中國國企債券違約數量上升引發憂慮

Chinese bond defaults by state-owned enterprises are on the rise, heightening investor anxiety that is creating difficulties for other companies aiming to sell debt.

中國國有企業的債券違約數量正在上升，加劇了投資者的焦慮情緒，進而給希望發售債務的其他公司製造了困難。

Since the start of April, two SOEs have missed scheduled bond payments, while a third suspended trading of its notes, warning of difficulty making a payment due in May.

自4月初以來，已有兩家國企未能按期兌付債券，還有一家國企暫停其債券的交易，警告5月到期的一筆兌付將有困難。

For years bond defaults were unheard of in China’s onshore corporate bond market, with the government reliably stepping in to bail out troubled issuers. The first-ever onshore corporate bond default occurred in March 2014 when privately owned Chaori Solar missed an interest payment.

債券違約在中國在岸公司債券市場曾經在多年期間是聞所未聞的事情，政府總會在關鍵時刻介入，救助陷入困境的發行人。在岸公司債券的第一例違約發生在2014年3月，當時民營的超日太陽能(Chaori Solar)未能支付一筆利息。

The first SOE default, by power equipment manufacturer Baoding Tianwei, came last April. Now defaults are accelerating, as the slowdown in Chinese manufacturing and construction hits cash flows in industries such as steel and coal.

第一例國企違約發生在去年4月，違約的發行人是電力設備製造商保定天威(Baoding Tianwei)。如今，隨着中國製造業和建築業放緩重創鋼鐵和煤炭等行業的現金流，違約正在加快發生。

The defaults are also creating fundraising difficulties for other would-be borrowers. In the first 12 days of April, at least 18 bond issues worth a combined Rmb17.8bn ($2.8bn) were cancelled, according to a tally of public filings by China Business News. That follows 62 cancellations worth Rmb44.8bn in March. In total, 12 publicly issued bonds have defaulted since 2014, according to Haitong Securities.

這些違約還在給其他潛在借款人帶來融資困難。根據《第一財經日報》(China Business News)對公開申報的統計，在4月的頭12天，至少18筆債券發行被取消，總價值達到178億元人民幣（合28億美元）。此前在3月份已有62筆債券發行被取消，總價值達到448億元人民幣。據海通證券(Haitong Securities)介紹，自2014年以來已有12只公開發行的債券發生違約。

“The sudden chill in the primary market last week and the recent outbreak of credit risk incidents are closely related,” Lian Haixia, analyst at China Chengxin International Ratings, wrote yesterday. “The continuous fermenting of credit risk has sparked a negative mood among investors.”

“一級市場上週突然遭遇寒流，與近期信用風險事件頻發有密切關聯，”中誠信國際信用評級(CCXI)分析師連海峽（音）昨日寫道。“信用風險持續發酵，已經引發了投資者的負面情緒。”

The speed with which recent defaults have emerged has surprised the market. Dongbei Special Steel Group, owned by the government of Liaoning province in China’s rust-belt north-east, defaulted on Rmb1bn in paper that matured on April 5.

近期違約發生的速度出乎市場意料。地處中國東北鏽帶的遼寧省政府擁有的東北特鋼集團(Dongbei Special Steel Group) 4月5日到期的10億元人民幣超短期融資券發生違約。

Those notes were sold three months ago. Dongbei Special previously missed a Rmb852m bond payment due on March 28, days after disclosing that Yang Hua, chairman, was found dead at his home. The company has another Rmb2bn in notes due this year.

這些債券是在3個月前發售的。此前東北特鋼在披露其董事長楊華被發現死於家中的幾天後，未能兌付3月28日到期的債券本息8.52億元人民幣。該公司今年還將有另外20億元人民幣的債券到期。

Government-owned China Railway Materials said on Monday it had asked to suspend trading of its bonds, warning its business was in decline. The company said it was working on a plan to ensure debt repayment. China Railway, which sold six-month paper as recently as January 26, has Rmb1bn in bonds maturing on May 17.

國有的中國鐵路物資(China Railway Materials)本週一表示，已申請暫停其債券的交易，警告其業務正在萎縮。該公司表示，正在努力制定一項計劃，以確保償還債務。今年1月26日剛發行六個月期債券的中國鐵路物資，有10億元人民幣的債券將在5月17日到期。

Shanxi Huayu Energy, a unit of central government-owned China National Coal Group, defaulted on Rmb638m in principal and interest due April 6 on paper sold a year ago. The company has another Rmb1.5bn in bonds maturing this year.

央企中煤集團(China National Coal Group)旗下山西華昱能源(Shanxi Huayu Energy)一年前發售、4月6日到期的6.38億元人民幣債券本息發生違約。該公司今年還有15億元人民幣債券到期。

Many economists say SOE defaults are healthy for the long-term development of China’s debt market because they reduce moral hazard caused by the widespread assumption of a limitless government backstop for the bond market.

許多經濟學家表示，國有企業發生違約對於中國債務市場的長遠發展是健康的，因爲它們有助於降低一個普遍假設所引發的道德風險，這個假設就是政府將爲債券市場提供無止境的擔保。