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作者: 来源: 日期:2016/7/28 8:21:24

Chinese default exposes creditor anger at political interference





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.



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.



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.



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.



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.



Lou Jiwei, finance minister, said on Sunday that the government will not intervene in corporate defaults unless the case poses a systemic risk.



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.



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.



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.



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