection contract for the bonds, which provided corresponding credit enhancement support, and was also the largest single issuance with the blessing of the first batch of "credit protection tools for private housing enterprises". In the end, the bonds of this issue attracted many institutions to actively subscribe, and the subscription multiple reached 1.36 times, and that of coupon rate was 4.5%.
On the evening of May 20th, Country Garden announced that it had completed the filing of the first phase of corporate bond bookkeeping in 2022. The bond is abbreviated as "22bbi01". China Securities Finance Co., Ltd. and CITIC Jiantou Securities created a credit protection contract, which attracted many institutions including state-owned banks, joint-stock banks and securities companies to actively participate in the bidding, with coupon rate accounting for 4.5%.
Regarding the utility of credit protection tools, Crewe said that credit protection tools can separate credit risk from market risk, achieve the purpose of dispersing risks and reduce the systemic risk of the overall market. For housing enterprises, the use of credit protection tools will effectively expand the direct financing scale of high-quality housing enterprises; At the same time, it can also improve the credit rating of bonds and reduce the issuance cost of bonds.
Can private housing enterprises break through the credit dilemma?
Then, why should the regulatory authorities help leading private housing enterprises adopt the mode of "issuing bonds protection tools" at this time?
In fact, the background of the credit protection tool "coming out of the mountain" is precisely based on the difficulty of private housing enterprises to issue bonds. Since last year, a small number of private housing enterprises have defaulted on bonds, which has triggered a credit crisis for private enterprises to issue bonds and made it difficult to raise funds substantially.
From the current point of view, the pilot housing enterprises of credit protection tools are all private leading housing enterprises, and they all have a good rating background and are financially stable. In the future, after leading housing enterprises take the lead in piloting, can credit protection tools be extended to more private housing enterprises? Will it solve the credit problems faced by private housing enterprises?
In this regard, Ke Rui analysts Fang Ling and Yi Tianyu said: "The credit protection tool is only aimed at individual high-quality housing enterprises, and the signal significance of the policy is still greater than the actual pulling effect. The continuous motivation of the subsequent founding institutions remains to be seen. In particular, the current industry risks are still unclear, sales are weak due to the epidemic, and market confidence is difficult to recover quickly in a short time. Whether the problem of financing difficulties for private housing enterprises in the future can be effectively solved remains to be the next policy orientation and market trend. "
Bai Wen Xi believes that these external credit enhancement tools are really urgently needed by private housing enterprises, which solves the problem of credit deficiency of private housing enterprises in capital market financing, provides necessary credit protection and upgrading for private housing enterprises' bond financing, and is actually a credit "bottoming" measure for private housing enterprises to issue bonds. Therefore, although the current credit protection tools involve fewer projects, they reflect the positive and pragmatic signals released by the current policy level.
"The efforts to help private housing enterprises solve the liquidity dilemma with innovative financial tools are naturally worthy of encouragement, but the real recovery of the market requires the active participation of buyers. How to restore market confidence as soon as possible and make the property market active is the core issue that needs to be considered to promote industry recovery. " Bai Wenxi added.