A fertiliser producer in north China will default onbond payments on Thursday, the latest casualty ofa slowing economy and rampant overcapacity incommodity sectors including basic chemicals.
中國北方一家化肥臨盆商本周四到期的債券償付產生違約，成為經濟放和緩大批商操行業(包含基本化學品)緊張產能多余的最新傷亡者。
Defaults have contributed to falling Chinese bondprices in recent weeks, as well as a widening of thespread between safe government bonds and low-rated corporate notes. Traders said that as the implicit guarantee gradually fades, investorswere paying more attention to corporate fundamentals.
近幾周，違約加重了中國債券價錢下跌，匆匆使平安的當局債券和評級較低的公司單子之間的息差擴展。生意業務員們表現，跟著隱性包管漸漸失效，投資者加倍存眷企業根本面。
“Problems at Nailun were well known, so this is no surprise. But the overall trend is forcing themarket to rethink their assumptions,” said a bond trader at a small bank in Shanghai.
“奈倫的題目是家喻戶曉的，以是這一局勢其實不使人不測。但總的趨向正迫使市場反思其假如，”上海某家小銀行的一位債券生意業務員表現。
Inner Mongolia Nailun Group was unable to meet interest and early redemption payments dueon Thursday because of “operating difficulties”, the company said in a Shanghai Stock Exchangefiling dated Wednesday. It was the 12th Chinese company to default on a domestic bond sofar this year, compared with 19 for all of 2015, according to Wind Information.
內蒙古奈倫團體(Inner Mongolia Nailun Group)在周三提交給上海證交所的一份通知布告中表現，該公司沒法籌足資金償付周四敷衍的利錢及回售款子，緣故原由是“公司謀劃艱苦”。萬得資訊(Wind Information)的數據表現，這是本年以來第12家在海內債券上違約的中國公司，而2015年整年有19家公司違約。
China’s overall debt hit a record high of Rmb163tn ($25tn), or 237 per cent of GDP, at the endof March, according to Financial Times calculations based on official data. Growth slipped to 6.7per cent in the first quarter, down from 6.9 per cent in 2015.
英國《金融時報》依據官方數據舉行的盤算表現，中國的總債務在3月尾涉及163萬億元國民幣(合25萬億美元)的創記載高位，相稱於GDP的237%。同時首季經濟增加下滑至6.7%，低於2015年的6.9%。
Nailun Group sold Rmb800m ($123m) in seven-year bonds in 2011 that carried an option forinvestors to redeem the notes at the end of the fifth year, which is Thursday. More thanRmb700m worth of bonds were submitted for redemption, according to Thomson Reuters data.An interest payment is due the same day.
奈倫團體在2011年發售8億元國民幣(合1.23億美元)的7年期債券，投資者在第五歲終(也便是本周四)有回售選取權。依據湯森路透(Thomson Reuters)的數據，代價跨越7億元國民幣的債券的持有人選取回售。同日另有一筆利錢敷衍。
Defaults were once unheard of in China’s domestic bond market, where most issuers arestate-owned enterprises and investors widely perceived all publicly issued debt as carrying animplicit government guarantee. Privately owned Chaori Solar became the first domesticdefault in March 2014, and last April power-equipment maker Baoding Tianwei Group becamethe first SOE to default. Since then, several other state groups have also missed bondpayments.
違約在中國海內債券市場曾是聞所未聞的，該市場的多半刊行人是國有企業，投資者廣泛以為全部公然刊行的債務都帶有隱性的當局包管。私有的超日太陽能(Chaori Solar)在2014年3月成為中國海內首家違約刊行人，客歲4月電力裝備制作商保定天威團體(Baoding Tianwei Group)成為首家違約的中國國有企業。自那以來，另有數家國有團體也產生清償券違約。
While some defaulting issuers eventually receive government bailouts, China’s cash-strappedlocal governments have become less willing to rescue failing companies. Analysts say therelatively muted impact of recent defaults have also demonstrated to officials that individualincidents are unlikely to trigger systemic risk.
固然一些違約的刊行人終極得到當局救濟，但資金重要的中國處所當局已變得不那末樂意補救失敗的公司。剖析師們表現，近期違約的相對於平和的影響也讓官員們看到，個體事宜不太大概激發體系性危害。
Analysts expect further defaults this year as credit quality worsens. Rating agencies haveissued 49 downgrades of domestic bonds so far this year, compared with 126 in 2010,according to Wind data that include multiple downgrades of the same bond.
剖析師們估計，跟著信貸質量惡化，本年還將產生更多違約。萬得資訊的數據表現，本年迄今，評級機構已對海內債券作出49次評級下調，而2010年整年有126次評級下調(這些數字包含統一債券的屢次下調)。
Nailun said it was working to raise funds to repay investors and that it would seek torestructure the debt. The company will announce a bondholders’ meeting within five days, itsaid.
奈倫表現，正在盡力籌集資金了償投資者，同時該團體將追求重組債務。該公司稱，將在五天內宣布召開債券持有人集會的關照。
市場價：HK$ 92
