As one of the important means of the company's "blood-filling", the recent financial bond issuance has been favored by many financial leasing companies.
A few days ago, Everbright Financial Leasing announced that the company plans to issue financial bonds on November 8-9, with a total issuance size of no more than 5 billion yuan. In addition, the recent website of the China Insurance Regulatory Commission showed that applications for the issuance of financial bonds by Beiyin Financial Leasing and China Merchants Financial Leasing were also approved.
According to statistics, "Securities Daily" reporters did not include the 5 billion yuan of financial bonds that Everbright Financial Leasing intends to issue. Since this year, 15 financial leasing companies have distributed 24 financial bonds in wholesale, with a total issued size of 71.4 billion yuan. .
Everbright Gold leases to issue no more than 5 billion yuan of financial bonds
Since the beginning of this year, the need for financial leasing companies to supplement their capital strength has become more urgent. Compared with the "main theme" of intensive capital increase in the first half of the year, in the second half of this year, financial leasing companies issued financial bonds "blood" to become a new trend.
On November 5, Everbright Financial Leasing announced that the company plans to be on November 8-9.bankThe inter-bond market was publicly issued “Guangdong Financial Leasing Co., Ltd. Financial Bonds”, and the total issuance scale did not exceed RMB 5 billion. The bond has a term of 3 years and pays interest on an annual basis. The interest period is from November 12, 2018 to November 11, 2021, and China Chengxin International gives the bond a “AAA” rating.
On August 21 this year, the application for the issuance of financial bonds by Everbright Financial Leasing was approved by the Hubei Banking Regulatory Bureau. The scale of the issuance approved at that time was 8 billion yuan.
Regarding the use of funds raised by the bond, Everbright Financial Leasing stated that it is mainly used to supplement the company's medium and long-term debt gap. The company raised funds for this period for the placement of high-quality leased assets, optimized the asset-liability structure, reduced the company's liquidity risk, and enhanced the company's strength and market influence.
According to public information, Everbright Financial Leasing was established in May 2010.Everbright BankAt the end of the second quarter of 2018, Everbright Financial Leasing's total assets were 69.289 billion yuan, net profit was 230 million yuan, the NPL ratio was 0.96%, the provision coverage ratio was 242.16%, and the leased asset balance was 65.138 billion yuan, compared with the beginning of the year. The increase was 4.758 billion yuan; the balance of operating lease business was 2.634 billion yuan, mainly concentrated in the aviation equipment leasing business.
Since 2018, the demand for supplementary capital of Everbright Financial Leasing has been urgent. In addition to the issuance of financial bonds, the large-scale capital increase of Everbright Financial Leasing is also underway. It is reported that in March this year, the shareholders of Everbright Financial Leasing increased their capital by 2.2 billion yuan according to the original shareholding ratio. The first batch of capital increase of 1.1 billion yuan was put in place in July this year, and the current registered capital is 4.8 billion yuan. According to Everbright Financial Leasing, the capital increase will be completed by the end of this year, and the registered capital is expected to reach 5.9 billion yuan.
The cost of issuance is lower.
In fact, for the financial leasing industry, which is capital-intensive and in a period of rapid expansion, strengthening the company's capital strength is an inevitable prerequisite for the company to smoothly carry out leasing business and enhance the competitiveness of the industry. In bond issuanceinterest rateUnder the background of the decline, the issuance of financial bonds has become the common choice of many financial leasing companies.
According to statistics, the "Securities Daily" reporters found that 15 financial leasing companies have distributed 24 financial bonds in total, including the 7 billion yuan issued by Everbright Financial Leasing. The total issuance scale is 71.4 billion yuan. Compared with last year's data, only 13 companies issued 48.4 billion yuan of financial bonds in 2017, and this year's issuance is evident.
From the perspective of a single company, the gold-rental company under the state-owned big bank has significantly higher debt issuance than other companies in the industry: CCB Financial Leasing and CMB Financial Leasing have issued 12 billion yuan of financial bonds in three phases. Then issued 8 billion yuan of financial bonds and 2 billion yuan of secondary capital bonds.
It is worth noting that since the second half of this year, the bond market has become more accommodative and financial bonds have been issued.interest rateIt has also gradually declined. Especially since entering the fourth quarter, the financial bond coupon rates issued by Bank of Communications Financial Leasing, Huaxia Financial Leasing and other companies are between 4% and 4.15%. For the first half of the year, the coupon rate is 5%, and the recent issuance of financial bonds on the cost. Has a clear advantage.
In addition, the recent approval of financial leasing companies to issue financial bonds has also been intensive. On November 5, the website of the China Insurance Regulatory Commission showed that the application for the issuance of financial bonds by Beiyin Financial Leasing was approved by the preparatory group of the Beijing Banking Insurance Regulatory Bureau. The total scale is no more than 39 yuan and the term is not more than 5 years. In addition, following the issuance of 12 billion yuan of financial bonds, CMB Financial Leasing has once again obtained a total of 12 billion yuan of financial bonds from the wholesale bank at the end of October, and the issuance period is no more than five years.
Based on this, if the above-mentioned company's wholesale financial bonds can be landed within this year, plus the financial bonds to be issued by Everbright Financial Leasing and Luoyin Financial Leasing, the financial bonds issued by financial leasing companies in 2018 will approach 100 billion yuan.
In addition to issuing financial bonds, shareholders' capital increase, bank credit, interbank borrowing, etc. are also important ways for financial leasing companies to supplement their capital strength. A financial leasing industry insider pointed out that with the expansion of business scale and the requirements of regulatory indicators, the demand for financial supplements by financial leasing companies will become more urgent. It is expected that the issuance of financial bonds will continue to peak in the next year.
(Article source: Securities Daily)