The three or four line termination or landing exchange bonds by enterprises more stringent supervisi-9c8921

The three or four line termination or landing exchange by housing prices issuance tougher regulation three or four line housing prices issuance exchange or suspected termination of landing more stringent supervision of Zhou Ziwai in October 19th, on the real estate business exchange bonds suffered across the board to suspend the news caused an uproar in the market. Many brokers in the Economic Observer interview also did not use the "one size fits all" argument, but housing prices bonds project supervision signs of tightening. Economic Observer reported that, since September, there are some housing prices project stagnation in the audit stage. In late September, a Real Estate Company to issue bonds exchange adjustment audit system message appears on the market, but the situation is to tighten audit preparation for interpretation of some brokers for the formal introduction of the housing prices issuance of new regulations, "the full stop, and then will be a standard." The head of the fixed income Department of a large brokerage firm in Beijing said to the economic observer. Audit tightening, "the exchange will not be explicitly suspended, or tell you what changes, but there are indeed a lot of three or four line city enterprise bond issuance project is terminated."." An underwriter in Beijing told the economic observer. Look from the SSE corporate bond project information platform for information display, Guiyang City real estate (Group) Co. Ltd. in 2016 non-public issuance of corporate bonds for the termination of the display state, updated October 19th; financial group purchase No. 2 asset-backed special plan is terminated in October 12th. Since September, the state remains in the "housing related project feedback has a total of 14, of which 13 projects from the state audit update so far has been more than a month of waiting time. In the opinion of the underwriting, the audit should be tightened hard, "the whole country in the real estate business debt financing is tightening, but the exchange not posting said that the real estate business business is not done, can only say that after the material submitted will be accepted, but it may not come further processing." From the actual case, not all housing prices can not be audited through the exchange. After the end of September the project status shows "through" the two housing prices, as the era of Guangzhou Real Estate Group Co. Ltd. in 2016 public issuance of corporate bonds and Yihe real estate group limited 2016 non-public issuance of corporate bonds, the issuing scale of two housing prices were 3 billion 500 million yuan and 3 billion 600 million yuan. In late September, the "Classified Supervision Scheme on real estate corporate bonds (Trial)" flowed out, which attracted market attention, including the explicit access threshold and classified management of the bonds, which means that the supervision over the issuance of housing prices will be further strict. Otherwise, the head of the real estate brokerage department will explain the signs of tightening, which is to prepare for the relevant new bonds issued for the housing prices, "this time all stops, and then will be out of the standard", he said. Shen Yuan Hong in October 20th released a similar interpretation of the research report. The report said that the Shanghai Stock Exchange is indeed possible from this week through the window to guide the suspension of all real estate corporate bonds issued, the Shenzhen Stock Exchange will soon follow up. However, the main purpose of the moratorium is to wait for the issuance of new regulations on the issuance of real estate corporate bonds.

三四线房企发债疑遭终止 交易所或落地更严厉监管  三四线房企发债疑遭终止 交易所或落地更严厉监管  周子崴  10月19日,关于房地产企业交易所发债遭遇“一刀切”暂停的消息在市场引起轩然大波。  多位券商人士在接受经济观察报采访时也并未使用“一刀切”的说法,不过房企发债项目监管出现收紧迹象。经济观察报注意到,9月份以来确有部分房企项目在审核阶段停滞不前。  9月下旬,一则关于交易所调整房地产公司发债审核制度的消息出现在市场,而审核收紧的现状则被部分券商人士解读为为即将正式出台的房企发债监管新规做准备,“这次全停,然后才会出标准。”北京某大型券商固收部门负责人向经济观察报表示。  审核收紧  “交易所不会明确地暂停,或者告诉你有怎样的变化,但是最近确实有很多三四线城市的企业发债项目都终止了。”北京一位券商承销人士告诉经济观察报。  从上交所公司债券项目信息平台查阅的信息显示,贵阳城南地产(集团)有限公司2016年非公开发行公司债券显示为终止状态,其更新日期为10月19日;融信集团购房尾款2号资产支持专项计划则在10月12日终止。  9月份以来,状态停留在“已反馈”的房企相关项目共14个,其中13个项目自审核状态最新更新至今等待时间已有月余。  在前述承销人士看来,审核的收紧应该是确凿的,“整个国家层面对房地产企业发债融资是处于收紧状态,但交易所不会发文说房地产企业的业务就不做了,只会说材料上报后会受理,但很可能得不到进一步的处理。”  从实际案例来看,并非所有房企均无法通过交易所审核。9月下旬以后项目状态显示“通过”的房企有两家,为广州市时代地产集团有限公司2016年公开发行公司债券和颐和地产集团有限公司2016年非公开发行公司债券,两家房企发行规模分别为35亿元和36亿元。  9月下旬,《关于房地产业公司债券的分类监管方案(试行)》流出,引起市场关注,其中内容包括明确发债准入门槛和进行分类管理,这意味着对房企发债的监管将进一步趋于严格。另有大型券商固收部门负责人则将目前出现的收紧迹象解释为是在为房企发债的相关新政落地做准备,“这次全停,然后才会出标准”他说。  申万宏源10月20日发布的研究报告中也有类似的解读。报告称,上交所确有可能从本周起通过窗口指导的方式暂停了所有地产公司债的发行,深交所也将很快跟进。但暂停发行的主要目的是为了等待地产公司债发行新规的颁布,新规颁布后将重启发行。  监管或将趋严  按照此前市场流传的文本,房企发债将实施分类监管。房企发行公司债的硬性条件包括达到为主体评级AA级及以上;为境内上市公司、以房地产为主业的央企,和中国房地产行业协会排名前100名的其他民营非上市房企等条件。  在此基础上,交易所对发债企业实施分类,按照总资产、最近一年末营业收入、净利润、资产负债率等指标将发债企业分为“正常类”、“关注类”、“风险类”三种,除“正常类”可以正常审核以外,“关注类”和“风险类”则需要根据不同情况明确契约条款或者增信。  事实上,自2015年年初公司债扩容以来,该品种发展迅猛,而房地产企业也迅速成为公司债发行的主力军,发行公司债成为房地产企业融资的重要路径。Wind统计数据显示,2016年前8个月,房地产行业上市企业的债券发行量共990只,超过2015年全年总数。截至9月19日,房地产企业发行规模已经突破9600亿元,为2015年同期的三倍以上。  对于券商而言,此前呈爆发式增长的房企业务如若收紧审批,也将带来考验,已有券商人士心存疑虑:“如果政策明确,那么地产债近期也就做不了了,即使你申报了也不会产生效益。”  7月份,来自保荐机构专题培训会议上的一则要求指出,不允许房地产企业通过再融资对流动资金进行补充,募集资金只能用于房地产建设而不能用于拿地和偿还银行贷款,彼时对房企融资的从严监管已如箭在弦。目前,对于分类监管政策的落地尚无时间表,不过房企发债审核标准将更为严格。“即使是大的公司,从各种融资途径综合来看,加在一起风险还是很大的,以前大家买地产债主要逻辑是赌房地产价格的上涨,他们储备的地会升值,房产也会升值,但是现在在调控的基调下,阶段性地应该不会再涨了,包括监管层和投资者都会更加审慎,警惕风险,要求去杠杆。”前述承销人士坦言。更多精彩内容欢迎搜索关注微信公众号:腾讯财经(financeapp)。相关的主题文章: