Financial opaque, investors are unable to learn the ropes

Financial opaque, investors are unable to learn the ropes, flared credit risk, and guarantee companies out & hellip; & hellip; With crackfinancingDifficult task of small and medium-sized enterprise collection notes, persistency in three years later, is facing more and more questions. With analysts, even private enterprise credit risk may be concentrated in the spring of 2013.

Default, this 3 times a year!

Changzhou city in 2011, the first stage of small and medium-sized enterprises set paper (11 changzhou SMECNII001), one of the joint issuer of changzhou collierscaiganglate co., LTD., bank account is frozen, and at the same time, such as workshop, equipment and its related to the mortgage assets seizure, at present already stop production & Non-standard Components Fabrication; & ndash; On December 24, 2012 in debt increases the disclosure announcement. The reason is that the high strengthcaigangFor maanshan often lead to metalmaterialLoans made a counter guarantee co., LTD., the latter's loan default.

"Securities" the reporter understands, & other; Changzhou SMECNII001 11 & throughout; Released in November 28, 2011, 460 million yuan, the time limit for two years, the debt increases as the installment of the principal of and interest on the paper provides an irrevocable joint and several liability.

Credit increase in commitment, if the collection bill expires in November 28, 2013, colliers caigang is unable to repay principal and interest, credit will be paid in debt.

This is already the third time in 2012 & other; Default & throughout; Events. Although previous in the event of default, all have security, investors and no damage. But significant risk of circulation between small and medium-sized enterprises guarantee has not eliminated, the bond market could still be & other; Infection & throughout; .

Security hidden danger is common

& other; I remember doing in public offering fund manager, shenzhen send out small collection notes, later because of counter guarantee, is also one of the enterprises. Not only between jiangsu and zhejiang of small and medium-sized enterprises, guarantee and counter guarantee problem is serious, in fact, now the situation is widespread. Throughout the &; Shenzhen bond investment fund company, general manager of peak said.

Rush to the gold stock, & other; Small and medium-sized enterprise set the bill was originally as small and medium-sized enterprise financing innovative tools, trying to spread risk through the way of collection. Compared with those of other small and medium-sized enterprise financing of small and medium-sized enterprises collection bill always considered more fast and convenient. But it ignores an important question & ndash; & ndash; Domestic small and medium-sized enterprises between the complexity of the relationship between guarantee and counter guarantee. Throughout the &;

"Securities" reporter learned that, at the end of 2012, the national development and reform commission published "on further strengthening corporate debt risk preventionmanagementRelated issues notice ", "notice" expressly prohibit issuers guarantee or serial guarantee each other, but in view of the city for more debt.

eak, said was not wrong to set in the form of debt, but want to see the collection enterprise bond issuance between what is right, if the power and responsibility is unclear, affirmation is to go wrong. & other; Are now the local government planning several enterprise collective debt, but the fact is reasonable, and relationship between upstream and downstream, or complementary, hedge on business enterprise combination, such ability can avoid some risk of default. Throughout the &;

Guarantee companies market strange like heavy weight

For investors, the risk of guarantee is not easy to identify. Because the hongyuan securities (19.43, 0.00, 0.00%), a fixed incomeresearchMember fang fang, & other; The buyer cannot understand the financial situation of small and medium-sized enterprises. Throughout the &;

It is understood that the buyer is mainly private and other institutional investors. Small and medium-sized enterprise collection notes there are two main reasons: the investment has a high yield, is a collection of small and medium-sized enterprises paper annual income is about 8% - 8%; Second forum will guarantee agencies & other; Bill & throughout; . So, small and medium-sized enterprise set paper market, there is a strange phenomenon, is & other; Only guarantee company, do not recognizeenterprisequalificationThroughout the &; That investors don't careenterprisequalificationHow, as long as the guarantee company rating work to invest, it will be a lot of risk shifting to DanBaoFang.

"Securities", according to the current guarantee subject mainly has three types: one is the local government platform company; Second is home to issuers have a state-backed guarantee company; Three is to guarantee companies all over the country, such as debt increases, the Chinese investment guarantee agencies. Among them, the credit of most projects. According to flush iFinD (13.900, 0.00, 0.00%)statistical, credit increase in small and medium-sized collection bill guarantee the 31, accounted for nearly half.

Although the credit institutions such as increasing all belong to AAA guarantee companies, excellent service qualification, can on time reimbursement, but with the increase of risk accumulation effect, relying on the leverage of guarantee company hard to avoid is not affected. "Securities" reporter discovery, as of June 2012, the credit increase out of the net assets of the guarantee liability balance is nearly nine times.

This means that once the default events increase, the debt increases will face more & other; Debt repayment & throughout; Pressure.

Outbreak of corporation credit crisis this spring?

Collection bill payment crisis of small and medium-sized enterprises, is just the tip of the iceberg for corporation bond financing not free. Interview, hongyuan fixed-income securities researcher fang fang to the "securities" reporter said, private enterprises have always existed & other; Credit risk & throughout; Crisis, weakening its solvency, 2013 will continue to pressure & other; Alexander & throughout; , the greater the credit risk exposure.

Fang fang in "securities" reporter explained that in the debt markets have been & other; Double track & throughout; 's claim that the state-owned enterprises and private enterprises in financing discrimination is apparent, the corporation bond issuance costs are much higher than state-owned enterprises. & other; State-owned enterprises financing interest may be as long as 5%, the corporation may to 8%, this is the market for a long time left, there is no way to change, because everyone felt really have the safeguard, state-owned enterprises and private companies don't. Throughout the &;

Affected by 2012, the overall environment, some private enterprises have difficulties, the difficulties may be directly lead to private enterprises in the bond market financing & other Credit risk & Non-standard Components Fabrication; . Fang fang, & other; Private enterprise credit risk in the spring of 2013 May be concentrated outbreak & throughout; . Although small and medium-sized enterprises set ticket redemption risk is not enough to affect the development of the bond market, but private enterprises as a whole the latent credit crisis may conduction to the bond market.

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