2016 Default Risk For Dozens of Bonds

Haitong says credit risks have only begun to rise as the bill for China's overcapacity begins to come due.
Economy is still searching for a bottom, the credit risk from industry overcapacity is only just beginning to be released, there will be more and more enterprises defaulting, breach of contract will become as commonplace as the ratings downgrades. No domestic bond cross default clause, raised debt default within the next year may be the following two cases, one is creditors may initiate bankruptcy proceedings before maturity, and second, there are bonds due within the next year that will be difficult to pay back.

In the first case, we screened out insolvent or net assets fell rapidly, will probably insolvent within a year, a total of seven issuers. In the second case, a large screened liquidity pressures issuers, mainly consider two aspects, one is the continuous emergence of large losses or a loss, the second is a low degree of coverage of the book fund short-term debt. Screening results, a total of 49 large and there are liquidity pressures bond issuer before maturity or sold back to the end of 2016, the corresponding bond has certain payment risks. (Author: Haitong Bond Jiang Chao, Zhou Xia, Zhu Zheng Xing, etc.)
Soem specific bonds are mentioned in the article. Some not at all surprising such as Baoding Tianwei, which has a bond due in April 2016.

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