First single supply chain paper issuing and carrying TCL "head soup"

in the interbank

The first supply chain paper for the interbank bond market, originally expected to be issued at the end of October, will be available on November 7 after a few days of late production. Product of this "multi-redundancy" financing model "head soup" is China's consumer electronics industry giant TCL.

Reporters recently learned that the bill has been registered with the Inter-Bank Dealers Association, will be the national Development Bank as the main underwriter in the interbank market on November 7, the Chinese Export-Import Bank as a joint underwriter.

This reporter obtained the prospectus shows that the issue of the supply chain paper size of 200 million yuan, the period of 180 days.

"Multi-redundancy" mode to add another child

The issue of supply chain bills is a way of supply chain financing, and supply chain financing mainly adopts "multi-redundancy" mode, that is to provide financing arrangement based on real trade background to N upstream and downstream enterprises in supply chain around a core enterprise.

Tcl this issue of the 200 million-yuan supply chain notes as an example, Tcl as a core enterprise through the issuance of bills in the interbank bond market to raise funds for the upstream and downstream industrial chain enterprises to provide financing for production and operation activities.

The prospectus shows that the credit rating for TCL is AA, the debt of this single supply chain paper is A-1 and the credit qualification is excellent.

A person close to this issue analysis said, the main rating is far higher than the debt rating is reflected in the supply chain financing of a model, that is, relying on core corporate credit rating to obtain relatively low-cost financing, to solve the upstream and downstream SMEs financing dilemma.

However, in view of the use of the enterprise as a upstream and downstream enterprises, not the issuer, so the dealers Association and the main underwriter set up special arrangements.

A person close to the main commitment to this reporter said: "The relevant enterprise specific qualification by the issuer to grasp, but must ensure that the upstream and downstream enterprises, with the issuer of real business relationship, the issuer dynamic disclosure of detailed usage, dealers Association and the main underwriter will check it." ”

Tcl This single supply chain financing paper prospectus shows that as at the end of June 2014, the Issuer Accounts receivable and accounts payable are 11.563 billion yuan and 12.031 billion yuan respectively, of which the domestic ratio is about 52% and 50% respectively. The amount of financing of the upstream and downstream enterprises in the supply chain in the domestic business of the issuer is about 7%, 35% and 58% respectively.

Once the SME financing is in trouble, the core business is inevitably affected, the relationship between the teeth determines the importance of the "multi-redundancy" financing model.

Market Prospects Available

According to industry insiders, supply chain financing in overseas markets has been very mature, and the market scale is huge.

A rough estimate of the prospectus, TCL is expected in the next year supply chain financing demand in 4.8 billion yuan, of which upstream 2.4 billion yuan, downstream 2.4 billion yuan.

In 2012, TCL registered with the Interbank Dealers Association for a short period of 6 billion yuan, and the issue of the supply chain paper only 200 million yuan, in view of its existence of supply chain financing gap, if the effect of this issue is significant, TCL may further increase the size of its supply chain paper distribution.

"It is noteworthy that TCL supply chain paper in the industry model effect, similar to TCL Electronics manufacturing industry are facing similar problems, and other supply chain of the longer manufacturing enterprises are potential distribution bodies." A person close to the issue commented to our correspondent.

From the current point of view, the registration of short integration and short fuse, at the same time the supply chain financing needs of the enterprises are the supply chain of the potential issue of bills.