* ST Rui Electric (Sinovel) the company failed to lift the debt payment crisis. In the 17th meeting of the "sharp 01 Pause" and "sharp 02 suspended," the bondholders meeting, * ST sharp electrical previously proposed "to 87.27 yuan / Zhang partial repurchase price is about to expire at the end of the year

Pause sharp 01 "program, was present at the meeting voted bondholders be rejected, which means that the first-ever single bond market public offering discount payment scheme failed, the two of corporate bonds in the future will still face significant risk of default.
   This two unsecured bonds in May to suspend the listing. August 29, * ST Rui Electric announced that, to be utilized by a subsidiary of the river 苏华锐 no more than 700 million yuan capital 金对锐 01 to suspend the repurchase, and was held on September 17 holders of the General Assembly vote. Jiang Suhua Rui intended to

87.27 yuan / Zhang Rui 01 to suspend the purchase price, interest payments on the bonds in accordance with the coupon rate of 6% and interest calculated period. The maximum amount that can be sold without a single account more than 500,000 yuan, the proportion of the individual account holder does not exceed the ceiling of 10% of face value, amount or ratio

Cases not on the high ceiling is low.
   For this "eight Qizhe" part of the buy-back program, in the 17th meeting of the holders, the number of bonds to 13,910,900 voting against Chang Chang, accounting for 49.68% of the total number of sheets of the bonds, the vote consent and waiver of the total accounted for 1.23%, leading to repurchase motion was not

Through. On the same day, another holder of the General Assembly about the * ST sharp sharp 01 suspended electricity as additional collateral motion was voted by a high percentage of the vote.
   Institute chief analyst at Shanghai Securities Hu Yuexiao said that in the past two years, an event of default credit debt market followed the background, taking into account Sinovel still has continued viability, bondholders may also willing to continue to wait. * ST sharp electricity the proposed discount

Repurchase program gives holders a discount sell-back options, would be a positive market-oriented solutions.
   Senior bond analyst pointed out that although these two bonds win * ST sharp electric additional guarantees, but the holders still face uncertainty risk payment. Ultra-year Japanese bonds and other credit debt default case shows, even on the part of a serious deterioration in fundamentals into bankruptcy reorganization

The main issue, the advance payment discount is in fact a more rational choice. With the end of the SME private debt and other types of high-yield bond principal and interest payment of the peak season, credit debt market is expected to once again usher in troubled times, do not rule out in advance payment discount

Will become the future normalization of compromise solutions technical default.