"Borrowing the new and returning the old" is obviously limited! Big news from private debt

Recently, information about the limited use of funds raised by private debt has been circulated in the industry.

Fund Jun learned that some brokers did receive relevant information. private placement bond, which was accepted in late September of 2065438+2009, has a scale exceeding 40% of its net assets and can only be used to borrow the new and return the old.

The use of funds raised through private debt will be restricted.

It is understood that brokers revealed that there are two main contents this time. 1. private placement bond accepted after September 20 19 19 can only be used to borrow the new and return the old; Second, the amount of public offering and private placement is calculated independently according to 40% of net assets.

That is to say, according to the new and old cut-off policy, private debt accepted or approved before September of 19 will not be affected and can be used according to the agreed purpose.

However, the relevant staff of a medium-sized brokerage in North China told the reporter that compared with the part of borrowing new and returning old that exceeds 40% of the net assets, for brokers, if the amount is calculated according to 40% of the net assets, this article will have a greater impact. "In the past, many private corporate bonds that were not publicly issued were relatively random, and there was no 40% limit," the source said. After that, the restrictions will be even greater.

Corporate bonds are divided into public offering and non-public offering. Non-public issuance of corporate bonds is often called "private debt". Previously, the regulatory requirements for the net assets of the public offering of corporate bonds were that the net assets of a joint stock limited company were not less than 30 million yuan, and the net assets of a limited liability company were not less than 60 million yuan. The accumulated bond balance shall not exceed 40% of the company's net assets. However, there are no rigid restrictions on the subject conditions, issuance conditions and guarantee rating of private debt. In addition, the issuers of private debt are mainly low-to-medium ratings, concentrated in local state-owned enterprises, with a relatively high proportion of urban investment bonds and relatively low information disclosure requirements.

A staff member of the asset management collection department of a brokerage in East China said, "In the past, there were no restrictions on private debt, some of which exceeded 40%, and the restrictions on the use of bond funds were relatively very few." It says that if it exceeds 40%, it can only borrow the new and return the old, which essentially limits the ability of enterprises to use leverage to expand.

The source said that traditional financing channels such as trust loans have been compressed recently, and bond tightening is also in line with the general direction of regulatory coordination.

This year, the issuance scale of private enterprise bonds is nearly 1 trillion yuan.

More than 350 billion yuan more than last year.

Some institutional sources pointed out that this policy has an impact on the financing structure of issuers with heavy debt burdens.

It is worth noting that since the beginning of this year, the issuance of private corporate bonds has been hot and has increased substantially. The data shows that as of June 65438+ 10/4, since June 20 19, * *1039 private enterprise bonds have been issued, with a total issuance of 983.684 billion yuan, an increase of more than 350 billion yuan over last year.

At the same time, there are 24 * * * companies with a scale of more than 3 billion yuan, of which two have a total issuance of more than 5 billion yuan, 7.767 billion yuan and 6 billion yuan respectively, and the issuers are Gui 'an Kaitou and Shoufa Group respectively.

More than half of private corporate bonds are issued for five years. From the perspective of the issuer's industry, there are leasing and business services, manufacturing and finance. It is worth noting that among the top five issuers of private debt, four issuers are involved in construction, real estate and other industries.

Treading on thunder and private debt exposure compliance and other issues.

The brokerage company received a regulatory ticket.

On the other hand, some brokers were punished by supervision for stepping on thunder to raise private debt, which exposed the risk control problems such as company compliance.

According to the Standard Provisions on the Calculation of Risk Control Indicators of Securities Companies (CSRC Announcement [20 16] 10), the scale of holding a non-equity securities shall not exceed 20% of the total size of the securities.

On September 16 this year, Sichuan Securities Regulatory Bureau issued a notice pointing out that there are three major problems in Chuancai Securities: compliance management and internal control are not in place, asset management business operation is not standardized, and the behavior of holding assets with its own funds to undertake asset management products is not standardized, and these three major problems all revolve around a private debt-"16 countries purchase bonds".

It is understood that the issuer of "16 national debt purchase" is SDIC. According to the Sichuan Securities Regulatory Bureau, after the investigation of Chuancai Securities found that "16 national debt purchase" had the risk of default, on June 18, 16, 18, with its own funds, with reference to the current CSI valuation, it undertook the part of "18" held by the company's asset management products through a single fund trust plan. Therefore, during the period of 20 18, 10, 16 to12, the company's own funds held "16 national debt" through the single fund trust plan, accounting for 40% of its issuance scale. There are cases of circumventing the regulatory requirements of "the scale of holding a non-equity securities shall not exceed 20% of the total size of the securities" in Appendix 6 "Calculation Table of Risk Control Indicators of Securities Companies" of the Standard Provisions on the Calculation of Risk Control Indicators of Securities Companies (CSRC Announcement [20 16] 10).

(Article Source: China Fund News)