Deconstructing the debt crisis of AAA-level Yongmei Holdings: After the reform, the compensation for the parent company to issue bonds in September was 654.38+0 billion.

Without a trace of preparedness, another AAA-level state-owned enterprise had an accident.

165438+1October 10, Yongcheng Coal and Electricity Holding Group Co., Ltd. (hereinafter referred to as Yongmei Holdings) announced that due to the tight liquidity, "20 Yongmei SCP003" failed to pay the principal and interest in full and on time, which constituted a substantial breach of contract, and the amount of principal and interest in default was 1032.

To the market's surprise, as the core enterprise of Henan Energy and Chemical Industry Group Co., Ltd., the largest state-owned enterprise in Henan Province (hereinafter referred to as Yunenghua Group), Yongmei's monetary assets reached more than 40 billion yuan by the end of September, but even 654.38+0 billion yuan could not be taken out. Yongmei Group, the main subsidiary of Yongmei Holdings, also had a glorious history of making profits of several billion yuan in the New Year.

The day after the "accidental" lightning explosion of Yongmei Holdings, the butterfly effect quickly appeared. China Chengxin International quickly downgraded Yongmei Holdings and its controlling shareholder Yunenghua Group from AAA to BB, and put them on the downgrade watch list. Domestic and foreign bonds of many coal enterprises, city investment and local state-owned enterprises continued to fall.

It should be noted that, in addition to Yongmei Holdings, there were a number of bond issuing enterprises in trouble in June 5438+065438+ 10. The number was small, but most of them were state-owned enterprises, with a large bond stock and a pre-credit rating of AAA. After this incident, has the "belief in state-owned enterprises" in the bond market been completely broken? At present, the amount of liquidated damages in the bond market this year is 65.438+026.283 billion yuan. What is the impact on the future?

Behind the breach of contract is that the headquarters will not pay wages for five months.

Entering Yongcheng, Henan Province, Yongmei is an existence that cannot be ignored. Hospitals, hotels and cultural and sports centers with the words "Yongmei" are scattered all over the city. As one of the most famous state-owned enterprises in this region, Yongmei has been integrated into urban development.

As the main subsidiary of Yongmei Holdings, Yongmei Group is the main business entity of Yongmei Holdings in the coal field. Compared with Yongmei Group, the headquarters building of Henan shenhuo group Co., Ltd. (hereinafter referred to as shenhuo group), which is also located in Yongcheng, is slightly lacking in momentum-the headquarters building of Yongmei Group, the neighbor opposite Guangming Road, is even newer than shenhuo group, and is "one third" taller.

An employee of Yongmei Group said that when he first joined the company, the treatment of Yongmei Group was much better than that of shenhuo group.

This "crush" is based on figures. According to the government of official website and yongcheng city, among the top 500 enterprises in China ranked by revenue, Yongmei Group and shenhuo group ranked 20 15 130 and 385 respectively.

Yongmei Group was once regarded as a sample of "counterattack". Official website shows that the yongcheng city government of Yongmei Group suffered serious losses after the first pair of mines was put into operation in 1997, and in 2000, it lost1180,000 yuan, making it the second largest loss-making household in the province. After July of that year, the new leadership adjusted its development ideas and structure, and the enterprise entered a benign development track. According to the official website of Henan provincial government, in 2007, Yongmei Group's operating income reached 3,565.438 billion yuan and its profit was 3.3 billion yuan.

With the growth of Yongmei Group's income, it is its demand for funds. Yongmei Group has made many attempts in financing. Since 2007, Yongmei Group has been trying to break through IPO. However, according to Dahe Daily (20 13), Yongmei Group was blocked from the A-share market because of its horizontal competition with Judas Energy, which is controlled by Yunenhua Group.

At present, the embarrassing situation of Yongmei Group has become the talk of local residents after dinner. 165438+ 10/6 At noon, on the bus platform near Yongmei Group, several strange citizens were talking about Yongmei's default in holding bonds while waiting for the bus. "Now everyone knows that Yongmei owes money. This street (note: some buildings on Yongcheng Guangming Road) are all owned by Yongmei, but they are all mortgaged. " A citizen said. Although bonds are not common in their lives, residents are familiar with Yongmei Group, and employees of Yongmei Group may be their neighbors.

"Just go bankrupt, and you won't lose anyway." Two employees of Yongmei Group said dejectedly when exchanging the latest situation. In fact, many employees of Yongmei Group have grievances, because there is a problem with the salary payment of Yongmei Group.

"Now the salary is reduced, and it is reduced a little on the original basis every month, about 7%." Another employee of Yongmei Group Headquarters said that he not only reduced his salary, but also cut off his social security payment. The provident fund only deducted the personal contribution from the salary, and the part paid by the enterprise stopped paying after July last year.

"Too much debt, meager profits, unable to make ends meet." The staff of the headquarters of Yongmei Group believe that the company acquired many "small coal mines" in debt a few years ago, but these acquired assets did not bring benefits, thus dragging down the development of the enterprise. Another employee thinks that the organization of Yongmei Group is too bloated. "The front-line employees who were laid off were too bloated and there were too many idle people, but they were not laid off."

In addition, Yongmei Group introduced that recently, the Henan provincial government injected 654.38+0.5 billion yuan into Henan Energy, the controlling shareholder of Yongmei, divested non-main assets such as the chemical sector, and implemented measures such as reform and decentralization to stimulate the endogenous vitality of enterprises and strengthen performance orientation.

There are signs of early default, and Yunenghua Group has compensated it for 654.38 billion yuan in September.

At present, the debt crisis of Yongmei Holdings showed signs in August.

On June 2nd, 65438 this year, Yongmei Holdings issued the "2020 first-phase ultra-short-term financing bonds" in the bond market, referred to as "20 Yongmei SCP00 1", with an annual coupon rate of 4.50%. According to the established time, the issuance scale is 654.38 billion yuan, and the redemption date is September 2 this year.

On the arrangement of debt repayment funds, Yongmei Holdings said: "The main source of debt repayment funds is the cash flow generated by the company's operating activities, and issuers can also provide repayment guarantees through realizing assets and bank loans."

Before the expiration of "20 Yongmei SCP00 1", the prospectus of Henan Energy and Chemical Industry Group Co., Ltd. for the second phase of medium-term notes in 2020 published by Yunenghua Group on August 14 shows that it is planned to raise 654.38 billion yuan in the issuance of medium-term notes in this period, and all the raised funds will be used to repay the debt financing instruments of subsidiaries.

According to the information disclosed by Yu Nenghua Group, the debt financing instrument to be repaid by this subsidiary is "20 Yongmei SCP00 1" held by Yongmei.

Yongmei Holdings did not explain why Yunenghua Group issued bonds to compensate. However, Yongmei Holdings does play an extremely important role for Yuneng Chemical Group, a super-large energy and chemical group wholly owned by the state, and even the largest state-owned enterprise in Henan Province.

Yongmei Holdings mentioned in the bond issuance materials that the company, as the most important part of Yunenghua Group, has always been the largest subsidiary of the latter. By the end of June 2020, the issuer's total assets accounted for more than 50% of the total assets of Yunenghua Group.

The above four ultra-short financing and debt repayment fund arrangements, as well as the plan given by Yongmei Holdings in the prospectus, are completely consistent with "20 Yongmei SCP00 1". However, judging from the four issues of ultra-short financing issued this year, it seems that the cash flow generated by Yongmei's holding business activities has not come in handy compared with "raising debts with debts".

After Yuneng Chemical Industry Group compensated "20 Yongmei SCP00 1" and repaid "20 Yongmei SCP002" with self-raised funds, "20 Yongmei SCP003" expired on 1 10. However, due to the tight liquidity, Yongmei Holdings failed to raise the full payment funds as scheduled, which is the first time for Yongmei Holdings.

According to the release data, "20 Yongmei SCP003" was released on February 14 this year, with the current balance of 10 billion yuan, and the release period was 270 days, with coupon rate accounting for 4.39%. 165438+1month 13, Yongmei Holdings announced that the interest of 32,385,200 yuan has been paid and the principal is still being raised.

Before the default was announced on June 5438+065438+1October 10, Yongmei Holdings issued an announcement at the Shanghai Clearing House, and the fourth interim meeting of the board of directors of the company deliberated and passed relevant proposals, and some of its shares were set aside free of charge.

165438+1on October 2nd, Yongmei Holdings announced the free transfer of assets. According to the announcement, apart from withdrawing all the shares of Zhongyuan Bank, Yongmei Holdings mainly divested its coal chemical company with large losses to Yuneng Chemical Group Chemical New Materials Co., Ltd., a subsidiary of Yunenghua, which is considered as an important step in the company reform.

The debt of 2 10 billion has overwhelmed the debt risk of Yunenghua Group.

The default of Yongmei Holdings directly affected Yunenghua Group, which holds 96.0 1% of its shares. The latter's credit rating dropped from AAA to BB, and its long-term bonds involved cross-default risk.

As the largest provincial coal enterprise group in Henan Province, can Yunenghua Group watch its subsidiary Yongmei Holdings fall from the ruins? What is the real situation of Yunenghua Group?

