《大行報告》瑞信:兩間非國企內房股包括龍湖及碧桂園擬申發銀行間中期票據 監管機構放鬆融資
瑞信發表報告,指有三間內地開發商申請發行銀行間中期票據,包括碧桂園(02007.HK)50億元人民幣(下同)、龍湖(00960.HK)50億元和中海外(00688.HK)100億元。如果申請獲得批準,這也將是碧桂園首次發行銀行間中期票據。
報告指,發行所籌集的資金將用於償還貸款債務,意味對開發商通過發行中期票據融資的監管發生了微妙的變化,因此前所得資金只允許用於償還即將到期的票據。
瑞信指,隨着更多的非國有企業開發商發行銀行間中期票據,以及監管機構對收益用途的控制放寬,資產負債表相對強勁的開發商的融資環境應該得到改善。然而,該行擔心由於金融機構普遍存在的避險情緒,對於目前處於財務困境的開發商而言,再融資仍然具有挑戰性。
瑞信認爲,未來放鬆需求方面的措施更爲關鍵,通過改善銷售來提高開發商的運營現金流,從而更好地解決金融機構對開發商償債能力的擔憂。
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