On the 23rd, Jizhong energy groups listed company Jizhong energy bonds rebounded sharply, 16 Jizhong 01 rose by 27%, 16 Jizhong 02 by 25%, and 17 Jizhong 01 by 30%.
More than 40 billion yuan of debt has been paid in silence this year
Wind data shows that on November 20, the net transaction price of Jizhong energy groups existing bonds 18 Jizhong energy mtn003 was only 13.73 yuan in the interbank market; in the exchange market, the remaining bonds of Jizhong energy group 16 Jizhong 01 fell to 68.299 yuan, down 32% from the beginning of the month; 16 Jizhong 02 fell to 65 yuan, down 33% from the beginning of the month; and 17 Jizhong 01 was at 57.89 yuan, down from the beginning of the month 40%u3002 On the same day, 18 Jizhong energy mtn003 and other existing bonds implied rating was lowered to AA -, the previous day was AA.
According to the plan, the RMB 2 billion 20 Jizhong energy scp004 should be due and cashed on the 22nd of this month (postponed to the 23rd), which is also the resale exercise date of the 1 billion yuan 19 Jizhong energy ppn005. After Yongcheng Coal defaulted, the payment of Jizhong energy group bonds affected the market nerves.
In the short term, if another big Mac company defaults, the market will not be able to bear it. Some people in the market said so.
The money was transferred to shangqingsuo last Friday, and it was drawn directly after work on the same day. The general manager of the fixed income Department of a securities firm told Mr. Zhongzheng that it was a short-term period that brought a satisfactory end to the event.
Wind data shows that as of November 23, Jizhong energy group had 31 bonds due (excluding repurchase) this year, totaling 45.7 billion yuan, and no default has occurred so far.
According to the companys official website, Jizhong energy group was established in June 2008. It is a large state-owned enterprise with coal as its main business and comprehensive development of pharmaceutical, modern logistics, chemical industry, electric power and equipment manufacturing.
Headquartered in Xingtai City, Hebei Province, the group has 27 secondary units, holding three listed companies, namely Jizhong energy, Huabei pharmaceutical and Jinniu chemical, and has a financial company. In 2019, it ranks 347th in the worlds top 500, 86th in Chinas top 500 enterprises, and 5th in Chinas top 50 coal enterprises. In 2019, 75.39 million tons of raw coal and 1.86 million tons of clean coal will be produced, with an operating revenue of 269 billion yuan.
There are still 20 debts due in a year
As of November 23, there were 38 bonds in existence, with a total amount of 38.21 billion yuan. In addition, taking into account the 16 unmatured bonds of subordinate enterprises, the total amount of surviving bonds reached 46.82 billion yuan.
At present, Dongfang Jincheng and Dagong international give Jizhong energy AAA credit rating. However, in the latest follow-up rating report, both rating companies mentioned that Jizhong energy has a large scale of debt and a large number of short-term debts, and faces certain short-term debt repayment pressure.
Dagong international pointed out that since 2019, the companys interest bearing debt scale has continued to grow, accounting for a high proportion of the total debt, and the debt burden is heavy; among them, the short-term interest bearing debt is the main one, and the short-term debt repayment pressure is on the rise. By the end of March 2020, the total interest bearing debt of the company was 171.459 billion yuan, accounting for 88.46% of the total debt; among them, the interest bearing debt due within one year was 103.829 billion yuan, accounting for 60.56% of the total interest bearing debt.
In addition to the bonds maturing this time and entering the repurchase period, there are 20 bonds due within one year of Jizhong energy group, with a balance of 24.9 billion yuan, and 28 bonds with a total of 31.05 billion yuan calculated by entering the repurchase exercise period.
Local actions frequently release positive signals
According to a rating agency, as a large provincial enterprise subordinate to the state owned assets supervision and Administration Commission of Hebei Province, Jizhong energy group has gained more support from Hebei provincial government in resource acquisition, industrial integration, project approval, credit support and government subsidies.
It is worth mentioning that on September 9, Jizhong Energy Group announced the change of high-level personnel.
Company source: Announcement
According to a media report, the person in charge of the senior management of Jizhong energy group said that it is necessary to adjust and optimize the financial structure through market-oriented means on the premise of ensuring that the debt in the open market does not default.
On the 23rd, Jizhong energy bonds, a listed company of Jizhong energy group, rebounded significantly. By the end of the day, 16 Jizhong 01 rose by 27%, 16 Jizhong 02 by 25%, and 17 Jizhong 01 by 30%.
Source: wind source: China Securities Journal Author: Zhang Qinfeng, editor in charge: Zhong Qiming_ NF5619