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19 Jingfa G1: Report on Interim Trusteeship Management of Corporate Bonds of Beijing Investment Development Co., Ltd.

Time: January 9, 2020 23:01:29 China Finance
Original Title: 19 Jingfa G1 : Report on Temporary Trust Management of Corporate Bonds of Beijing Investment Development Co., Ltd.













on


Beijing Investment Development Co., Ltd.


Corporate bond





Interim Trustee Management Affairs Report











Bond short name:
18
Jingfa
01


150721.SH


19
Jingfa
G1


155247
.SH


19
Jingfa
G2


155542.SH






















Trustee: CITIC Construction Investment Securities Co., Ltd.








2020
year
1
month



Important statement



This report is based on the "Administrative Measures for the Issuance and Transaction of Corporate Bonds ", the "Code of Conduct of Corporate Bond Trustees", the " Beijing Investment Development Co., Ltd. 2017 Bond Management Agreement for Non-public Issuance of Corporate Bonds " Investment Development Co., Ltd.'s Bond Trust Management Agreement for Public Issuance of Corporate Bonds in 2019 and Other Related Information Disclosure Documents and Beijing Investment Development Co., Ltd. (hereinafter referred to as the "Issuer"

Or "company") issued by the trustee CITIC Construction Investment
Securities Co., Ltd. (hereinafter referred to as " CITIC Construction Securities" or "Trusted Manager"). The contents and information of this report prepared by CITIC Construction Investment Securities are derived from the materials or instructions provided by Jingtou Development Co., Ltd. (hereinafter referred to as "issuer" or "company").


This report does not constitute a recommendation for investors to conduct or not to perform certain actions. Investors should make independent judgments on related matters, and should not use any content in this report as a commitment or statement made by CITIC Securities. Under no circumstances shall it be used for any other purpose without the written permission of CITIC Securities.






First, the basic situation of corporate bonds


(1) Full name of the bond: Jingtou Development Co., Ltd.'s non-public issuance of corporate bonds in 2018 (first phase) (variety 1)

1. Total bonds: 2 billion yuan.


2. Bond maturity: 3 years, with redemption option at the end of the second year, issuer option to adjust coupon rate, and investor resale option.


3. Issuing methods, issuing objects and placing rules: The current issue of bonds is non-publicly issued to qualified investors.
The bonds will be placed in accordance with the principle of centralized placing based on the results of bookkeeping.


4. First day of issue: The first day of the issuance of the bonds is the first day of the issuance period, that is, September 20, 2018.


5. Interest payment date: September 21 each year from 2019 to 2021 (if non-trading day, it will be postponed to the first trading day thereafter); if the issuer exercises the redemption option, or the investor exercises The resale option, the interest payment date for redeeming or reselling some bonds is September 21 each year from 2019 to 2020 (in case of non-trading days,
It will be postponed to the first trading day thereafter).


6. Redemption date: September 21, 2021 (If it is not a trading day, it will be postponed to the first trading day thereafter);
If the issuer exercises the redemption option or the investor exercises the resale option, the redemption date of the redemption or resale of some bonds will be September 21, 2020 (in the event of a non-trading day, it will be postponed to the subsequent 1 trading day).


7. Guarantee method: The bonds in this issue are guaranteed by Beijing Infrastructure Investment Co., Ltd. in full and unconditional irrevocable joint and several liability guarantees.


8. Use of raised funds: The raised funds of the current bond are intended to be used to repay company debts .


(2) Full name of the bond: Jingtou Development Co., Ltd.'s public offering of corporate bonds in 2019 (first phase)

1. Total bonds: 1 billion yuan.


2. Bond term: 5-year term. At the end of the third interest-bearing year of the bond duration, the issuer has the option to adjust the coupon rate and the investor's option to sell back.


3. Issuance method, issue object and placing rules: The bonds are issued in a public manner. Current bond


The issuance is made by inquiring qualified investors offline for placement, and the offline subscription is performed by the issuer and the lead underwriter based on the bookkeeping situation.


4. First day of issuance: The first day of the issuance of the bonds is the first day of the issuance term, that is, March 13, 2019.


5. Interest payment date: March 14 each year from 2020 to 2024 is the interest payment date of the previous interest-bearing year (in the case of non-trading days, it will be postponed to the first trading day thereafter); if the investor The exercise of the resale option enables the interest payment date of the resale of some bonds to be March 14 each year from 2020 to 2022 (in case of non-trading days, it will be postponed to the first trading day thereafter).


6. Redemption date: March 14, 2024 (If it is not a trading day, it will be postponed to the first trading day thereafter);
If the investor exercises the resale option, the redemption date of the resale of some bonds will be March 14, 2022 (in case of non-trading days, it will be postponed to the first trading day thereafter).