According to the information of official website, Yunenghua Group is a state-owned super-large energy and chemical group approved by the Henan Provincial Party Committee and the provincial government. It was established after two strategic reorganizations in June 2008 and September 2065, respectively. Its industries mainly involve energy, high-end chemicals, modern materials and trade, financial services, intelligent manufacturing, new alloy materials and so on.

By the end of 20 19 and 12, Yunenghua Group had179,000 employees, with a coal production capacity of over 80 million tons and a chemical production capacity of10,000 tons, and owned domestic and foreign listed companies such as Judas Energy. In 20 19, the Group ranked 484th among the world's top 500 enterprises,19 among China's top 500 enterprises, 7th among China's top 500 petrochemical enterprises and10/among China's top 50 coal enterprises.

However, the debt pressure of this glamorous giant is also quite heavy. According to the information disclosed by Shanghai Clearing House, by the end of the third quarter of this year, the total assets of Yunenghua Group were 26,4221billion yuan, the total liabilities were 21547.6 billion yuan, the net assets were 48.746 billion yuan, and the asset-liability ratio was 865.438+0.55%.

"In May and June, there were other meetings, including the safety office meeting, including the leaders of the group level and secondary subsidiaries, which also let everyone know about the company's current financial difficulties." In the eyes of the middle-level people of the above-mentioned secondary subsidiaries, there are many subsidiaries of Yunenghua Group, and the salary payment needs the approval of the group company. As long as the group company approves it, it can basically be paid.

In other words, the debt risk of Yunenghua Group has not been lifted. At the same time, as the controlling shareholder of Yongmei Holdings, Yunenghua Group also borrowed a large sum of money from Yongmei Holdings.

According to the sixth prospectus of Yongcheng Coal and Electricity Holding Group Co., Ltd. published on the website of Shanghai Clearing House on June 65438+1October 65438+June 6, as of the end of June 2020, other receivables (excluding dividends and interest receivable) of Yongmei Holdings amounted to 65.438+05598 billion yuan, mainly transactions with Yu Nenghua Group and its subordinate units.

It is worth noting that while borrowing a lot of money from Yunenghua Group, Yongmei Holdings also relies on Yunenghua Group for financing.

Yongmei Holdings disclosed in the bond issuance document that the company implements the principle of "total credit and single loan" for external financing. Financial institutions grant unified credit to Yunenghua Group, and Yongmei Holdings shall declare the credit line to Yunenghua Group when necessary according to its own production, operation and capital situation. By the end of June 2020, Yunenghua Group had obtained credit lines of 226 billion yuan from major lending banks, with used credit lines of 654.38+0288 billion yuan and remaining credit lines of 97.2 billion yuan.

According to the research report of CICC, the surviving bonds of Yongmei Holdings and Yunenghua Group are close to 50 billion yuan, and all the public bonds of parent and subsidiary companies totaling 26.5 billion yuan are provided with cross-protection clauses, and the grace period of 10 working day is stipulated for raising funds. If cross-default is confirmed, it may lead to further pressure on short-term centralized payment of enterprises.

In this regard, the State-owned Assets Supervision and Administration Commission of Henan Provincial Government responded on June, 2020 1 65438+1October1day: "The problem you reflected is true. Since the outbreak of the epidemic, we have solved the energy debt risk in Henan through various channels and measures, and ensured the wages of employees. In the next step, we will increase coordination and supervision and strive for early payment of wages. "

As early as March 24 this year, Yunenghua Group held a video conference on the mobilization of loss source management in the chemical industry. Liu Yinzhi, Party Secretary and Chairman of Yunenghua Group, pointed out in his speech that it is the basic principle of market economy for enterprises to lose money without losing money. And put forward: if we still can't turn losses into profits within three years, we must go out of business, quit and sell without hesitation, and completely put an end to the "blood loss point" from the root.

"What we are dealing with now is the self-examination and announcement disclosure required by some regulatory agencies. The management is working out a specific debt repayment plan. " 165438+1October16, the shareholders of Yongmei told the National Business Daily that the salary had been in arrears for several months, but the payment of the salary had never been considered. The urgent task is to protect bonds with all our strength. Continuous Thunderstorm: 3A State-owned Enterprises Break Contract and Impact the Market

The sudden default of Yongmei Holdings broke the silence of the market, but it was not the only event that brought shocks to the market.

17 10. On 23rd October, Brilliance Automobile Group Holdings Limited (hereinafter referred to as Brilliance Group) failed to pay the principal and interest of "17 Huaqi05" on schedule, which constituted a material breach of contract.

