Meilan Airport & # 39; s ultra short breach of contract on interest payments paid only 1 billion principal "in transit" – Finance News



Original title: Meilan Airport & # 39; s ultra short breach of interest rate paid but 1 billion principal "in transit"

Meilan Airport said it has paid an interest of 54 million yuan to pay the interest payments, and that the principal of one billion dollars has been transferred, but due to the closure of the system with great value funds are available and these are expected to be forthcoming. be present on Monday.

Another example of debt forgery is that an ultra-short fuse of Haikou Meilan International Airport, a subsidiary of Haihang Airlines, could not pay according to plan.

According to the announcement of the Shanghai Clearing House, the interest redemption date for the second phase of the short-term financing certificates of Haikou Meilan International Airport Co., Ltd. is 24 August. ("17 Meilan Airport SCP002"). but from

From the end of today, the payment of the interest payment has not been fully received and it is temporarily impossible for the issuer to pay the interest payment for the current bond.

However, Meilan Airport has announced that it has paid interest to the financed households today, and the principal is "on the way" due to the closure of the large-scale system. The announcement stated:

Before closing the big payment system, today our company has paid interest before 10 am to fixed income products that are payable to the households financed. The principal sum did not invest the principal of 1 billion because of the closure of the system with great value. The yuan is transferred to the fixed income and payable products to the financed households. At the moment our company has completed the transfer operation of 1 billion yuan, the money is on its way and it is expected to be in force on the morning of 27 August.

The basic information of "17 Meilan Airport SCP002" shows this from

The total issue is 1 billion yuan, the coupon rate is 7.3% per year and the issue date is 23 November 2017. The deadline is 270 days. Today is the expiration date.

According to the rating information rated Oriental Jincheng AA +. After the above incident,The Chinese valuation center for financial valuations reported that Meilan Airport, as the issuer, has a total of five bonds. According to the latest situation, we will today adjust the implicit rating of the Chinese bond market of the bond market: the bond debt from AA to BBB.

According to the prospectus at the time of "17 Meilan Airport SCP002", from

The goal of this ultra short term of one billion yuan is to repay the short-term project financing of the China Development Bank of 1 billion yuan in advance to optimize the debt structure.

Haihang Department another company

According to public information, Haikou Meilan International Airport Co., Ltd. jointly funded by the four shareholders of China Civil Aviation Central and South China Administration, Hainan Airlines Holdings Co., Ltd., Hainan International Trust and Investment Corporation and China Aviation Oil Corporation. It was established on the 25th of the month and the share capital at the time of its creation amounted to RMB 652 million.

China Civil Aviation Administration of China Central Airlines was the largest shareholder at the beginning of the establishment, with a share ratio of 46%. After the registration of capital and various shareholder changes, the latest shareholder structure shows that from

HNA Group, a subsidiary of HNA Group, owns 18.07% of the shares and is the second largest shareholder of Meilan Airport.

In the recruitment document "17 Meilan Airport SCP002", the company declared the source of the debt service fund, stating that the operating result, investment income and net profit were generally relatively stable. As the issuer's passenger transhipment, cargo transhipment and aircraft movements continue to increase, future operating profit, investment returns and net profit will increase further. The operating result, the investment income and the net profit of the company will strongly protect the principal and the interest on the financing invoices for super short-term loans.

In addition, a total of RMB 28,304 billion was granted to banks on 30 September 2017 and the amount used was RMB 15.95 billion, of which 12.35 billion yuan was not used. The cooperation of the issuer with many domestic banks was stable. from

In the future, we can request reasonable financing from financial institutions to guarantee the repayment of the principal and the interest rate of the short-term financing invoices in the current period.

In addition, the issuance documents also stated that at the end of September 2014, 2015, 2016 and 2017 the balance of the current assets of the issuer was 5,412,206,300 yuan, 9,436,307,700 yuan, 1,899,105.52 and 1,802,838,600 yuan, respectively.

In the event of an adverse event, the issuer can guarantee the timely payment of the principal and the interest of the current short-term financing invoice by the realization of liquid assets.

Continuation of the standard

Since the beginning of this year, defaults of bonds have occurred more frequently in the context of deleveraging and economic downturn, even among investors who simply "believe" urban investment bonds.

On 13 August, Shangqing announced that it was the payment date of the first phase of the short-term finances of the first phase of the state-owned company Assets Management Co., Ltd. of the Xinjiang production and construction corps in 2017 (SCP001 of the 17th Corps). However, at the end of the day, the funds are not fully paid and it is temporarily impossible for the issuer to pay the interest payment for the current bond.

This violation of the contract notice made investors very surprised, because the market had a strong faith in the core of the Corps City in the past, and it is considered strategically important. Until the morning of August 15, the 16th Division of the SCP001 of the 17th Corps completed the deferred payment and the breach of contract was calmed down.

In addition to the shock caused by the technical infringement of SCP001 of the Sixth Division of the 17th Corps, it is not unusual for the company to default. At the end of last month, after the standard of "15 Zhongcheng Construction MTN001", "13 Boyuan MTN001" had a default of RMB 800 million in medium term notes, and two standard messages were rarely reported within a week.

For the frequent occurrence of defaults this year, the Financial Times, led by the People & # 39; s Bank of China, said in late May that the event of default was the choice of the market. from

Breaking the rigid repayment is the first step in observing the bond market.Events related to individual debts are not enough in themselves: it is absolutely necessary to improve the management of the bond market and to prevent continued defaults affecting the market and thus affect investor confidence.

In mid-June, the People's Bank of China said that, despite some substantial defaults, it showed no trend of concentration concentration, it is a manifestation of strengthened market discipline and orderly disruption of the rigid repayment. The overall level of the debtor percentage is not high.Go back to Sohu and see more

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