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【天风研究·固收】信用早早报(7月17日)

[Tianfeng Research · Fixed Income] Credit Morning Post (July 17)

固收彬法 ·  Jul 17, 2020 08:44

KEFA Group: the accumulated new loans accounted for 23.71% of the net assets at the end of last year (16 Kefa 01)

Investment and operation of state-owned assets in Xinghang, western Fujian: accumulated new loans accounted for 25.59% of the net assets at the end of last year in 2020 (18 Xinghang 01)

Ningbo Fubon holding Group: mortgage assets accounted for 59.46% of audited net assets at the end of 2019 at the end of March (19 Fubon PPN001)

Oriental Jincheng: pay attention to the accumulated new loans of Suzhou Yuanqiao City Investment Group in 2020 exceeding 20% of its net assets at the end of 2019 (19 billion bridge debt).

Jiangsu overseas Enterprise Group: the Company is involved in Major Litigation Progress (16 Su Hai 01)

Gree Real Estate: the specific proportion of accumulated new loans to net assets at the end of last year was 31.36% (15 houses).

Zhuhai Jiuzhou holding Group: cancel the issue of "20 Zhuhai Jiuzhou SCP004" (20 Zhuhai Jiuzhou SCP004)

Wuyi, China: the accumulated new loans in 2019 account for 54.40% of the audited net assets in 2018 (15 in Wu debt)

New Century rating: pay attention to the change of controlling shareholder of Qingdao Haichuang Development and Construction Investment Co., Ltd. (14 Qingdao Haichuang Bond)

Huaneng Lancang River Hydropower: cancel the issue of 20HHPS1 (20HHPS1)

Fitch confirms ENN Energy's rating as "BBB" and looks forward to stability

Fitch: confirm China Overseas Land & Investment's "A -" long-term issuer rating and look forward to "stability"

Fitch: confirm the "BBB" long-term issuer rating of China overseas Acer Group, and look forward to "stability".

Fitch rating: awarded to Asahi Holdings to issue US dollar green bonds' BB' rating

Investment and Management of Urban Construction in Bozhou District of Zunyi City: rating Prospect is adjusted from stable to negative

1

Issuance of new coupons

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2

Issuer's news and announcement

KEFA Group: the accumulated new loans accounted for 23.71% of the net assets at the end of last year.

Mianyang Science and Technology City Development Investment (Group) Co., Ltd. announced that by the end of June 2020, the company had accumulated 3.591 billion yuan in new loans, accounting for 23.71 percent of the net assets at the end of last year.

Coupons involved: 16 Kefa 01

Investment and operation of state-owned assets in Xinghang, western Fujian: the accumulated new loans in 2020 accounted for 25.59% of the net assets at the end of last year.

Minxi Xinghang State-owned assets Investment and Management Co., Ltd. announced that by the end of June 2020, the company had accumulated 14.529 billion yuan in new loans in 2020, accounting for 25.59 percent of its net assets at the end of last year.

Coupons involved: 18 Xinghang 01

Ningbo Fubon holding Group: as of the end of March, mortgage assets accounted for 59.46% of the audited net assets at the end of 2019.

Ningbo Fubon Holdings Group Co., Ltd. announced that asset mortgage-related matters. By the end of March 2020, the company's mortgaged assets totaled 3.7725871 billion yuan, accounting for 59.46% of the audited net assets at the end of 2019.

Coupons involved: 19 Fubon PPN001

Dongfang Jincheng: pay attention to the accumulated new loans of Suzhou Luoqiao City Investment Group in 2020 exceeding 20% of its net assets at the end of 2019.

Dongfang Jincheng announced that the accumulated new loans of Suzhou Yuanqiao City Investment Group (Holdings) Co., Ltd. in 2020 exceeded 20% of its net assets at the end of 2019. As of the end of June 2020, the company's unaudited interest-bearing loan balance was 9.289 billion yuan, an increase of 1.431 billion yuan over 2019, accounting for 27.89% of net assets at the end of 2019.

Individual coupons are involved:19 yuan bridge debt

Jiangsu overseas Enterprise Group: the Company is involved in the Progress of Major Litigation

Jiangsu overseas Enterprise Group announced that Jiangsu Litian Real Estate Development Co., Ltd., a subsidiary of the company, won a dispute over the construction contract between Jiangsu Luren Construction and Development Co., Ltd., Jiangsu Zhongtan Construction Engineering Co., Ltd., and Jiangning District people's Court of first instance ruled that Lu Ren Company should pay 300000 yuan in liquidated damages and 64500 yuan in refund fees.

Individual coupons involved: 16 Su Hai 01

Gree Real Estate: the cumulative new loans accounted for 31.36% of the net assets at the end of last year.

