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Chinese bond defaults by state-owned enterprises are on the rise, heightening investor anxiety that is creating difficulties for other companies aiming to sell debt.
中国国有企业的债券违约数量正在上升，加剧了投资者的焦虑情绪，进而给希望发售债务的其他公司制造了困难。
Since the start of April, two SOEs have missed scheduled bond payments, while a third suspended trading of its notes, warning of difficulty making a payment due in May.
自4月初以来，已有两家国企未能按期兑付债券，还有一家国企暂停其债券的交易，警告5月到期的一笔兑付将有困难。
For years bond defaults were unheard of in China’s onshore corporate bond market, with the government reliably stepping in to bail out troubled issuers. The first-ever onshore corporate bond default occurred in March 2014 when privately owned Chaori Solar missed an interest payment.
债券违约在中国在岸公司债券市场曾经在多年期间是闻所未闻的事情，政府总会在关键时刻介入，救助陷入困境的发行人。在岸公司债券的第一例违约发生在2014年3月，当时民营的超日太阳能(Chaori Solar)未能支付一笔利息。
The first SOE default, by power equipment manufacturer Baoding Tianwei, came last April. Now defaults are accelerating, as the slowdown in Chinese manufacturing and construction hits cash flows in industries such as steel and coal.
第一例国企违约发生在去年4月，违约的发行人是电力设备制造商保定天威(Baoding Tianwei)。如今，随着中国制造业和建筑业放缓重创钢铁和煤炭等行业的现金流，违约正在加快发生。
The defaults are also creating fundraising difficulties for other would-be borrowers. In the first 12 days of April, at least 18 bond issues worth a combined Rmb17.8bn ($2.8bn) were cancelled, according to a tally of public filings by China Business News. That follows 62 cancellations worth Rmb44.8bn in March. In total, 12 publicly issued bonds have defaulted since 2014, according to Haitong Securities.
这些违约还在给其他潜在借款人带来融资困难。根据《第一财经日报》(China Business News)对公开申报的统计，在4月的头12天，至少18笔债券发行被取消，总价值达到178亿元人民币（合28亿美元）。此前在3月份已有62笔债券发行被取消，总价值达到448亿元人民币。据海通证券(Haitong Securities)介绍，自2014年以来已有12只公开发行的债券发生违约。
“The sudden chill in the primary market last week and the recent outbreak of credit risk incidents are closely related,” Lian Haixia, analyst at China Chengxin International Ratings, wrote yesterday. “The continuous fermenting of credit risk has sparked a negative mood among investors.”
“一级市场上周突然遭遇寒流，与近期信用风险事件频发有密切关联，”中诚信国际信用评级(CCXI)分析师连海峡（音）昨日写道。“信用风险持续发酵，已经引发了投资者的负面情绪。”
The speed with which recent defaults have emerged has surprised the market. Dongbei Special Steel Group, owned by the government of Liaoning province in China’s rust-belt north-east, defaulted on Rmb1bn in paper that matured on April 5.
近期违约发生的速度出乎市场意料。地处中国东北锈带的辽宁省政府拥有的东北特钢集团(Dongbei Special Steel Group) 4月5日到期的10亿元人民币超短期融资券发生违约。
Those notes were sold three months ago. Dongbei Special previously missed a Rmb852m bond payment due on March 28, days after disclosing that Yang Hua, chairman, was found dead at his home. The company has another Rmb2bn in notes due this year.
这些债券是在3个月前发售的。此前东北特钢在披露其董事长杨华被发现死于家中的几天后，未能兑付3月28日到期的债券本息8.52亿元人民币。该公司今年还将有另外20亿元人民币的债券到期。
Government-owned China Railway Materials said on Monday it had asked to suspend trading of its bonds, warning its business was in decline. The company said it was working on a plan to ensure debt repayment. China Railway, which sold six-month paper as recently as January 26, has Rmb1bn in bonds maturing on May 17.
国有的中国铁路物资(China Railway Materials)本周一表示，已申请暂停其债券的交易，警告其业务正在萎缩。该公司表示，正在努力制定一项计划，以确保偿还债务。今年1月26日刚发行六个月期债券的中国铁路物资，有10亿元人民币的债券将在5月17日到期。
Shanxi Huayu Energy, a unit of central government-owned China National Coal Group, defaulted on Rmb638m in principal and interest due April 6 on paper sold a year ago. The company has another Rmb1.5bn in bonds maturing this year.
央企中煤集团(China National Coal Group)旗下山西华昱能源(Shanxi Huayu Energy)一年前发售、4月6日到期的6.38亿元人民币债券本息发生违约。该公司今年还有15亿元人民币债券到期。
Many economists say SOE defaults are healthy for the long-term development of China’s debt market because they reduce moral hazard caused by the widespread assumption of a limitless government backstop for the bond market.
许多经济学家表示，国有企业发生违约对于中国债务市场的长远发展是健康的，因为它们有助于降低一个普遍假设所引发的道德风险，这个假设就是政府将为债券市场提供无止境的担保。
