Yesterday, an investor sent a private message to the author and asked him to help evaluate a municipal bond government trust product of Weifang prefecture-level city. Investors felt that the product returns were good, but Weifang is an internet celebrity area and often raises funds, so they felt a little uneasy. We started to evaluate:
1. Weifang's main fiscal data
GDP: 701 billion
Fiscal revenue: 65.6 billion
Fiscal expenditure: 87.9 billion
Debt ratio: 23.86%
Debt ratio: 279% (wide caliber)
Fiscal self-sufficiency rate: 74%
looks at the data directly, and you can't see good or bad. Let's compare it:
1. Weifang's debt ratio: 23%, lower than the average level of Shandong Province and 16% higher than the average level of Jiangsu.
2. Weifang's debt ratio: 279%, higher than the Shandong average of 255%, lower than the Jiangsu average of 314%,
3. Weifang's fiscal self-sufficiency rate: 74%, higher than the Shandong Province average of 62%, and higher than Jiangsu's average of 62%, and also higher than Jiangsu's fiscal self-sufficiency rate: 74%. The average of the province is 68%.
According to the public data, the main fiscal data in Weifang region is not bad, with GDP growth rate of 9.7%, higher than Jiangsu's 8.6% and Shandong's 8.3%. In particular, in terms of fiscal self-sufficiency rate, it is not only higher than Shandong's average. It is also higher than the average level in Jiangsu Province in developed regions.
2. Overview of the financier
Bond Issuer: Weifang Water Investment Group Co., Ltd.
Subject rating: AA+
Debt rating : AA+
Registered capital: 1 billion
Debt ratio: 26%
Total assets: 65.7 billion
0 Shareholder background: Weifang State-owned Assets Supervision and Administration Commission holds 90% of the shares, and Shandong Provincial Department of Finance holds 10% of the shares.
issuer is the largest water service platform in Weifang area. The main rating and debt rating are both AA+. Water conservancy belongs to people's livelihood and is subject to strong financial subsidies.
3. Bond Overview
Bond Code: 22 Weishui Xiaowei 01
Bond Rating: AA+
Circulation Market: Interbank
Bond Type: Public Bond
Coupon Interest Rate: 6.5%
Funding Purpose: Support Weifang Region Affected by the epidemic small and micro enterprises.
22 Weishui Xiaowei 01 is a public municipal investment bond with AA+ bond rating. It supports small and micro enterprises, has strong financial support and high security. Since the issuance of my country's municipal investment bonds, there has been 100% redemption record, and no substantial default has been made. , the debt redemption mechanism also takes precedence over non-standard financing.
4. Trust manager
Jingu Trust, affiliated to China Cinda Asset , a trust company with a central enterprise background, strong shareholder strength, 100% redemption record, and a stable operating style.
According to the above four aspects analysis, the Weifang municipal public investment bond trust product issued by Jingu Trust has a high safety factor and can be considered.
The main reason why investors are terrified of Weifang area is that the region has issued many pseudo-financial exchanges with high financing costs in the past. It is hard to say that the future fixed-in-one products of this type of product in Henan area is such a product in the past. Some have disclosed that they are suspected of illegal fundraising. Weifang region has not had many bond issuances through formal financial institutions or open markets, which are lower than the average level in Shandong and the same as the average level in Jiangsu.
recommends investors to reduce expected returns and choose formal financial products.
Finally give the product a score: 75 points
Full score: 100 points
There are government-trust products that need to be evaluated, you can consult the author