165438+1October16 evening, Brilliance Group announced that the total debt default was 6.5 billion yuan and the total overdue interest was 654.38+44 million yuan.

165438+ 10 month/1day, the bonds "16 Wei Qiao 05" and "19 Wei Qiao 0/kloc-issued by Shandong Wei Qiao Aluminum Co., Ltd. (hereinafter referred to as Wei Qiao Aluminum).

165438+ 10/2, the bonds of Tsinghua University ziguang group and its affiliated companies fell sharply, and the net price of several ziguang bonds fell to more than 10 yuan. Ziguang Guowei, one of the core enterprises under the "core" industry of Ziguang Group, issued the bond "18Guowei 0 1", which was adjusted due to the downgrade of its credit rating, and the investor suitability arrangement was changed from "only qualified investors" to "only qualified institutional investors participated in the transaction".

Although the number of the above-mentioned companies is small, most of them have the background of state-owned assets, and the stock of bonds is large, with the rating of "AAA" before the credit event. Now "Prince Charming" stirs up the credit bond market, and the market avoids it.

In response to the default storm caused by this credit bond, Zheshang Securities mentioned that this credit risk event has several important impacts on credit bonds in the short term: First, the bond warehousing standards of Public Offering of Fund and other buyer institutions will definitely become stricter, which means that bonds with ordinary qualifications will have worse liquidity. Second, the standard of pledged bonds in inter-bank pledged repo will definitely increase, and it will become difficult to borrow money. Third, some debt-based redemptions may occur, and retail investors and institutions may choose to redeem because of rising risk aversion. Recently, there have been frequent credit incidents in the bond market. Following the default of Brilliance Group and Yongmei Holdings, Ziguang bonds have been greatly discounted. These high-rated issuers have defaulted or greatly discounted beyond market expectations, resulting in large fluctuations in the market in the short term. Changes in the market environment and corporate credit qualifications will have an impact on investors' default expectations, and then affect the level of bond credit risk premium compensation, leading to fluctuations in credit spreads to varying degrees.

From the comparison before and after, it can be seen that since 2020, the number of local state-owned enterprises has increased.

In this regard, the deputy director of CITIC Securities Research Institute and the chief analyst of fixed income clearly pointed out that the credit incidents of state-owned enterprises continued in the second half of the year, and the recent situation was particularly severe. He said that the credit risk has increased significantly, and the hidden worries of zombie state-owned enterprises have become a reality. In the past two years, the risk of private enterprises is the biggest hidden danger in the bond market. This year, the risk of zombie state-owned enterprises has increased significantly, and their debts are large and difficult to resolve, which has become the main contradiction of credit risk in the current market.

There are many reasons for this phenomenon. Obviously, although the fundamentals of industrial state-owned enterprises are superior to those of urban investment, they have not been completely covered by the government in recent years; From the perspective of refinancing, some state-owned enterprises with overcapacity are facing financing pressure; From the operational point of view, the price center of some overcapacity products has fallen from a high point; With the gradual completion of the divestiture of social functions of state-owned enterprises, the necessity of the government's complete unreserved support will also be reduced.

Influence spread: Last week, many companies cancelled issuing bonds.

The turbulent market environment has caused some bond issuers to "get away with it". According to Wind's statistics, last week (165438+1October 9 ~165438+1October 3), a total of 1 13 bonds were issued with a scale of 4465438+ billion yuan.

Many companies delay the issuance precisely because the market fluctuates too much. For example, Yankuang Group mentioned in the announcement of canceling the issuance of the fourth medium-term notes that in view of the recent market volatility, the company decided to cancel the issuance of the current medium-term notes and will reissue them at another opportunity. Similarly, when the first medium-term notes were cancelled in 2020, Kaifeng City Operation Investment Group Co., Ltd. also issued a similar announcement.

Wind data shows that as of 165438+ 10/5, in 2020, 1 10 default bonds were added, and the amount of liquidated damages reached1262.83 million yuan. 20 19 added 184 default bonds, corresponding to the default amount of1494.04 million yuan; 20 18 added 125 default bonds, corresponding to the default amount of 1209438+0 billion yuan; 34 20 17, the corresponding amount is 312.49 million yuan; 56 2065438+2006, the corresponding amount is 39.377 billion yuan.

Comparing the data of past years, it can be seen that both the number and the amount of defaulted bonds have shown an upward trend in recent two years.

The recent turmoil in the credit bond market can easily make people suspect that the risk appetite of the financing environment has declined this year.

Regarding whether the current financing environment has deteriorated, Zhang Xu said that it has not yet appeared.