Zhongxin Jingwei, February 16 (Xinhua) on the 16th, most Shibor short end varieties went up. Overnight varieties rose 13.5bp to 1.942%, 7-day period rose 5.7bp to 2.057%, 14 day period rose 2bp to 2.028%, and one month period fell 0.8bp to 2.34%. From the news side, what announcement news in the bond market is worth paying attention to? Jingwei Jun combs for you one by one.
quick view of announcement
Ministry of Finance: in 2022, the amount of local bonds approved in advance was 1.79 trillion yuan, including 1.46 trillion yuan of special bonds
Central bank: carry out 300 billion yuan one-year MLF operation and 10 billion yuan seven-day reverse repurchase operation
China stock market news: “Dongcai Zhuan 3” creditors should pay attention to converting shares within the time limit
Rongxin (Fujian) Investment Group: adjust the appropriateness arrangement of corporate bond investors such as “19 Rongxin 01”
Fujian Sunshine Group: “21 Fujian sunshine scp004” failed to replenish the assets in the pool
China Fortune Land Development Co.Ltd(600340) : “18 Huaxia 06” and “18 Huaxia 07” continue to be suspended
Xiangsheng holding group: Moody’s withdrew its “caa2” business family rating for its own commercial reasons
Risesun Real Estate Development Co.Ltd(002146) : Moody’s withdrew its “caa2” business family rating due to lack of information
Sichuan stock exchange: Moody’s withdrew its “baa1” issuer rating for its own commercial reasons
AVIC International: Fitch raised its default rating of long-term local and foreign currency issuers to “a” and looked forward to “stability”
Jinluntiandi Holdings: Moody’s withdrew its “caa1” business family rating for commercial reasons
Zhengrong real estate: Moody’s and Fitch both lowered their ratings
Longguang group: Moody’s adjusted its business family rating to “ba3” and included it in the negative watch list
Zhongliang Holdings: at the request of the company, S & P withdrew its “B” long-term issuer credit rating
Standard & Poor’s credit rating: the maturity amount of Chinese bonds of 116 sample real estate enterprises in 2022 is about 230 billion yuan
key news tracking
1. Ministry of Finance: the amount of local bonds approved in advance in 2022 is 1.79 trillion yuan, including 1.46 trillion yuan of special bonds
On February 14, the government debt research and evaluation center of the Ministry of Finance released the data of local debt issuance in January. Approved by the State Council and reported to the Standing Committee of the National People’s Congress for the record, the Ministry of Finance issued in advance the new local government debt limit of 1788 billion yuan in 2022, including 328 billion yuan of general debt limit and 1460 billion yuan of special debt limit.
2. Central bank: carry out 300 billion yuan one-year MLF operation and 10 billion yuan seven-day reverse repurchase operation
On February 15, the central bank launched the medium-term lending facility (MLF) operation of 300 billion yuan (including the renewal of the MLF due on February 18), and the bid winning interest rate was 2.85%; Carry out RMB 10 billion 7-day open market reverse repurchase, and the bid winning interest rate is 2.10%.
3. China stock market news: “Dongcai Zhuan 3” creditors should pay attention to converting shares within the time limit
On February 14, the convertible bond market recorded the second largest one-day decline since 2017, and the CSI convertible bond index fell 3.01%. On February 14, China stock market news announced that according to the arrangement, the company will forcibly redeem the “Dongcai Zhuan 3” that has not been converted into shares after the closing of the market on February 28 at the price of 100.18 yuan / piece. After the redemption, the “Dongcai Zhuan 3” will be delisted from the Shenzhen Stock Exchange. At present, the secondary market price of “Dongcai Zhuan 3” is quite different from the redemption price. If investors do not convert shares in time, May face losses, especially remind bondholders to convert shares within the time limit.
Related bonds: Dongcai Zhuan 3
4. Rongxin (Fujian) Investment Group: adjust the appropriateness arrangement of “19 Rongxin 01” and other corporate bond investors
On February 16, Rongxin (Fujian) Investment Group Co., Ltd. announced that in order to better protect the interests of investors and maintain the smooth operation of the market, the company applied to adjust the investor suitability arrangements of corporate bonds “19 Rongxin 01”, “19 Rongxin 02”, “20 Rongxin 01”, “20 Rongxin 03”, “21 Rongxin 01” and “21 Rongxin 03” which are still in existence. After this adjustment, the above bonds can only be purchased by institutional investors among professional investors. Individual investors among the professional investors who originally held the above bonds can choose to hold the bonds to maturity or sell them. Relevant adjustments will take effect from February 17, 2022.
Related bonds: 19 Rongxin 01, 19 Rongxin 02, 20 Rongxin 01, 20 Rongxin 03, 21 Rongxin 01, 21 Rongxin 03
5. Fujian Sunshine Group: “21 Fujian sunshine scp004” did not make up the pool assets
On February 14, Fujian Sunshine Group Co., Ltd. announced that due to the decline in the share price of Yango Group Co.Ltd(000671) group and the passive reduction of Yango Group Co.Ltd(000671) group shares by sunshine group, the passive reduction of shares totaled 103.1255 million shares. As of January 26, 2022, the asset pool value has been lower than 1.2 times of the principal and interest of “21 Fujian sunshine scp004” for 60 consecutive working days, that is, the debt repayment guarantee commitment clause is triggered on that day. As of February 11, 2022, sunshine group failed to make up the assets in the pool as agreed.
