2022年至2024年，为了避免爆雷，多数民营房企对债券进行 展期，并提供了增信措施。但由于外部环境变化及内部程序履 行不到位等原因，部分债券的增信资产已处于"失效"状态。 作者：田国宝 封图：本报资料库 常军是一名高收益债券投资人。他投资的一笔债券在2024年展期时，发行人为债券提供了两项增 信措施：一笔2亿元的应收款和一个房地产项目公司的股权。按照当时市场价格估算，这两项增信 资产足以覆盖债券余额。 2亿元应收款原定于2025年5月底回款，发行人承诺优先用于偿债。但在回款前夕，发行人的另一 名债权人通过司法途径要求直接划扣该笔应收款。虽然案件仍在审理中，但回款已遥遥无期。 债券的另一项增信资产也面临不确定性。常军了解得知，该房地产项目在作为增信资产前，其项目 公司股权及底层资产已质押给两家金融机构。即使处置增信资产，债券持有人也只是第三顺位的受 益人。 与常军有类似遭遇的债券投资人不在少数。2022年至2024年，为了避免爆雷，多数民营房企对债 券进行展期，并提供了增信措施。但由于外部环境变化及内部程序履行不到位等原因，部分债券的 增信资产已处于"失效"状态。 增信悬空 常军投资的债券本金余额不足10亿元 ...

Core Viewpoint - The article discusses the challenges faced by bond investors in the real estate sector, particularly regarding the effectiveness of credit enhancement measures provided by issuers during bond extensions and restructurings [2][6]. Group 1: Credit Enhancement Measures - Investors like Chang Jun have encountered issues with credit enhancement assets, such as a 200 million yuan receivable and a real estate project company's equity, which were supposed to cover bond balances but are now uncertain due to legal disputes and prior pledges [2][3]. - Many real estate companies have provided credit enhancement measures to avoid defaults, but due to external changes and internal procedural failures, some of these measures have become ineffective [2][4]. - The lack of thorough due diligence on credit enhancement assets by investors has led to a situation where these assets are not "clean" and may not provide the expected security [3][9]. Group 2: Legal and Procedural Issues - There are significant gaps in the legal processes surrounding credit enhancement assets, leading to their ineffective status. Agreements made during bond extensions often lack enforceability and do not provide adequate protection for investors [7][9]. - The failure to complete necessary legal procedures for credit enhancement assets means that even when assets are pledged, they may not be accessible to bondholders [8][10]. - Investors often find that once bond extension plans are approved, issuers may refuse to fulfill their commitments regarding credit enhancement assets, undermining investor rights [8][10]. Group 3: Market Conditions and Investor Rights - The current market conditions have led to many real estate companies facing liquidity issues, resulting in credit enhancement assets being encumbered by multiple claims, which diminishes their value for bondholders [10][11]. - Investors have reported that the priority of claims on credit enhancement assets is often unfavorable, with bondholders lacking sufficient rights to recover funds from these assets [10][11]. - The article highlights that many credit enhancement assets are in a "failed" state, primarily due to the lack of priority for bondholders in the hierarchy of claims [10][11].