Livelihood consolidation and financial support industry opinion excess industry credit risk converge-naughty怎么读

The people’s livelihood received financial support for industrial solid advice: excess industry credit risk convergence Sina Financial News reported on February 16th, the people’s Bank and other eight ministries issued today "on the financial support of industrial structural adjustment steady growth and increase the efficiency of a number of opinions" from the strengthening of monetary and credit policy support, to create a good monetary and financial environment, improve the capital market and the insurance market. Support for industrial enterprises, promote industrial enterprises financing mechanism innovation, promote the merger and reorganization of enterprises, to support industrial enterprises to speed up the "going out", put forward a series of support upgrades, lowering the efficiency of specific financial policies and measures of industrial restructuring in six areas to strengthen risk prevention and coordination etc.. People’s livelihood fixed comment that excess industry credit risk convergence, excess industry interest rate of state-owned enterprises is expected to shrink; private enterprises spreads or continue to expand, the main business is not clear private enterprises bear the brunt. A series of policies to eliminate production capacity to some extent alleviate the market and overcapacity industry pessimism, high yield debt is not without opportunity. Details are as follows: [] a review of livelihood fixed income financial support steady growth of industrial structural adjustment suggestions and increase the efficiency of promoting wide credit. There is no doubt that the title of the "financial support industry", with financial support, the answer is obvious, that is to be broad credit. Second, the capacity is not the one size fits all. The document stressed that the quality of the steel, nonferrous metals, building materials, ships, coal and other industries in the competitiveness of products, market, cost-effective high-quality enterprises continue to provide credit support to help the prospects of enterprises tide over difficulties". Stability is greater than all, the industrial sector of excess production capacity to maintain pressure, do not engage in a one size fits all, maintain differentiated credit policy, reducing the market to produce capacity may occur full credit contraction. Third, expanding the proportion of direct financing, the bond market is expected to expand. The document refers to expanding the issuing scale of corporate credit bonds, expanding exchangeable bonds and convertible bond markets. Actively develop green bonds, high-yield bonds, green asset securitization and other innovative financial instruments". Behind the debt, there are leveraged funds to participate, but unlike the stock market, the policy keynote is not to leverage, but by expanding the supply, reducing financing costs. Fourth, risk appetite rises. Previously, the market was uncertain about the capacity to go out, and worried that the risk premium rose sharply. From the reduction of real estate down payment, special construction fund, the policy to strengthen steady growth, the superposition of overseas loose, short-term stabilization of the exchange rate, the risk appetite is expected to rise, the stock market rebounded, the yield curve steep. Short term recommendations first seize the short end, focusing on the 7 day reverse repo policy interest rates, guide short end interest rate cut is expected to clear, and then do long end. The excess industry credit risk convergence, excess industry interest rate of state-owned enterprises is expected to shrink; private enterprises spread or continue to expand, the main business is not clear private enterprises bear the brunt. A series of policies to eliminate production capacity to some extent alleviate the market and overcapacity industry pessimism, high yield debt is not without opportunity. Enter Sina Financial shares] discussion

民生固收评金融支持工业意见:过剩行业信用风险收敛   新浪财经讯 2月16日消息,人民银行等八部委今日印发《关于金融支持工业稳增长调结构增效益的若干意见》从加强货币信贷政策支持、营造良好的货币金融环境,提高资本市场、保险市场对工业企业的支持力度,推动工业企业融资机制创新,促进工业企业兼并重组,支持工业企业加快“走出去”,加强风险防范和协调配合等六个方面提出了一系列支持工业转型升级、降本增效的具体金融政策措施。民生固收点评认为,过剩行业信用风险收敛,过剩行业国有企业利差有望收缩;民营企业利差或继续走扩,主营业务不清晰的民营企业首当其冲。一系列去产能政策的出台一定程度上缓解了市场对与产能过剩行业的悲观情绪,高收益债并非没有机会。   详文如下:   【民生固收】评关于金融支持工业稳增长调结构增效益的若干意见   ①促进宽信用。毫无疑问,标题有了“金融支持工业”,有了金融支持这几个字答案显而易见了,那就是要宽信用。   ②去产能不搞一刀切。文件强调“对钢铁、有色、建材、船舶、煤炭等行业中产品有竞争力、有市场、有效益的优质企业继续给予信贷支持,帮助有前景的企业渡过难关”。稳定大于一切,对产能过剩工业部门有保有压,不搞一刀切,维持差别化信贷政策,减轻了市场对去产能可能发生全信贷大幅收缩的担忧。   ③扩大直接融资比重,债市供给有望扩容。文件提到“扩大公司信用类债券发行规模,拓展可交换债券、可转换债券市场。积极发展绿色债券、高收益债券、绿色资产证券化等创新金融工具”。债牛背后有杠杆资金参与,但与股市不同,此次政策基调不在去杠杆,而是通过扩大供给,降融资成本。   ④风险偏好回升。此前市场对去产能力度不明,担心风险溢价急剧上升,避险情绪弄。从降低房地产首付、专项建设基金,政策强化稳增长,叠加海外宽松,汇率短期企稳,风险偏好有望回升,股市反弹,收益率曲线陡峭化。短期建议先拿住短端为主,关注7天逆回购政策利率,引导短端利率下调预期明确,再做长端。   ⑤过剩行业信用风险收敛,过剩行业国有企业利差有望收缩;民营企业利差或继续走扩,主营业务不清晰的民营企业首当其冲。一系列去产能政策的出台一定程度上缓解了市场对与产能过剩行业的悲观情绪,高收益债并非没有机会。 进入【新浪财经股吧】讨论相关的主题文章: