世茂集團(00813.HK)曾挫近8%創近十三年低 債價創新低 匯豐降債券評級至「減持」
世茂系流動性危機持續,屢傳不利消息,美元債價今早(15日)跌至新低。世茂集團(00813.HK)今早高開1.4%後,早市表現反覆,一度倒跌7.9%,低見5.22元,創2009年3月金融海嘯以來近十三年低;屆今午約1時22分,現跌2.8%,報5.51元,成交5,586萬股,涉3.05億元。系內世茂服務(00873.HK)今早高開2.1%後,早市一度倒跌3.5%,低見4.67元再創上市低,隨後反覆回升,現升3.5%,報5.01元,成交5,810萬股,涉2.84億元。
據《彭博通訊社》數據指,世茂集團美元債今早繼跌,該公司2022年到期、票面利率4.75%的美元債跌7.1美分,至56.8美分,再創紀錄低;另其2024年到期、票面利率6.125%的債券跌6.8美分,至52.7美分,同創新低。
上交所早前向世茂股份(600823.SH)發問詢函,要求說明將物業管理業務相關公司、資產、負債和業務全部出售給關聯方世茂服務(00873.HK)的交易必要性,說明此次交易是否有利於上市公司後續經營發展。世茂股份及世茂服務同屬世茂系實際控制人許榮茂旗下企業。
匯豐研究發表報告,將世茂集團債券基本建議由「中性」降至「減持」,指留意到集團與信託公司討論爲到期信託貸款展期,本週起集團股價及債價大幅下跌。世茂是內地房企領域中第四大高收益(HY)美元債發行人,其償付後續進展將影響房企美元債市場情緒。報告稱,倘引進國企爲戰投將屬重大利好風險,可扭轉投資者悲觀情緒。
報告表示,就集團股價及債價波動性加劇,仍有待公司正式公告迴應。不過,匯豐稱,世茂明年面對更大挑戰,17億美元離岸債及相當於15億美元的在岸債將明年到期。
此外,瑞銀報告稱,須密切注意明年1月起集團到期債務。倘集團未能如期兌付,將對板塊帶來負面影響,因以2020年合約銷售計,集團屬內地十大發展商之一;數個月前,集團仍被評爲投資級別發展商,維持股份「沽售」評級,目標價8.7元。瑞銀料在2022年計,世茂將有共價值44億美元的在岸債、離岸債及離岸銀團貸款到期。這並不包括該行估算規模1,200億元人民幣的表外債務。該行料世茂或出售本港兩個項目(石峽尾及長沙灣項目)權益,以及潛在出售世茂服務以償債。
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