Housing companies continue to issue short-term debt to cope with debt due: 33 billion in outstanding debt in March
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Original title: Real estate companies continue to re-issue short-term debt to cope with upcoming debts. Developers with US $ 33 billion in outstanding debt for three months have been developing to issue short-term bonds to cope with the upcoming debt repayment period.
Real estate companies frequently issued short-term debt to replace long-term debt. On February 20, according to the Shanghai Clearing House, Binjiang Group completed the issuance of the second-term short-term financing bills of US $ 900 million in 2020, with an issuance period of 366 days and an interest rate of 3.
The prospectus shows that Binjiang Group has registered US $ 3 billion short-term financing bonds to return the issuer’s debt financing instruments.
The ultra short-term financing bonds issued this time were issued on February 24-25, 2020, with interest rates starting on February 26.
The funds raised in this period will be used to repay the 900 million yuan “17 Hangzhou Binjiang MTN001” that will expire on February 28, 2020.
Since entering 2020, Binjiang Group has issued short-term financing bonds many times.
On January 10, Binjiang Group stated that it will complete the issuance of the company’s first short-term financing bonds of 2020 on January 7, 2020. The actual total issuance was US $ 900 million, the issue rate was 4%, the term was 366 days, and the value date was 2020.January 9, 2014, the redemption date is January 9, 2021.
On January 15, Binjiang Group announced that the company had issued the first phase of the company’s 2019 short-term financing bonds on January 9, with an actual issue volume of approximately US $ 900 million and an issue rate of 5.
On February 14, Binjiang Group issued 12 quarterly notes with a maturity of 3 years and a coupon rate of 4%.
On the signing date of the final prospectus, the balance of Binjiang Group’s outstanding debt financing instruments was 124.
5.6 billion yuan.
Behind Binjiang Group’s repeated debt issuance, the company is under pressure to refuse to repay the debt.
The prospectus showed that from 2016 to 2018 and from January to March 2019, Binjiang Group’s current liabilities were 271.
6.5 billion, 358.
1.3 billion, 469.
5.3 billion and 603.
4.4 billion, accounting for 80% of total liabilities in the same period.
81% and 72.
Binjiang Group said that in the past three years and the first period of the company’s liquidity resistance has improved and accounted for a higher proportion of total liabilities, the company has a short-term debt repayment pressure resistance risk.
If the company’s financing channels are not smooth in the future or the costs cannot be controlled reasonably, it may have a certain adverse impact on the company’s ability to repay its debt.
As a capital-intensive real estate industry, financing and sales receipts are the main sources of funding.
Due to the impact of the epidemic, real estate developers’ sales receipts have been greatly affected.
In fact, debt financing has become the main channel for real estate transfusions for companies.
In addition, Kerer’s research report shows that 2020 will be the peak period of housing companies’ debt issuance (Jin Qilin analyst). The annual internal debt of 95 typical housing companies will reach 500 billion U.S. dollars.During a peak period of debt repayment, the total amount to be repaid reached 33 billion yuan.
Financing interest rates have fallen. Under this background, real estate developers re-issued short-term financing bonds and ultra-short-term financing bonds in the first two months of this year, and interest rates were reduced.
On January 9, Jinke Real Estate issued 20 Jinke Real Estate ultra-short-term financing bonds SCP001 on January 7, 2020, with an issuance amount of US $ 800 million, an issue period of 270 days, and a coupon rate of 5.
On January 17, R & F Properties issued a US $ 700 million ultra short-term financing bond with a coupon rate of 5.
4%, issuance period is 120 days.
Three days later, R & F Properties once again issued a short-term financing bond.
On January 21, R & F Properties completed the second phase of ultra short-term financing bonds for 2019, with a total issuance of USD 1.3 billion and an interest rate of 5.
28% with a duration of 270 days.
Both financings are used to replenish working capital, repay financial institution debt, credit debt and project investment.
On February 13, China Merchants Shekou issued a US $ 1 billion ultra short-term financing bond with a coupon rate of 2.
70% of the issue period is 162 days. The raised funds are used to repay the company’s interest-bearing debt.
On February 20, Gemdale Group issued a US $ 1 billion ultra short-term financing bond with a coupon rate of 2.
83%, with a maturity period of 270 days. All proceeds raised from the current bond are used to repay debt financing instruments terminated by the issuer itself.
Some analysts said that the expansion of the issuance of short-term bonds by developers can quickly supplement the company’s cash flow and reduce financial pressure.
And developers use short-term bonds to cope with upcoming debt and exercise peaks.
For developers, in addition to territorial debt, there is also the company’s debt due overseas.
Bloomberg data shows that in 2020, the peak period of overseas debt repayment for housing companies will be March and November, exceeding US $ 4 billion and US $ 5 billion, 成都桑拿网 respectively.
The initial maturity scale of real estate companies’ overseas debts reached 294.
$ 6.5 billion, or about 2039.
8.3 billion yuan.
Among them, Vanke Group will have the most debts due in 2020, with domestic credit debts, overseas debts and ABS totaling 650 maturities.
US $ 8.5 billion; followed by Evergrande Real Estate Group, with three total maturity scales of 599.
7.1 billion yuan.
The expiry scale of Dalian Wanda Group is 399.
0.6 billion, Country Garden is 283.
09 billion, Green City is 240.
3.3 billion yuan.
The expiration scale of other real estate enterprises is within 20 billion yuan.