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山東如意1.53億美元債券違約

Chinese fashion group that controls Lycra maker defaults on $153m bond

艱難應(yīng)對沉重債務(wù)的山東如意在申報文件中表示，未能償還周一到期的一筆10億元人民幣債券的本息。

The Chinese clothing maker?that controls brands including The Lycra Company and Gieves & Hawkes revealed on Monday that it had failed to pay back investors on a $153m bond, the latest in a string of defaults in the country.

控股萊卡(The Lycra Company)和Gieves & Hawkes等品牌的中國服裝生產(chǎn)商周一披露其未能償還投資者一筆1.53億美元的債券，這是中國一連串違約事件中的最新一例。

Shandong Ruyi Technology Group, which has struggled to cope with a heavy debt load after a series of high-profile international acquisitions, said in a filing that it had failed to repay the principal and interest on a Rmb1bn bond that came due on Monday.

在一系列備受矚目的國際收購后艱難應(yīng)對沉重債務(wù)的山東如意科技集團(tuán)(Shandong Ruyi Technology Group)在一份申報文件中表示，該集團(tuán)未能償還周一到期的一筆10億元人民幣債券的本息。

It has joined a growing list of defaults among troubled companies that have sent tremors through China’s $4tn corporate bond market since November.

自11月以來，陷入困境的企業(yè)越來越多地出現(xiàn)違約事件，在中國價值4萬億美元的公司債券市場引發(fā)震蕩。

Privately held Shandong Ruyi, based in the coastal province of Shandong and sometimes referred to as the “LVMH of China”, built up total debt of more than $4bn in the course of scooping up controlling stakes in famous brands including athletic apparel maker The Lycra Company and Savile Row tailor Gieves & Hawkes.

位于沿海省份山東、有時被稱為“中國路威酩軒(LVMH)”的私有企業(yè)山東如意，在收購運(yùn)動裝生產(chǎn)商萊卡和倫敦薩維爾街裁縫店Gieves & Hawkes等知名品牌控股權(quán)的過程中，累積了超過40億美元的總債務(wù)。

The wave of defaults — which began in early November with a missed payment by state-run Yongcheng Coal — have raised questions about the state backing of local government debt, long viewed by investors as implicitly guaranteed.

這波違約潮——始于11月初國有企業(yè)永城煤電(Yongcheng Coal)的一筆債券違約——令外界質(zhì)疑地方政府債務(wù)的國家支持，長期以來這類債務(wù)被投資者視為具有隱性擔(dān)保。

Shandong Ruyi is not state-owned but has still felt the squeeze of Beijing’s ebbing support for debt issued by regional and local governments, which were previously given substantial discretion to borrow heavily in support of maintaining rapid economic growth.

山東如意并非國有企業(yè)，但仍感受到北京方面減弱對地區(qū)和地方政府發(fā)債支持力度的壓力，此前，地區(qū)和地方政府被賦予很大的自由度大量舉債，以維持快速經(jīng)濟(jì)增長。

After the clothing company negotiated with bondholders to delay an annual interest payment it had missed in March, the company had hoped for a rescue from Jining City Urban Construction Investment, a Shandong-based local government financing vehicle.

在這家服裝公司與債券持有人談判推遲其在3月未能支付的年度利息后，該公司此前希望山東地方政府融資平臺——濟(jì)寧市城市建設(shè)投資有限公司(Jining City Urban Construction Investment)出手相救。

But in June that financing vehicle announced it was pulling out of an arrangement made in October 2019 to buy a 26 percent stake in the company.

但該融資平臺在6月宣布，退出2019年10月達(dá)成的收購該公司26%股權(quán)的協(xié)議。

Local government financing vehicles have come under tighter scrutiny and thus were under pressure to cut back on risky investments, said Michelle Lam, greater China economist at Société Générale.

法國興業(yè)銀行(Société Générale)大中華區(qū)經(jīng)濟(jì)學(xué)家Michelle Lam表示，地方政府融資平臺已受到更嚴(yán)格的審查，因此承受著削減高風(fēng)險投資的壓力。

Ms Lam said the Shandong Ruyi default highlighted the risk of cross-guarantees between government related companies and private enterprises in China, “which can increase the risk of financial contagion”.

Michelle Lam表示，山東如意違約事件凸顯出政府相關(guān)企業(yè)與民營企業(yè)之間交叉擔(dān)保的風(fēng)險，“這可能會增加金融危機(jī)蔓延的可能性”。

Financing pressures could come into sharper focus next year as China’s economic recovery continues, probably prompting policymakers to tighten liquidity conditions, she said.

她表示，隨著中國經(jīng)濟(jì)持續(xù)復(fù)蘇，明年融資壓力可能會更加突出，這或許會促使政策制定者收緊流動性條件。

Erik Lueth, senior emerging market economist at Legal & General Investment Management, added that “allowing this kind of default once in a while” was “part of the strategy [China is] pursuing to introduce more moral hazard into the system”. “It is a two steps forward, one step back approach”, he said.

法通投資管理公司(Legal and General Investment Management)新興市場高級經(jīng)濟(jì)學(xué)家埃里克?魯斯(Erik Lueth)補(bǔ)充道，“偶爾允許這種違約“是中國向金融體系引入更多道德風(fēng)險的戰(zhàn)略的一部分”。他表示：“這是一種進(jìn)兩步、退一步的方式”。

Shandong Ruyi has an interest payment on another Rmb1bn bond, also traded on China’s onshore market, due on Tuesday.

山東如意應(yīng)該在周二支付另一筆10億元人民幣債券的利息，該債券也在中國境內(nèi)市場交易。

The group’s international debt is also trading at distressed levels. The price of a $300m bond issued by subsidiary Prime Bloom Holdings due in 2022 has dropped to 20 cents on the US dollar, Bloomberg data show.

該集團(tuán)國際債務(wù)的價格也反映出困境。彭博(Bloomberg)數(shù)據(jù)顯示，由其子公司盛茂控股(Prime Bloom Holdings)發(fā)行、將于2022年到期的3億美元債券的價格已下跌至面值的20%。

Rating agency Moody’s downgraded Shandong Ruyi’s issuer rating in March to Caa3 from Caa1, indicating the group carries “very high credit risk”. It also cut the rating on the bonds issued by Prime Bloom to Ca from Caa2.

評級機(jī)構(gòu)穆迪(Moody's) 3月將山東如意的發(fā)行人信用等級從Caa1下調(diào)至Caa3，這表明該集團(tuán)存在“非常高的信用風(fēng)險”。該機(jī)構(gòu)還將盛茂發(fā)行的債券評級從Caa2下調(diào)至Ca。

The rating agency said its decision reflected “tightening liquidity position and elevated refinancing risk amid increased economy uncertainty”, with “sizeable” debts coming to maturity over the next 12 to 18 months.

這家評級機(jī)構(gòu)表示，其決定反映出“在經(jīng)濟(jì)不確定性增加的背景下，山東如意的流動性頭寸收緊，再融資風(fēng)險提高”，而未來12至18個月，該集團(tuán)將有“大量”債務(wù)到期。

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