Chinese default exposes creditor anger at political interference
中国违约个案突显债权人不满干预
广州债券翻译公司：投资界人士称，真正的问题是地方政府一方面不再愿意出手纾困，另一方面也不允许破产清算的法律程序。
A series of bond defaults in north-east China is exposing creditors’ frustration at the lack of a transparent process for resolving bad debt as cash-strapped local governments step back increasingly from taxpayer bailouts.
中国东北发生的一连串债券违约使债权人对于缺乏透明的坏债处置过程表露出郁闷。现金拮据的地方政府日趋不愿动用纳税人资金出手纾困。广州债券翻译公司。
President Xi Jinping’s push for “supply-side reform” is centred on cutting excess capacity and paring back credit to so-called zombie companies, many of them state-owned. That is setting up conflicts between creditors and local governments that rely on state factories for employment and tax revenue.
中国国家主席习近平推动的“供给侧改革”的中心内容，是削减过剩产能和减少向所谓的僵尸公司（其中有很多是国有企业）发放信贷。这一努力正使债权人和依赖国营工厂提供就业和税收的地方政府之间产生冲突。
Dongbei Special Steel, majority-owned by Liaoning province, has defaulted seven times on bond principal and interest payments worth Rmb4.8bn ($715m). In March its chairman was found dead.
辽宁省政府拥有多数股权的东北特钢(Dongbei Special Steel)已经七次违约，涉及总计48亿元人民币（合7.15亿美元）的债券本金和利息。今年3月，该公司董事长被发现死亡。广州债券翻译公司。
In a sign of creditors’ mounting frustration, Dongbei Special bondholders circulated a draft petition last week calling on the main bond market regulator to take the unprecedented step of suspending approvals for all Liaoning-based companies.
突显债权人越来越郁闷的一个迹象是，东北特钢债券持有人上周散发了一份请愿书草案，呼吁主要债券市场监管机构采取前所未有的步骤，暂停审批所有辽宁企业的发债申请。
Ivan Chung, head of Greater China credit research at Moody’s in Hong Kong, said: “As there is no standard resolution platform or avenues — for example, court procedures — for bondholders to recover their claims after default, the bondholders may turn aggressive when the issuer is not co-operative.”
穆迪(Moody's)在香港的大中华区信用研究部门负责人钟汶权(Ivan Chung)表示：“由于没有标准的处置平台或渠道——比如法庭程序——可以让债券持有人在违约发生后收回自己的债权，当发行人不合作时，债券持有人可能变得咄咄逼人。” 广州债券翻译公司。
North-east China, which is deeply reliant on state-owned heavy industry, has been the hardest hit by the economic slowdown, and more defaults are expected. How the latest case is resolved could set a precedent for creditor rights in similar cases.
深度依赖国有重工业的中国东北，是近年经济放缓的重灾区，预计还会发生更多违约。最新的违约案如何解决，可能为类似个案中的债权人权利设定先例。
Bonds issued by state-owned enterprises were long considered to carry an implicit guarantee. That perception is changing following a series of SOE defaults over the past year. Overall, 17 Chinese companies have defaulted on domestic bonds in 2016 compared with 18 in 2015, according to Wind Information.
国企发行的债券曾经长期被视为带有隐性担保。过去一年发生一连串国企违约后，这种观念正在转变。万得资讯(Wind Information)的数据显示，总体来看，2016年中国已经有17家企业发生国内债券违约，而2015年全年的数字是18家。
Formal bankruptcies have surged over the past year after years in which debt disputes were mostly resolved through backroom negotiation. But most of those cases involve small, privately owned companies. In cases involving large SOEs, local governments still influence courts away from accepting bankruptcy petitions.
经过多年主要通过幕后谈判解决债务纠纷之后，过去一年正式破产数量飙升。但多数破产案涉及规模较小的私有企业。在涉及大型国企的情况下，地方政府仍然对法院施加影响，要求其不受理破产申请。广州债券翻译公司。
Lou Jiwei, finance minister, said on Sunday that the government will not intervene in corporate defaults unless the case poses a systemic risk.
中国财政部长楼继伟周日表示，政府将不会干预企业违约，除非相关个案构成系统性风险。
Mr Chung said commercial banks, the main investors in Chinese corporate bonds, are more willing to challenge local governments to protect their balance sheets. In the past, lenders were willing to swallow some credit losses to maintain good political relations viewed as crucial for their broader regional businesses.
穆迪的钟汶权表示，作为中国企业债券的主要投资者，商业银行现在更愿意挑战地方政府以保护自己的资产负债表。过去，银行更愿意承受一些信贷亏损以保持良好的政治关系，这被视为在整体上对它们在地区的业务至关重要。
The latest bondholder proposal has removed the call for cutting off bond finance to all of Liaoning, according to the official China Securities News, but tensions remain.
据官方的《中国证券报》报道，新版债券持有人提议删除了切断辽宁所有债券融资渠道的呼吁，但紧张气氛依然存在。广州债券翻译公司。
Investors are angry that Dongbei Special last week proposed swapping 70 per cent of its outstanding debt for equity, violating a pledge made in May not to engage in such swaps. They were also frustrated that Dongbei Special’s chairman did not attend the first two bondholder meetings. The company declined to comment.
投资者感到愤怒的是，东北特钢上周提出将其未偿债务的70%置换为股权，违反了5月份作出的不搞这种债转股的承诺。他们还对东北特钢董事长没有出席最初两次债券持有人会议表示不满。该公司拒绝置评。
Jeffrey Qi, portfolio manager at E-Fund Management in Hong Kong, who invests in Chinese domestic bonds, said: “Of course creditors would love to have a bailout, but that’s not really the main issue. The problem now is the government won’t offer a bailout, but they also won’t allow a legal process of bankruptcy and liquidation. If they used a standard legal process, creditors wouldn’t have anything to complain about.”
易方达资产管理（香港）公司(E-Fund Management in Hong Kong)投资组合经理、投资于中国国内债券的Jeffrey Qi表示：“债权人当然很想得到纾困，但那并不真是主要问题。现在的问题是政府不会提供纾困，但他们也不允许破产清算的法律程序。如果让他们利用标准法律程序，债权人就没什么可抱怨的。”
Additional reporting by Ma Nan
Ma Nan补充报道