Related bonds: 21 Fujian sunshine scp004
6, China Fortune Land Development Co.Ltd(600340) : “18 Huaxia 06” and “18 Huaxia 07” continue to be suspended
On February 14, China Fortune Land Development Co.Ltd(600340) announced that at present China Fortune Land Development Co.Ltd(600340) is actively promoting the implementation of matters related to the debt restructuring plan under the guidance and support of provincial and municipal governments and special classes. The repayment arrangement of the above bonds will be coordinated under the debt restructuring plan, and the subsequent company will cooperate with the trustee The debt Commission and other relevant parties jointly negotiate and promote the specific repayment arrangements of the above bonds. At present, some bondholders have signed the “18 Huaxia 06” and “18 Huaxia 07” debt restructuring agreements. As the above matters are still advancing, “18 Huaxia 06” and “18 Huaxia 07” will continue to be suspended, and the specific resumption time shall be subject to the announcement of the company.
Related bonds: 18 Huaxia 06, 18 Huaxia 07
7. Xiangsheng holding group: Moody’s revoked its “caa2” business family rating
On February 16, Moody’s reported that for its own commercial reasons, Moody’s decided to withdraw the “caa2” business family rating and “caa3” senior unsecured bond rating of Xiangsheng Holdings (Group) Co., Ltd., and the outlook was “negative” before the withdrawal of the rating.
Related bonds: Xiangsheng holding group 12% n20230818
8, Risesun Real Estate Development Co.Ltd(002146) : Moody’s revoked its “caa2” business family rating due to lack of information
On February 16, Moody’s reported that because Risesun Real Estate Development Co.Ltd(002146) did not have enough or sufficient information to maintain the relevant rating, Moody’s decided to withdraw its “caa2” business family rating, and the outlook was “negative” before the withdrawal of the rating.
Related bonds: 20 Rongsheng real estate ppn001
9. Sichuan stock exchange: Moody’s withdrew its “baa1” issuer rating for its own commercial reasons
On February 14, Moody’s reported that for its own commercial reasons, Moody’s decided to revoke the “baa1” issuer rating of Sichuan Communications Investment Group Co., Ltd., and the outlook was “stable” before the revocation of the rating.
10. AVIC International: Fitch raised its default rating of long-term local and foreign currency issuers to “a” and looked forward to “stability”
On February 14, Fitch reported that it raised the long-term foreign currency and local currency issuer default rating and senior unsecured rating of China Aviation Technology International Holdings Co., Ltd. from “a -” to “a” and looked forward to “stability”. In addition, the above ratings have been removed from the rating criteria watch list (UCO).
Related bonds: 21 AVIC Y1
11. Jinluntiandi Holdings: Moody’s withdrew its “caa1” business family rating for commercial reasons
On February 14, Moody’s announced that for commercial reasons, the “caa1” corporate family rating and “caa1” senior unsecured rating of jinluntiandi Holdings Co., Ltd. were revoked. Prior to the withdrawal of the rating, the company’s rating outlook was “negative”.
Related bonds: jinluntiandi holding 16% n20230711
12. Zhengrong real estate: Moody’s and Fitch both lowered their ratings
On February 14, Moody’s announced that it lowered the corporate family rating of Zhengrong Real Estate Group Co., Ltd. from “B1” to “B3” and the senior unsecured rating from “B2” to “caa1”; The rating outlook was adjusted from “stable” to “negative”. On February 15, Fitch released a report that it lowered the long-term issuer default rating (IDR) of Zhengrong real estate from “B +” to “B”, lowered its senior unsecured rating from “B +” to “B”, and rated the recovery rate as “RR4”; The above ratings are included in the negative rating watch list.
Related bonds: Zhengrong real estate 7.125% n20220630
13. Longguang group: Moody’s adjusted its business family rating to “ba3” and included it in the negative watch list
On February 14, Moody’s announced that it would downgrade the corporate family rating of Longguang Group Co., Ltd. from “Ba2” to “ba3”, and downgrade the company’s senior unsecured rating from “ba3” to “B1”. At the same time, the above ratings were included in the downgrading observation list, and the previous rating outlook was “stable”.
Related bonds: Longguang group 4.7% n20260706
14. Zhongliang Holdings: at the request of the company, S & P revoked its “B” long-term issuer credit rating
On February 14, S & P announced that it would withdraw its “B” long-term issuer credit rating at the request of Zhongliang Holding Group Co., Ltd; Prior to withdrawal, the rating outlook was “negative”.
Related bonds: Zhongliang holding 12% n20230417
15. S & P credit rating: 116 sample real estate enterprises, the maturity amount of Chinese bonds in 2022 is about 230 billion yuan
According to the research report released by S & P credit rating on February 14, the maturity amount of Chinese bonds of 116 sample real estate enterprises in 2022 was about 230 billion yuan, of which March and July were the relative maturity peaks.
(the views in this article are for reference only and do not constitute investment suggestions. Investment is risky and should be cautious when entering the market.)
Copyright Zhongxin Jingwei. No unit or individual may reprint, extract or use it in other ways without written authorization.
