China National Social Security Fund is reported to recommend that public fund investment managers' pressure on social security funds to open the social security funds on some weak -funded city investment bonds and private real estate bonds, which will exacerbate the market pressure of relevant issuer bonds.
According to Bloomberg report on July 12, people familiar with the matter said that after the National Social Security Fund Council requested some public funds to manage funds last week, it is suggested that the fund manager sells the Tianjin area, including Tianjin area.Some of the weak -funded city investment bonds and private housing bonds.
In addition, a large public fund funding fund that supports social security funds is reported to have a large exposure to the Oceania Group, and the violent fluctuations of the housing bonds last week triggered concerns about the social security fund.
Bloomberg reports that the National Social Security Fund Council is managed by the Ministry of Finance and is responsible for operating national social security funds with about 3 trillion yuan.Significantly.At the time of trying to slow down the debt risks in the real estate and urban investment fields, this move may once again impact the confidence of the bond market for related issuers.
People familiar with the matter are unwilling to be named, because the above matters have not been made public; a representative of the National Social Security Fund has not been judged.
People familiar with the matter also said that the Social Security Fund asked these managers to investigate the opening of urban investment bonds and private real estate bonds with a price of less than 95 yuan (about S $ 17.63).Generally speaking, when a credit risk factor appears, it is normal for the relevant parties to evaluate the asset holdings.The price of 95%below the securities face value is one of the standards for measuring market risks.
Bonds under the Ocean Group have been sold recently.As of Tuesday, its multiple US dollar bonds have fallen by more than 80%from the age of the year.The domestic bond "18 Ocean 01" has been cut since July 3.The company's main shareholders China Life and everyone have set up a joint working group to enter the Oceania Group.
The land income of governments in various governments in real estate thunderstorms, and the pressure of fiscal revenue and expenditure has increased significantly. The market's concerns about the risk of hidden debt risks have heated up, resulting in a lower urban investment bond in some regions.According to Bloomberg's compilation data, as of July 11, the price of "16 Tianjin Investment 03" and "20 Tianjin Investment 10" issued by Tianjin Urban Infrastructure Construction Investment Group was near 80 yuan.
The urban investment platform is tightened by issuing public debt for re -financing channels, but it is obtaining other aspects of support.Large -scale state -owned banks are providing ultra -long -term loans to local government financing platforms, and it is officially reported that more local government bonds are considered to repay local hidden debt.