Zhuhai Gree Real Estate Co., Ltd. announced that at the end of 2019, the company's total assets were 30.319 billion yuan, net assets were 4.209 billion yuan, and the loan balance was 12.009 billion yuan. The loan balance at the end of June 2020 was 13.329 billion yuan, and the accumulated new loans at the end of June 2020 was 1.32 billion yuan. At the end of June 2020, the accumulated new loans accounted for 31.36% of the net assets at the end of the previous year.

Individual coupons involved: 15 properties

Zhuhai Jiuzhou holding Group: cancel the issue of "20 Zhuhai Jiuzhou SCP004"

Zhuhai Jiuzhou holding Group Co., Ltd. announced that in view of the recent market changes, it intends to cancel the issuance of "20 Zhuhai Jiuzhou SCP004", and the adjusted issuance arrangements will be announced separately. The current issue of bonds was originally planned to be issued from July 15 to 16, with an issue amount of 300 million yuan.

Coupons involved: 20 Zhuhai Jiuzhou SCP004

Wuyi, China: cumulative new loans in 2019 account for 54.40% of audited net assets in 2018

China Wuyi Industrial Co., Ltd. announced that by the end of December 2019, the company had accumulated 3.174 billion yuan in new loans for the year, accounting for 54.40% of its audited net assets in 2018.

Individual coupons involved: 15 middle school military debts

New Century rating: pay attention to the change of controlling shareholder in Qingdao Haichuang Development and Construction Investment Co., Ltd.

The New Century rating announcement said it was concerned about the change in the controlling shareholder of Qingdao Haichuang Development and Construction Investment Co., Ltd. All the original Jiaodong Qingdao Licang Development and Investment Co., Ltd. transferred 76.47% of the equity held by Qingdao Haicang Development and Construction Investment Co., Ltd. to the shareholder Licang District State-owned assets Management Office. After the industrial and commercial change, the company's controlling shareholder becomes the Licang District State-owned assets Management Office, and the actual controller is still the Licang District people's Government. New Century rating will continue to pay attention to the impact of the above changes in controlling shareholders on the credit quality of Qingdao Haichuang and related debt financing instruments.

Involving individual coupons: 14 Qingdao Haichuang Bond

Huaneng Lancang River Hydropower: cancel the issue of 20HHPS1

Huaneng Lancangjiang Hydropower Co., Ltd. announced that it was originally scheduled to issue short-term corporate bonds (Phase I) in 2020 (for qualified investors) from July 16 to July 17, 2020. Due to the recent large fluctuations in market interest rates, in order to reasonably control the financing costs of the issuer, with the consent of all current bond investors and bookkeeping participants, the issuer decided to cancel the issue and start it at an optional date.

Individual coupons involved: 20HHPS1

3

Credit rating adjustment

Adjust 1

Fitch: confirm ENN Energy's rating as "BBB" and look forward to stability

Fitch announced that Fitch confirmed ENN Energy's rating as "BBB" and had a stable outlook.

Adjust 2

Fitch: confirm China Overseas Land & Investment's "A -" long-term issuer rating and look forward to "stability"

Fitch said it confirmed China Overseas Land & Investment's long-term issuer default rating, foreign currency senior unsecured rating and senior unsecured note guaranteed by China Overseas Land & Investment as "A -" and looked forward to "stability".

Adjust 3

Fitch: confirm the "BBB" long-term issuer rating of China overseas Acer Group, and look forward to "stability".

Fitch announced that it has confirmed the BBB long-term issuer default rating (IDR) of China overseas Hongyang Group Co., Ltd., looking for stability. Fitch also confirmed its senior unsecured foreign currency rating and outstanding bill rating as BBB.

Adjust 4

Fitch rating: awarded to Asahi Holdings to issue US dollar green bonds' BB' rating

Fitch announced that it has awarded Chinese real estate company Xuhui Holdings (Group) Co., Ltd. (BB/ Stability) to issue a green bond in US dollars' BB' rating, which is Xuhui's first green bond issue. In view of the fact that the bond constitutes Xuhui's direct and senior unsecured debt, its rating is consistent with Xuhui's senior unsecured rating. The funds raised by the issue will be used to refinance existing debt.

Adjust 5

Investment and Management of Urban Construction in Bozhou District of Zunyi City: rating Prospect is adjusted from stable to negative

It is mainly based on: the financial resources of Bozhou District are declining, the current situation of the company is poor, the proportion of receivables is rising, the proportion of non-standard debt is relatively high, the pressure of short-term debt repayment is rising, the arrangement of debt repayment is worth paying attention to, and the proportion of external guarantee is relatively large. the guaranteed object has experienced credit risk events, the company is facing a certain amount of compensatory pressure and a large proportion of restricted assets, and so on.

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