20亿中票展期还是违约 万科与债权人博弈已经开始

Core Viewpoint - Vanke has proposed three different extension plans for its "22 Vanke MTN004" medium-term notes, amid ongoing operational challenges and potential default risks [2][6][7] Summary by Sections Proposal Details - Proposal One suggests a 12-month extension for principal repayment, moving the due date to December 15, 2026, with interest accrued before the extension to be paid on the same date without compound interest. The coupon rate during the extension period remains at 3.00% [2][3] - Proposal Two includes additional credit enhancement measures and conditional adjustments to the repayment arrangements, requiring guarantees from acceptable entities such as Shenzhen Metro Group [2][5] - Proposal Three aligns with Proposal Two regarding principal and interest payment arrangements but emphasizes the need for corresponding credit enhancement measures [5] Holders' Concerns - Some bondholders have expressed opposition to the proposed extension plans, indicating potential difficulties in organizing a new vote if the current proposals are rejected [6] - The voting deadline for the extension proposal is December 12, with the current maturity date set for December 15, raising concerns about the risk of default if the proposals are not approved [6] Financial Position - As of June 30, 2025, Vanke's interest-bearing liabilities totaled 364.26 billion, accounting for 30.5% of total assets, with 42.7% of these liabilities due within one year [6] - Vanke has 15 outstanding bonds, with a total balance of 20.316 billion, and a significant portion of these bonds maturing before 2026 [6] Credit Ratings - Vanke's credit ratings have been downgraded to "CCC-" by S&P and Fitch, indicating a risk of default or distressed restructuring, with both agencies placing the company on negative watch [7] - Fitch has noted that without further support from shareholders, Vanke may struggle to meet its upcoming debt obligations, projecting negative cash flows for 2025 and 2026 even after accounting for asset sales [7]