Superintend what opened a piece of enough to bring about an industry to shuffle to grade course of study to punish sheet.
On August 17, the market between the bank trades inspect of trade association, card can issue a decision at the same time, give Grandducal border financial condition to evaluate limited company (the following abbreviation " big fair grade " ) serious punishment of warning, instruct its deadline to rectify and reform, suspend market of debt financing tool relevant business a year.
Card inspect meets news spokesman Chang Depeng says, bureau of Beijing card inspect combined association of trade of Chinese negotiable securities to begin special spot inspection to Grandducal border recently. Spot examination discovers Grandducal border puts in following problems:
It is Grandducal border and related company official seal are mixed with, built-in control mechanism moves undesirable, interior management is confused;
2 be advisory service is provided for publisher while for much home publisher begins grade to serve, charge of collection high specified number, have violate independent principle;
3 it is a part tall canal personnel and aptitude of evaluation committee committee member do not accord with a requirement;
4 it is data of draft of individual grade project is short of break, data of model computation existence is omited etc.
Afore-mentioned problems were disobeyed " business of grade of security market financial condition runs temporary measure " (card inspect can make the 50th 2007, the following abbreviation " temporary measure " ) relevant provision. Basis of bureau of Beijing card inspect " temporary measure " plan to instruct Grandducal time within a definite time to rectify and reform, deadline a year, business of new negotiable securities grade must not carry on during rectifying and reform, change not to accord with senior administrator of the condition.
Big fair grade expresses in government-owned net, lay the directive help that superintending a branch, contrast by requirement item-by-item, rectify and reform thoroughly, the new case that industry of serious thrash out faces, new issue, ensure each business and job close completely plan is legal, advance in order steadily.
Step on thunder again and again! Big fair bond of on nearly 3 years of booth 13 break a contact
Wind data shows, since 2014, up to to August 17, 2018, produce event of bond beak a contract 213 cases in all, the event that has amount due grade among them has 111 cases.
And among the incident of all bond beak a contract since 2014, grade orgnaization has 13 cases for the incident of break a contact of big fair grade. Among them, happened 4 cases 2018; Happened 3 cases 2017; Happened 5 cases 2016; Happened 1 case 2015.
Grade " empty is tall " , amount of bond beak a contract achieves the history this year new tall
Amount of bond beak a contract is climbed considerably this year litre. Wind data shows, begin from 2014 up to now, had crossed 5 nature year, the aggregate happening also have 213 cases only that those who cross incident of break a contact, partial publisher financing is difficult, appear successive break a contact. Among them less 2014, only incident of 6 bond beak a contract, rose somewhat 2015 subsequently, reach high point to 2016, incident of annual break a contact has 77 cases. Overall 2017 fall after a rise, climbed considerably once more 2018 litre, up to on August 17, measure of bond of break a contact has risen come 60 cases, go more than the gross of year of annual; Forehead of penalty due to breach of contract makes an appointment with 55.3 billion yuan, achieve the history new tall.
The closest a week churns state-owned asset of the 6th division runs the large unit of construction of production of Xinjiang of nothing is more... than of bond market finite liability company (the following abbreviation " corps 6 division country endowment company " ) issue " 6 division of 17 corps SCP001 " adjourned on August 15, 2018 the incident of cash. And this also makes the grade orgnaization Shanghai of this bond new century financial condition evaluates investment to serve limited company (the following abbreviation " new century grade " ) be faced with " awkward " situation.
After incident of occurrence materiality break a contact, new century grade on August 14 corps 6 division country endowment the credit grade of the company is reduced from AA class to C class, at the same time will " 15 corps 6 division MTN001 " and " 17 corps 6 division SCP002 " amount due credence is mixed by AA class type of A-1 class bluff is reduced mix to C class D class. Publisher main body is class of C of extended credit grade, short-term D of bond honor grade all represent cannot repay debt.
