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

　　Great Wall provided its guarantee jointly with another entity, Shanghai Eternal SunshineInvestment Management Centre. The company has no website, and an internet search turns upno references to the centre before yesterday. That suggests it may be a special-purposevehicle used by the local government to share the cost of the bailout with Great Wall,according to Mr Wang. Chaori narrowly avoided a previous bond default in January 2013after a Shanghai district government persuaded banks to defer claims for overdue loans.

　　长城资产管理公司与另一家实体上海久阳投资管理中心(Shanghai Eternal Sunshine InvestmentManagement Centre)共同出具了上述保函。上海久阳投资管理中心并无网站，在互联网上也搜不到昨日之前有关该中心的任何信息。王明称，这似乎表明，它可能是当地政府用来与长城资产管理公司分担救助成本的一件特殊目的工具。2013年1月，上海一个区政府说服银行延缓要求收回拖欠的贷款，超日得以勉强逃过债券违约。

　　“Great Wall and Eternal Sunshine only guaranteed the corporate bond, not the other debt,”said Sun Binbin, fixed-income analyst at China Merchants Securities. “This is a differencebetween public versus privately issued debt. ‘Rigid repayment’ has always existed for publicdebt. That’s going to continue for some time.”

　　“长城资产管理和久阳投资仅担保公司债券，而不包括其他债务，”招商证券(China Merchants Securities)固定收益分析师孙彬彬说。“公共债务和私人部门发行的债务有很大的不同。公共债务历来是‘刚性兑付’的。这种状况将持续一段时间。”

　　Great Wall did not respond to requests for comment.

　　长城资产没有回复记者的置评请求。

　　More than 90 per cent of Chinese companies trade in the institutional market, but Chaori’sbond traded on the Shenzhen stock exchange, which is dominated by retail investors. Thatprobably added to political pressure to protect Chaori’s bondholders from losses. Theguarantee is contingent on bondholders approving the overall restructuring plan at ameeting scheduled for October 23.

　　超过90%的中国公司债在机构市场进行交易，但超日债在以散户投资者为主的深圳证交所进行交易。这很可能增加了保护超日债券持有人不受损失的政治压力。相关方面定于10月23日召开一次会议，如果超日债券持有人在会上批准了全面重组方案，担保方可生效。

　　The move by Great Wall raises questions for investors in bad banks, which began as tools ofgovernment financial policy but have since stated their intention to operate as profit-drivenentities.

　　长城资产管理的救助行动，导致投资者对坏账银行产生疑问。坏账银行起初充当了政府金融政策的工具，但后来声明了作为利润驱动实体开展经营的意愿。

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