GCL-short melting subscription less than top-rated debt why not make?

Polaris solar PV net news: the overall slowdown in the economy, generating corporate bond issuance in the bond market is also facing difficulties.

A few days ago, GCL-poly co issued in the inter-bank market of 2014 second canceled due to low subscription offering short-term financing bonds. GCL-poly on September 16, issued September 19, 2014 issued amounted to 400 million yuan of GCL-poly co 2014-second part of short-term financing. However, at the time of issue, due to bookkeeping day in consultations within the territory of insufficient demand subscription, GCL-poly decided to put off once again in this issue thus short-term financing. It is understood that this short financial underwriter for China Everbright Bank.

GCL-the offering of 400 million yuan of short-term financing bonds for a period of 1 year, conducted by the credit rating companies rated AA, and debt rating to A-1, such debt rating to the highest level of the short-term bond credit rating, said that its debt-servicing ability, a high security. This stage bond funds raised by plans to supplement the company’s liquidity. Despite the high grade credit rating, but the market remained low enthusiasm for this release, which eventually led to this stage bond issue did not take place.

GCL is an investment of foreign-funded joint ventures, mainly business dedicated to country policies to encourage investment in environmental and renewable energy generation and development. Company has several coal-fired, gas-fired power generation, waste generation and wind power plants.

The GCL underbooked bond issuance, and amid fears that the current economic climate is not unrelated. In the context of slower economic growth, growth in consumption has slipped. In addition, foreign-backed enterprises are new energy PV companies. As we all know, this year, new energy has been facing greater difficulties in production and operation of enterprises, resulting high indebtedness, debt defaults have occurred, or have a large negative impact on the industry.

Is of concern, such as the GCL the highest rating on the bond markets this year issued rescheduled due to insufficient subscription issue of the event rather than the exception, had previously had a maximum rating of SMEs during prime ticket was cancelled due to lack of subscription issue of the case. Long since questioned high bond market rating and market channels for investors to fully understand the market and make their own judgment, rating function and reference value is no longer very important to investors, ratings are only one factor of investors. With the expansion of bond markets, more and more issuers, issuers need to introduce to the market more fully themselves, increase transparency, and caught the attention of investors in order to improve distribution efficiency.

Original title: Why can’t we find top rated debt? GCL-short melting underbooked rescheduled release

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