But, unexpected is, announcement of place of the Qing Dynasty on August 15 " 17 corps 6 division SCP001 " already adjourned cash is finished. The personage inside course of study expresses, as a result of,this incident of break a contact is corps 6 division country endowment financial liquidity manages company interior and thin to consciousness of the regulation on capital market place brings about " technical break a contact " .
And in risk incident appears since this year, measure of bond of break a contact shares 60, 14 add principal part of break a contact newly, involve amount twenty-nine billion one hundred and eighty-seven million yuan, among them main body grade has 26 for what AA reachs above, amount of total beak a contract amounts to twenty-six billion nine hundred and eighty-eight million yuan, occupy than even more 9 into.
Bond of break a contact adds principal part newly to advanced course migratory
Actually, in light of whole, those who produce beak a contract is new add main body level to use social estate to Gao Xin ceaselessly migratory, credit risk increases gradually.
Wind data shows, 2018 up to now, before data of AA class bond is resided, amount to 19, occupy than 68% , AAA class has the 3 bond beak a contract of main body of a break a contact, to appear first. From what increase level of main body of break a contact newly every year is transitional since 2014 in light of, main 2014 concentration is reached in AA- class the following, later this category those who fall is new add bond measure to occupy than drop off, subsequently and the grow in quantity of year after year that those who come is class of higher level AA, since 2015 AA+ stage business begins occurrence break a contact, SCP002 of 17 Shanghai China letter produces the near future materiality break a contact, the break a promise that makes the first issue main body grade to be AAA certificate.
To this, the bond grade that public figure of investment of market of a lot of bond gives to grade orgnaization puts forward " doubt " , why can bond grade exist " is empty tall " phenomenon? How should grade orgnaization do work of good risk clew better below environment of instantly credit risk?
Bond grade orgnaization is greeted strong superintend
Be aimed at what at present bond market grade exists generally " empty is tall " phenomenon, grade orgnaization will be greeted strong superintend, debt city grade " bubble " hopeful goes out effectively clear. " economic reference signs up for " the reporter learns, resemble in the light of grade chaos, card inspect trades between meeting and bank the debt city such as trade association superintends an orgnaization to beginning the spot to check to grade orgnaization, trade trade association also was started a few days ago grade orgnaization business commercialized evaluation job 2018.
At the beginning of this month, the market between the Bank of China trades trade association releases " business of orgnaization of grade of credence of market of the bond between bank of the 2nd quarter moved 2018 reach add up to compasses circumstance to report " show, up to on June 30, 2018, the tool of financing of debt of blame banking company that puts add issues main body publicly to add up to 1744, AA class, AA+ class, AAA class occupies score to be 37.67% , 32.57% , 26.61% ; AA+ and above publisher are occupied than 59.17% , rise compared to the same period 3.85 percent. Among them, mediate on level of orgnaization of 2 quarters grade reduce happen 80 times to be mixed 32 times respectively. Among them, in assembling on level, be in be increased by AA class to AA+ class, occupy on 61% what move a time; The primary level that level reduces distributings to come at CC class AA+ class, the publisher home number of class of primary level AA is occupied than 55.00% .
Specific in light of, 2 quarters add publisher of 5 break a contact newly, and grade orgnaization is big after publisher break a contact span reduces level. Trade trade association bulletin thinks, grade orgnaization is right of credit risk announce the capacity that reachs early-warning side is insufficient. For example, dalian machine tool, red east the bond of many AA class of the main body such as voice produces harbor, Kaidisheng break a contact, after break a contact, grade orgnaization adopts bluff type to reduce the kind of grade, one-time shift falls 16 stature class arrive C.
The personage inside course of study thinks, industry of part of presence of market of bond of 2 quarters our country " gather together " phenomenon of break a contact, very big the attune on one section grade is put in moisture. "Since 2 quarters, AA class and the following debt are sent very hard, publisher has motivation to yield level of the attune on grade orgnaization, in assembling on grade, AA+ rises to also be not worth in AA to was blamed. " consignee of bond of business of a certificate person say.