7. Guarantee method: The bonds in this issue are guaranteed by Beijing Infrastructure Investment Co., Ltd. in full and unconditional irrevocable joint and several liability guarantees.


8. Use of raised funds: The raised funds of the current bond are intended to be used to repay company debts .


(3) Full name of the bond: Jingtou Development Co., Ltd.'s public offering of corporate bonds in 2019 (second phase)

1. Total bonds: 500 million yuan.


2. Bond term: 5-year term. At the end of the third interest-bearing year of the bond duration, the issuer has the option to adjust the coupon rate and the investor's option to sell back.


3. Issuance method, issue object and placing rules: The bonds are issued in a public manner. The bond issuance in this period adopts the method of inquiring qualified investors offline for placement, and the offline subscription is performed by the issuer and the lead underwriter based on the bookkeeping profile.


4. First day of issue: The first day of the issuance of the bonds is the first day of the issuance period, that is, July 16, 2019.


5. Interest payment date: July 17 of each year from 2020 to 2024 is the interest payment date of the previous interest-bearing year (if it is not a trading day, it will be postponed to the first trading day thereafter); if the investor The exercise of the resale option means that the interest payment date for the resale of some bonds will be July 17 each year from 2020 to 2022 (in case of non-trading days, it will be postponed to the first trading day thereafter).



6. Redemption date: July 17, 2024 (If it is not a trading day, it will be postponed to the first trading day thereafter);
If the investor exercises the resale option, the redemption date of the resale of some bonds will be July 17, 2022 (in case of non-trading days, it will be postponed to the first trading day thereafter).


7. Guarantee method: The bonds in this issue are guaranteed by Beijing Infrastructure Investment Co., Ltd. in full and unconditional irrevocable joint and several liability guarantees.


8. Use of raised funds: The raised funds of the current bond are intended to be used to repay company debts .


Major events


Beijing Investment Development Co., Ltd. accumulatively added interest-bearing liabilities from January to December 2019 exceeding 220% of the net assets at the end of the previous year. The specific situation is as follows:

(I) Overview of Major Financial Data

As of December 31, 2018, the issuer's audited net assets amounted to RMB 4.615 billion. Due to the first implementation of the new financial instrument standards, the unaudited opening net assets amount on January 1, 2019 was adjusted to RMB 4.725 billion.


As of December 31, 2018, the issuer's loan balance was 20.805 billion yuan; as of December 31, 2019, the issuer's loan balance was 31.631 billion yuan. From January to December 2019, the issuer accumulatively increased new borrowings by RMB 10.826 billion, which accounted for 234.58% of the net assets at the end of 2018.


(II) Classified Disclosure of New Borrowings

The changes in the balance of various types of borrowers at the end of December 2019 compared to the end of 2018 and the proportion of the company's net assets at the end of 2018 are as follows:

1. Bank loans: a decrease of 441 million yuan, accounting for -9.56% of net assets at the end of 2018.


2. Corporate bonds, corporate bonds , financial bonds, non-financial corporate debt financing instruments: a decrease of 5.02
100 million yuan, accounting for -10.88% of net assets at the end of 2018.


3. Entrusted loans: an increase of 12.189 billion yuan, accounting for 264.12% of the net assets at the end of 2018.


4. Other borrowings: a decrease of 420 million yuan, accounting for -9.10% of the net assets at the end of 2018.


(Three) impact analysis


The above-mentioned new borrowings were generated based on the company's normal operating needs, and were mainly used for the company's daily operations and supplementary liquidity. As of the date of the report of the entrusted management affairs, the company's various business operations were normal. The above-mentioned new borrowings have no significant adverse impact on the company's ability to repay its debt.


CITIC Construction Investment Securities acted as the trustee of 18 Jingfa 01 , 19 Jingfa G1 and 19 Jingfa G2 corporate bonds .
In order to fully protect the interests of bond investors and perform the duties of bond trustees, after learning about relevant matters,
We communicated with the issuer in a timely manner and issued this interim report on the trustee management affairs in accordance with the relevant provisions of the "Code of Conduct for the Practice of the Corporate Bond Trustee."


CITIC Securities will follow closely the issuer's issue of the above corporate bond principal and interest repayments and other matters that have a significant impact on bondholders, and will strictly follow the "Code of Conduct for Corporate Bond Trustees,"
The "Trust Bond Management Agreement" stipulates or agrees to perform the duties of a bond trustee.


Investors are reminded to pay attention to the risks associated with 18 Jingfa 01 , 19 Jingfa G1 and 19 Jingfa G2 corporate bonds .
Investors are requested to make independent judgments on related matters.


(No text below)


(This page has no text and is the stamped page of the "Report on the Temporary Entrusted Management of Corporate Bonds of Jingtou Development Co., Ltd.")







CITIC Construction Investment Securities Co., Ltd.



January 8, 2020






























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