每日更新 - 1MDB金融纠纷和解,但仍面临压力 The Daily Update - 1MDB settles but pressures remain

2009年马来西亚首相纳吉布建立了马来西亚主权财富基金马来西亚发展有限公司(1MDB),期望为马国经济发展项目筹资。然而,大量的腐败和资金挪用丑闻损害了该主权基金,美国司法部称至少有35亿美元的筹资被偷窃。另外,一年前1MDB未能对一支2012年发行的价值17.5亿美元债券支付总额为500万美元的票息,并因此“违约”。这支美元发行的债券受马来西亚政府(财政部)的无条件保证,并得到阿布扎比主权财富基金国际石油投资工资(IPIC)的支持。

关于谁来支付债券持有者的问题在IMDB加剧,马国政府向IPIC寻求帮助,而IPIC期望马来西亚政府对该主权基金进行救助。IPIC之后在伦敦法庭对1MDB提出了仲裁,索要65亿美元赔偿,称“1MDB和马来西亚财政部未能履行责任、治理违约或提出可接受的方案,从而使IPIC不得不通过仲裁追讨理赔”。

一年过后,我们得知1MDB已经同意在年底分两次支付IPIC 12亿美元,并支付其他两支美元债券的利息。这两支债券也由IPIC持有,是1MDB Energy 2022和1MDB Global investments 2023,利率分别为5.99%和4.4%。然而,1MBD仍面临压力,因为至少由6个国家就洗钱调查和贪污进行诉讼;尽管该公司声称对此一无所知。去年六月,评级机构穆迪以“企业经营理由”撤回了对1MDB于2022年到期的债券评级Aa2;上个月标准普尔也在评级协议合同终止后,撤回了先前对两支美元债券的评级。但是IPIC的债务评级没有改变,仍是Aa2/AA。

读者可能注意到IPIC是我们很支持的债券发行人,我们一直持有其利率为6.875%的债券2041,该债券于2011年发行,评级为Aa2,有着很可观的回报率,收益率超过15%,高出信用保护4档。但我们始终没有持有1MDB发行的任何债券,尽管这两支债券回报很吸引人,信用等级也很高。在债券违约前,评级为Aa2的1MDB 2022利率为5.99%,收益率超过19%,高出8.5个信用档;2023评级为A3,利率4.4%,回报率15.2%,收益率5.5%,超过5个信用档。

这些债券属于准主权债券,有非常吸引人的预期回报和信用差价保护,有的人可能认为这非常适合加入我们的投资组合。然而,我们决定不购入任何一支债券,因为根据我们的信用评估,发现这加国有投资企业存在潜在重大问题。

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