长城资产管理公司救助中国首只违约债券

2014-10-10 16:01:38来源：可可英语

　　A state-owned bad loan bank has agreed to bail outChina’s first domestic bond default, in a move thatcould reinforce the assumption that even riskycredit enjoys an implicit government guarantee.

　　一家国有坏账银行已同意救助中国首笔国内债券违约，此举可能使人们更加相信一个假设：即便高风险的信贷也享受隐性政府担保。

　　Shanghai Chaori Solar, which in March failed to meetan interest payment on Rmb1bn worth of bonds,announced a restructuring plan yesterday underwhich some creditors could face haircuts of up to 80per cent.

　　昨日，上海超日太阳能(Shanghai Chaori Solar)公布了一项重组方案，根据该方案，部分债权人可能面临最高80%的减记。今年3月，超日太阳能未能如期兑付10亿元人民币债券的利息。

　　But holders of Chaori’s exchange-traded bonds may be repaid in full thanks to a guaranteeworth Rmb880m ($143m) issued by Great Wall Asset Management, one of the four bad loanbanks that the government established in the late 1990s to buy toxic assets from the big fourstate-owned banks.

　　但是，由于长城资产管理公司(Great Wall Asset Management)出具了一份价值8.80亿元人民币(合1.43亿美元)的保函，超日的交易所交易债券的持有人可能获得全额兑付。长城资产管理公司是中国政府于20世纪90年代末设立的四家坏账银行之一，其使命是向四大国有银行购买有毒资产。

　　“There’s no information about what Great Wall is getting in return for their guarantee,” saidWang Ming, director at Yaozhi Asset Management in Shanghai. “It certainly looks like agovernment-directed move to uphold social stability.”

　　“目前不清楚长城资产管理公司本身会从出具保函得到什么，”上海耀之资产管理(Yaozhi AssetManagement)合伙人王明说。“这看起来肯定像是政府主导的保持社会稳定的做法。”

　　Analysts in March hailed Chaori’s default as a landmark for market discipline in China’scorporate bond market, where investors long assumed the government would never permita default.

　　今年3月，许多分析师把超日违约称颂为中国公司债市场严守市场纪律的一块里程碑。在该市场，投资者长期假定政府绝不会允许发生违约。

　　A precedent-setting default would force investors to evaluate borrowers more carefully,resulting in rational risk pricing and, ultimately, improved capital allocation, they said at thetime.

　　分析师们当时表示，一场确立先例的违约将迫使投资者更仔细地评估借款人，导致理性的风险定价，最终改善资本配置。

　　But the apparent bailout may rekindle bond investors’ appetite for riskier credit amid arevival of what local investors call the “rigid repayment” expectations for publicly issued bondsin China.

　　但是，明显的救助可能重燃债券投资者对于较高风险信贷的需求。国内投资者对中国公开发行债券的“刚性兑付”预期已被再度激活。

　　The rescue also comes as rating agencies warn that defaults are likely to rise as the economyslows and borrowers grapple with the overhang from a huge increase in corporate andgovernment debt since the global financial crisis.

　　此次救助方案出台之际，评级机构警告称，随着经济增长放缓，随着借款人艰难应对自全球金融危机以来大幅增加的公司与政府债务，违约很可能增多。

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