The Exchange "Bright Sword" Pattern Letter Is Wrapped Up In Tianguang And Zhong Mao Is Unable To Declare Default.

After failing to issue a notice, the bonds will be postponed through the OTC payment. Tian Guang Zhong Mao (002509.SZ) is one example.

However, in December 9th, the letter of Tianguang Zhong Mao was still unable to continue. Under the inquiry of the Shenzhen Stock Exchange, Tianguang Zhong Mao issued a notice of default on corporate bonds.

The late announcement of breach of contract has been broken for more than a month from Tian Guang Zhong Mao's "16 days and 01" breach.

As early as October 28th, on the day of "16 day wide 01" redemption payment, on the same day, Tianguang Zhong Mao announced that the bonds payable by the Shenzhen branch of the China Clearing Company only paid to the bonds holders who did not apply for resale registration, but the interest and principal of the bonds were not paid yet.

In the announcement, Tian Guang Mao did not explicitly acknowledge the default of the bond sale.

Statistics show that the "16 day wide 01" issue scale is 1 billion 200 million yuan, with a term of 5 years, expiring in October 27, 2021, with the option of adjusting the coupon interest rate and the investor's right to sell back at the end of third. The main underwriter of the bonds is GF Securities.

"This year, the scale of market breach has reached a new high, and there are more and more patterns of issuers. It is reasonable to say that a breach of contract should be announced in time, but many issuers choose to pay "overshadow" on the sidelines, and the market is chaotic. The manager of a private equity fund in Beijing told the twenty-first Century business reporter.

Breach of contract

Prior to the review, Tianguang Zhong Mao only indicated that the Shenzhen bond company, through the China Clearing Company, paid the interest payable on the bonds of the current period through the China Clearing Company.

As for the principal of the sale, Tianguang Zhong Mao said on the same day, "the bond holders who have accounted for about 74% of the total share of the repurchase register have submitted a withdrawal application to the trustee of the bond. The company is actively communicating with other bondholders, and the interest payable on the bonds issued by the debenture holders who have applied for the registration will be paid separately through the off-site way according to the communication between the company and its debenture holders."

How to pay the principal of the debenture holder who has applied for resale registration has not been explained by Tianguang Zhong Mao.

Much criticized by the holding agencies is the statement in the announcement at the time of Tianguang Zhong Mao. "To avoid key problems." The fund manager pointed out.

"We did not receive communication feedback from Tianguang Zhong Mao on that day. The company chose to sell it back, and did not receive any cash payment on that day. It was later announced that the solution to the over-the-counter payment had been known. In fact, we all felt that there was little hope for the OTC payment, and the issuer paid only a portion of the interest on the non repossessed holders. A private trust commentary told the twenty-first Century business reporter.

In fact, after the cashing of the notice office, until December 3rd, Tianguang Zhong Mao did not make any announcement about the bond payment situation.

"Before contacting with the main underwriter GF, we kept telling us to raise money, saying that they would do their best to supervise and urge, but we hope you can withdraw the sale." The above-mentioned debt agency said.

It is worth mentioning that before the issuance of bonds issued by GF Securities in the interim management report, even if the holder refused to withdraw the sale, there would be a risk that the principal could not be paid. There is no lack of threat in speech.

"If part of the debenture holders who have applied for resale registration refuse to submit an application for withdrawal to the trustee of the bond, or if Tianguang Zhong Mao fails to communicate with the bondholders who have applied for the registration in time and pay interest, there is a risk that they can not pay interest in time or fail to pay a large amount of the principal to make a bond default." GF Securities pointed out.

"Some agencies are also worried about sticking to the issue that the issuer may have bigger problems and make it harder to repay the money, so eventually they agreed to withdraw the sale and give a certain time limit, but on the other hand, some agencies are more worried that this is the company's strategy. If it fails to find a solution to the war, it will still not get the money, and the holding body is still the most injured." The aforementioned agency said.

Letter game end

Obviously, since the breach of contract for more than a month, it is still difficult for Tianguang Zhong Mao to raise sufficient funds, nor can it fully coordinate the withdrawal of the resale applications by the holding institutions.

Under the intervention of the Shenzhen Stock Exchange, the announcement of the bond default is too late.

In December 4th, Tianguang Zhong Mao disclosed a notice of "16 days and 01" interest payments, followed by the Shenzhen Stock Exchange.

The Shenzhen Stock Exchange requested Tianguang Zhong Mao to verify and explain the principal amount of bonds that the company has yet to repay, specifying the specific circumstances of paying interest to the bondholders to apply for the repurchase and withdraw the application, and to explain the reimbursement arrangements for the principal and interest of the "16 day wide 01" bond, and clearly indicate whether it constitutes a related issue such as the default of the bond.

As a result, Tianguang Zhong Mao returned to the Shenzhen Stock Exchange in late December 9th to inquire about it, and also issued a notice of default on corporate bonds.

The announcement disclosed the current "16 day wide 01" default. As of that date, it was still necessary to repay the bond value of the bond holders who had applied for resale. The principal amount of the bond was 1 billion 173 million yuan, and the bondholders of the total debt amount of about 935 million yuan agreed to withdraw the sale.

By contrast, the percentage agreed to withdraw the resale application increased from about 74% of the announcement on October 28th to about 78%.

In addition, in the interest of 60 million bonds payable, Tianguang Zhong Mao only paid 1 million 332 thousand and 250 yuan bonds payable to the bondholders who did not apply for resale, and the interest paid by the bondholders to the resale applications and the withdrawal of the resale applications amounted to about 4 million 986 thousand and 800 yuan, but the amount payable should be 58 million 667 thousand and 750 yuan.

That is to say, after more than a month's delay, "16 days and 01 days" is the 1 billion 232 million yuan principal and interest payable in the current sale, and Tianguang Zhong Mao currently pays only 4 million 986 thousand and 800 yuan interest.

In December 6th, the joint rating announcement said that it decided to continue to reduce the long-term credit rating of Tianguang Zhong Mao's main body to C level, while the credit rating of "16 days wide 01" was also reduced to C level.

In fact, the reporter also noted that many companies did not announce the debt in advance after the issuance of the bonds. Instead, they chose to use the "OTC payment" to eliminate the impact.

Just like Tianguang Zhong Mao, the company only referred to a portion of the cash in the cashing notice of the maturity date of the bond, but did not say that the remaining part had already breached the contract.

In twenty-first Century, the economic report reporters also mentioned this matter many times in the follow-up reports, focusing on information disclosure behind the default of bonds. (see the twenty-first Century economic report, November 28th 8 edition, "letter challenge" behind the default of the bond market, and the 9 edition of the October 23rd version of the "non standardized" solution to the open debt: "16 Yihua 01" 1 billion 175 million sold the principal to the outside market).

WIND data show that as of December 10th, there were 168 bonds that broke up this year, and the amount of breach of contract amounted to 133 billion 662 million yuan. The scale is once again the highest in history.

Against this background, the event of "challenge" in the bond market has become more deserving of attention and attention. Today, the Shenzhen stock exchange sends letters of concern to the relevant companies, and the regulatory authorities are starting to play their role.