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“11超日债”信用违约事件的焦点不仅在于债券的偿付安排,监管层更应当反思公司债公开发行为何会失败。通过梳理超日太阳的融资生态链与经营业绩,债券违约似乎不可避免。债券募集说明书在募集资金用途、发行人偿付能力以及偿债应急保障方面均隐含强烈的违约风险,而存续期间内债券被要求补充提供担保且信用等级持续降级,无非将前述不确定性演变为现实。公司债券市场治理需完善债券发行条件、信用评级机构监管、投资者教育以及违约债券救济偿付安排。
“11 Super-day debt ” The focus of credit default events not only lies in the arrangement of bond repayments, but also the regulators should reflect on why the public offering of corporate bonds will fail. Debt defaults seem unavoidable by sorting out the financing eco-chain and operating performance of Sunshine Solar. Bonds prospectus implies a strong risk of default on the purpose of raising funds, issuer solvency and debt repayment emergency protection, while the bonds are required to be supplemented to provide guarantee and the credit rating continues to be downgraded during the existence period, which merely evolves the aforementioned uncertainties into reality. Corporate bond market governance needs to be improved bond issuance conditions, credit rating agency regulation, investor education and default bond relief reimbursement arrangements.