山东如意1.53亿美元债券违约

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

艰难应对沉重债务的山东如意在申报文件中表示，未能偿还周一到期的一笔10亿元人民币债券的本息。

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.

控股莱卡(The Lycra Company)和Gieves & Hawkes等品牌的中国服装生产商周一披露其未能偿还投资者一笔1.53亿美元的债券，这是中国一连串违约事件中的最新一例。

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.

在一系列备受瞩目的国际收购后艰难应对沉重债务的山东如意科技集团(Shandong Ruyi Technology Group)在一份申报文件中表示，该集团未能偿还周一到期的一笔10亿元人民币债券的本息。

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月以来，陷入困境的企业越来越多地出现违约事件，在中国价值4万亿美元的公司债券市场引发震荡。

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.

位于沿海省份山东、有时被称为“中国路威酩轩(LVMH)”的私有企业山东如意，在收购运动装生产商莱卡和伦敦萨维尔街裁缝店Gieves & Hawkes等知名品牌控股权的过程中，累积了超过40亿美元的总债务。

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.

这波违约潮——始于11月初国有企业永城煤电(Yongcheng Coal)的一笔债券违约——令外界质疑地方政府债务的国家支持，长期以来这类债务被投资者视为具有隐性担保。

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.

山东如意并非国有企业，但仍感受到北京方面减弱对地区和地方政府发债支持力度的压力，此前，地区和地方政府被赋予很大的自由度大量举债，以维持快速经济增长。

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.

在这家服装公司与债券持有人谈判推迟其在3月未能支付的年度利息后，该公司此前希望山东地方政府融资平台——济宁市城市建设投资有限公司(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.

但该融资平台在6月宣布，退出2019年10月达成的收购该公司26%股权的协议。

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.

法国兴业银行(Société Générale)大中华区经济学家Michelle Lam表示，地方政府融资平台已受到更严格的审查，因此承受着削减高风险投资的压力。

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，山东如意违约事件凸显出政府相关企业与民营企业之间交叉担保的风险，“这可能会增加金融危机蔓延的可能性”。

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，随着中国经济持续复苏，明年融资压力可能会更加突出，这或许会促使政策制定者收紧流动性条件。

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.

法通投资管理公司(Legal and General Investment Management)新兴市场高级经济学家埃里克•鲁斯(Erik Lueth)补充道，“偶尔允许这种违约“是中国向金融体系引入更多道德风险的战略的一部分”。他表示：“这是一种进两步、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.

山东如意应该在周二支付另一笔10亿元人民币债券的利息，该债券也在中国境内市场交易。

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.

该集团国际债务的价格也反映出困境。彭博(Bloomberg)数据显示，由其子公司盛茂控股(Prime Bloom Holdings)发行、将于2022年到期的3亿美元债券的价格已下跌至面值的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.

评级机构穆迪(Moody's) 3月将山东如意的发行人信用等级从Caa1下调至Caa3，这表明该集团存在“非常高的信用风险”。该机构还将盛茂发行的债券评级从Caa2下调至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.

这家评级机构表示，其决定反映出“在经济不确定性增加的背景下，山东如意的流动性头寸收紧，再融资风险提高”，而未来12至18个月，该集团将有“大量”债务到期。

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刘纪鹏：中国政法大学商学院院长、MBA教育中心主任、二级教授、博士生导师、高级研究员、高级经济师、注册会计师。

孟令星：中国政法大学商学院讲师、MBA教育中心招生部主任、清华大学商法学博士、中国人民大学经济法学博士后、美国哈佛大学进修学者。

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