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中国中小企业融资新招

Readers of The Big Short will recognise this once-fashionable trick of financial engineering: 1) Take some debt rated triple B, triple B plus and A minus; 2) Bundle it together; 3) Get it rated triple A; 4) Flog it to investors, writes Josh Noble.

《大空头》(The Big Short)的读者会一眼认出这种一度盛行的金融工程学操作手法：1) 选取一些评级为BBB、BBB+和A-的债券；2) 把这些债券打包在一起；3) 把打包后的债券评为AAA级；4) 推销给投资者。

Reports from China suggest that this technique is beginning to catch on among cash-strapped small and medium enterprises.

来自中国的报道显示，这种手法在资金匮乏的中小企业当中很有市常

According to the South China Morning Post, three such companies in Jiangsu province – Changzhou Shende Seamless Tube, Changzhou Dongfeng Agricultural Machinery Group, and TingVoa.com Chang Group – have clubbed together to issue Rmb260m in joint three-year debt.

据《南华早报》(SCMP)报道，中国江苏省的三家公司采用了这种方法：常州盛德无缝钢管有限公司、常州东风农机集团有限公司和新华昌集团有限公司。这三家公司将发行2.6亿元人民币的3年期集合债券。

The three have credit ratings of triple B, triple B plus and A minus, respectively. But, due to support from the local government, their jointly issued bonds are triple A rated. So, is the dreaded collateralised debt obligation, that clever sleight of hand that helped drive the US housing market into the stratosphere, creeping into China?