In recent times, the bond market to accelerate credit risk exposure, some private listed companies or listed companies held by the Group spate of debt default, triggering market worries。The industry believes that these debt default, reflecting the dual supervision of financial debt and government background, some companies own operating and financial control problems, the overall risk of the bond market is still controlled。  After the private listed companies defaulting on its debt frequent tide receded, before we know who is swimming naked。Recently, credit market debt acceleration risk exposure。May 28, German Securities announced that "16 Cadillac 01", "16 Cadillac 02", "16 Cadillac 03" holder meeting in the near future, the meeting approved the "Proposal requires the issuer to pay off the bonds early motion "and five motion failed" to authorize the trustee to take legal action to the issuer by the bondholders bear the full cost of the bill. "。  In Earlier, the emergence of one billion yuan, almost all flows underlying situation of enterprises to issue bonds。May 21, Oriental Garden announcement that the company's public offering of not more than 1.5 billion yuan of bonds has been approved, originally planned 1 billion yuan of corporate bonds issued, the actual issue size is only 0.500 million yuan。The industry believes that the contraction in the credit environment, poor qualified enterprises, especially private enterprises and part of the city voted to refinance the platform further increase the pressure, which will likely continue to accelerate the related credit risk exposure。  Statistics show that since 2018, less than five months, at least 19 bonds from default event has occurred, involving 11 issuers, total debt amounted to 176.0.4 billion yuan。In addition to the previous spring and Group, Dalian Machine Tool, Dandong Port, BOCO, the new default body 5, respectively, Shanghai Huaxin, rich bird, Cadillac ecology, environmental protection and fog God Anxiao。And 2016 is different is that the current round of breach of contract and more concentrated in private listed companies, including some of the more well-known listed companies, and therefore led to market concerns about contagion。  CICC believes that this "wave of defaults" is not accident that the current round of debt default last year to speed up the financing environment driven by the tightening, especially after the introduction of the new bank capital rules pipe non-standard assets quickly back to the table for local governments and private capital chain has brought considerable pressure。At the same time, a number of deleveraging macroeconomic policy overlay, including fiscal spending slows, local governments finance infrastructure investment and tighter regulation, tight credit in the table, but also intensified the pressure on corporate finance。  China and Thailand Securities chief economist Lee Thunder told reporters that this occurs mainly supply-side structural reforms and industrial restructuring caused。As the regional development of China's economy are quite different, breach of enterprises are mainly concentrated in the Northeast and other areas of relatively poor economic situation。From the industry point of view, mainly in the event of default of some industries face greater differentiation of traditional industries and environmental pressures。  Listed companies to issue bonds enthusiasm statistics show that this year listed company credit debt issue size has reached 4465.3.4 billion yuan, while last year only 979.4.1 billion yuan, an increase of up to 355.92%。Behind the sharp rise in listed companies to further enhance the debt pressure。Up to now, A-share listed companies in the stock of credit debt has reached the scale 28188.9.6 billion yuan。Among them, debt is expected to reach the year 5436.6.1 billion yuan。Even short deducting issuance of financial year, the scale of debt still amounted to 3666.1.1 billion yuan。  Distribution from the industry point of view, in accordance with sub-industry classification, the highest real estate issue size, reaching 864.900 million yuan, followed by the electric energy sector, reached 831.900 million yuan, the mining industry issue size reached 21.5 billion yuan。These three sectors accounted for the total issue size of listed companies to issue bonds in the proportion of 42.81%。Statistics show that listed companies during the year maturity terms of cases, contain multiple sub-sectors of the manufacturing industry was 176.1 billion yuan maturity bond scale, followed by electric energy sector, due to the size of 822.600 million yuan, the real estate industry to 717.8.6 billion yuan。  Orient Kim Chen Xi Suli first rating agency believes that the credit contraction of the strong bond issuers constitute regulation of certain challenges, the difficulty of financing and refinancing costs have been greatly improved, especially "by the new-old" over the impact of large enterprises rely。Specifically, part of the debt is high, profitability appears a significant decline in private enterprises or state-owned enterprises are more marginalized, especially in the field of corporate excess capacity or become a concentrated area of credit risk exposures; part facing the maturity of the bonds and sell back pressure the real estate business, in the case of a marked increase in the difficulty of refinancing, there might arise a new default subject。  On the other hand, public information display, the annual reports of listed companies are highly concerned about the solvency Exchange。To Feile Audio-Visual, for example, May 18, the Shanghai Stock Exchange issued its 2017 annual report after the audit inquiry letter of inquiry letter asked the company to combine business structure, the use of funds arrangements, operating conditions, indicating the reporting period Balance reason for the sharp rise and require listed companies with short-term borrowings, working capital and other short-term solvency analysis of the company's short-term debt risk and response measures if there is。  The bond market overall credit risk controllable despite their bond default event has occurred, but the industry generally believes that the credit risk of the bond market as a whole is still controllable。Thunder Lee stressed that the default amount of view, the amount of credit debt default ratio of less than 1%, only about 0.4% 0.About 5%, far below the current level of bad debts of banks, in a normal range within。Thunder Lee said that from the perspective of financial supervision, to break the rigidity of cash, so the company does not rule out the next lot of defaults。He pointed out that it should have the awareness of systemic risk, it is expected to guide good。  CITIC Securities believes that the recent frequent outbreaks of credit risk events, each main fuse and breach of the root causes are different, not the accumulation of the outbreak of the monetary policy environment or liquidity risk, but in their own operational and financial control。Under steady lever and anti-risk targets, is expected to dispose of the original risk will be more moderate, to prevent the accumulation of new risks。Future credit risk in general will be more moderate, but the main structure of the low rating still faces some risk。  CICC recommendations, at the policy level, to curb the spread of risk, the need to provide the necessary liquidity support and more stable policy is expected in the short term, to maintain the growth rate of the chain in the financial community a more reasonable level of overall financing conditions and helps to stabilize the total demand, while enacted as soon as possible and transitional arrangements for the implementation details of the new information management regulations also contribute to "nonstandard" assets orderly exit, reduce the "stampede" risk。Long-term institution building, financial deleveraging can not "man breaking into" smooth deleveraging requires co-ordination of tax reform and lower the quality of credit assets smooth exit mechanism, etc.。  Su Li believes that the recent case of default and subsequent possible that our credit debt market after the removal of credit risk presented by rigid state would have to honor the veil, and credit risk reduction will lead to the release of the origin of the credit bond market return to credit risk pricing guide investors credit rational balance between risk and return, help eliminate the risk of systemic risks。However, the relative concentration of credit risk exposure phase, financial institutions also need to avoid collective irrationality and stampede effect leads to increased risk of infectious。Recommends that bond market investors to enhance the recognition of credit risk and portfolio management capabilities, the risk exposure of the bond to develop response plans, calmly credit risk。  Related reports (Original title: strong regulation of financial business risk exposure to the bond market default risk overall normalization controllable) (Editor: DF370)