Northeast Special Steel added a new debt default analysis called credit default outbreak trend mide-031

Northeast Special Steel added a new debt default analysis called credit default outbreak trend of credit risk market volatility can hardly be avoided after as the shadow follows the form of Guangxi Nonferrous reorganization fails to declare bankruptcy, Bohai iron and steel debt crisis, this week has exposed the Northeast Special Steel breach. It is worth noting that there is a large area of credit default events outbreak trend, or will gradually hit the market risk appetite. In September 26th, the inter-bank bond market to meet the credit risk of the event, the Northeast Special Steel Group Limited company released "2015 third annual short-term financing bonds did not pay in full payment of principal and interest of the announcement:" the Northeast Special Steel Group Co. 2015 third annual short-term financing bonds in September 24, 2016 (the day for the holidays, postponed to September 26th) payment of principal and interest. But as the expiry day end, the company failed to raise enough funds in accordance with the agreed repayment, so the "15 East steel CP003" constitute a substantial breach of contract. Analysis shows that the recent credit default event to the outbreak of a large area of the trend, the first is the Guangxi Nonferrous reorganization fails to declare bankruptcy, Bohai iron and steel debt crisis, and the Northeast Special Steel added a new debt default, because of years of overcapacity and low maturity of the bond rating scale is still large, in the current financing environment, a credit event and material breach accelerated exposure is still a high probability event, which will gradually hit the market risk appetite. Guotai Junan Securities chief bond analyst Xu Hanfei said: "not just against the expected future real cause defaults and losses will be more and more, or become the norm of credit market investment. But in the long-term configuration under pressure, the mechanism at this stage will seize the elimination of all "value depressions’ opportunity, ‘lack of credit spreads of long-term assets leading low trend" interpretation to the extreme, prompted credit spreads narrowed further." In simple terms, driven by the pressure of the configuration, although credit risk always short-term credit debt as the shadow follows the form, can have configuration value, only "anti dominant step on mine fluctuation and differentiation of credit spreads of logic will return. The concern is, compared with the market optimism, preventing the bond authority of credit risk has always maintained a high vigilance. Since July, has been included in "Securities and futures business institutions of private asset management business management Interim Provisions" "investor protection clause" paradigm "pledged repo trading settlement risk control guidelines (Draft)" and other policy documents have been introduced. It can be seen that regulators intend to guard against the risk, reduce leverage levels, slow down the impact of the event, as well as to protect the interests of investors and other dimensions of credit risk control. Accordingly, the Bank of Nanjing Capital Market Research Center analyst Liu Yiqing said: "the fourth quarter credit debt market level supply structure, two bond demand, price trend is likely to be adjusted by the combined effect of these policy documents. Should continue to focus on the latest policy requirements, configuration with high bond rating, to interpret the terms of the new variety may occur, resulting in reduced to low rated bonds after the implementation of the new policy or fluctuations." Looking ahead, is expected to finance the current stage of credit debt as the main theory相关的主题文章: