Notes on issuance of credit products in the primary market: the second phase of newly issued credit products in the 20th week

http://www.sina.com.cn 09:59, May 21, 2012 Sina Finance

Lin Chaohui, Huatai United Securities Co., Ltd

New varieties of credit bonds: in terms of credit qualification, 12 Guihang Shares The issuer of MTN1 is a subordinate enterprise of a central enterprise, but considering its small size, the main body level of AA is slightly higher, the credit enhancement effect of China Bond's credit enhancement guarantee is good, and the debt level of AAA is moderate. 12 The MTN1 issuer of Fukuang has less coal resource reserves and will still have a large scale investment expenditure arrangement in the future. The main body and debt level of AA are slightly higher. 12 The issuer of Shengnong01 is a private enterprise with a small size. Considering the epidemic risk of breeding enterprises, the main body level of AA is significantly higher; The risk correlation between the guarantor and the issuer is high, the effect of credit enhancement is weak, and the debt level of AA is also significantly high. 12 Taicang Port Development Zone, where the issuer of Taicang Port Bonds is located, is a provincial development zone. At present, the scale of financial revenue is small. The issuer itself is also in the construction investment period, and the subject and debt level of AA are significantly higher. The issuers of 12 Huaxin 01 and 12 Huaxin 02 are foreign investors. The industry they are in is highly cyclical and will face great investment pressure in the future. The main body and debt level of AA are somewhat high.

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