Both investors have seen the world and are well-known in the bond circle. One is Cai Jun, director of the bond department of Shanggao Trust Company; the other is Wang Deng, director of the bond department of Suli Trust Company of Dasu Province.

Their identities reflect a cruel fact that, in addition to 80% of the current mainland trust business, they can only lick blood in the municipal bond circle.

The so-called stocks and fund subsidiaries are ultimately taken over by trusts, and the root cause is also a channel for externalizing bank credit business.

In theory, all those who cannot control risks belong to channel business, which determines that asset management, which is so popular, actually becomes a concubine of the bank. In the end, the market competition is not the risk pricing power at all, but who has better resources, better channels, more iron relations, and more informative information.

In the trust circle, ability has never been an element that bosses consider, and sometimes they even feel redundant.

Because in essence, municipal bonds are the product of the game between Zhengfu and financial, and the designer's original intention is not a zero-sum game. However, when the overall profit is limited by the ceiling of the market environment, every time you exceed the red line, it is a challenge to the psychological bottom line.

For example, financial tools like city bonds can make money no matter how you play. They will not be safer than 20% because the annual interest rate is the same. If it is essentially the same, there will be no problem. But when you meet Mayor Shao and others who are thriving, no matter how you choose, it is wrong, and it has nothing to do with the dazzling indicators in the system.

But how can Cai Jun and Wang Deng ignore Dianbao City Investment bonds? Big Finance can only choose whether to make or not, but can never determine the quality of risk control.

After sitting down, Wang Deng took the lead in introducing the common dilemma of 12 major investors:

The first is an institutional investor, with regulatory agencies above and funds below, and they are in a dilemma and do not have the right to speak;

Secondly, the money for buying municipal bonds is all hot money that is short-term financing or interest rate spreads, and cannot afford the high cost of long-term holding;

Third, if the Dianxi side cannot ensure the repayment of principal and interest on schedule, it will lead to catastrophic consequences like a financial tsunami.

Cai Jun may be more inclined to legal affairs, and after Wang Deng finished speaking, he added:

On the surface, urban investment bonds do not seem to be supported by collateral, but in fact, the whole world knows that the credit of the official government is contained. Once the official government breaks its trust, the game of urban investment bonds will never be played again, which is not a problem of more than one billion yuan, but a trillion-dollar bond redemption incident that affects the country's financial stability!

It's very simple. As long as one defaults, it proves that the game is likely to be unable to continue playing. What follows is a large-scale market selling, no one accepts orders, and the local government's routine of borrowing and repaying debts cannot be copied. Not to mention borrowing money to engage in urban construction, the huge debt alone can crush the entire capital chain.

Zhuang Jidong, Zhao Wancheng, Yin Yong and others were full of heavy faces when they heard it, and knew that what they were saying was the truth, not the intimidation.

Bai Yu expressed his agreement, however-

"Among all financial bonds, municipal bonds are of higher returns but higher risk levels. What does it mean? Today, when banking business is marketized, bank savings certificates that were originally regarded as gold debt rights are not guaranteed to be redeemed 100%, and when banks go bankrupt, they theoretically only pay up to 500,000 yuan according to the deposit insurance system! As bond holders, when purchasing, they should be clear that the returns are positively correlated with risks and have emergency preparedness to face extreme consequences," Bai Yu said. "In other words, you can negotiate with the local government to deal with the redemption issue, but you cannot put on an aggressive and unnegotiable attitude. Only when both parties take a step back can there be room for maneuver!"

Wang Dengteng was so angry that he asked: "It is natural to kill people and repay their lives, owes debts and pay them back. Why do we give in? Adding leverage and high debts are the behavior of Dianxi Zhengfu. How can investors pay for it? You clearly say that the cheater who opens a casino can simply slap the card table and leave! Leave!"

After saying that, he left with Cai Jun!

The city leaders were stunned, and Zhao Wancheng asked for a while:

"Director Yin, these investors talked to Mayor Han in this way before?"

Yin Yong nodded: "It's even better than it is."

"It's really not easy for Lao Han." Zhao Wancheng sighed.

Zhuang Jidong looked calm and said nothing, but Bai Yu chuckled:

"It's normal. This is the attitude that the big creditor should have. Huang Shiren has already begun to force Yang Bailao to sell Xier to pay off the debt. But do they really dare to turn over the card table? It may not be. So, let the bullets fly for a while, let us do our own thing first."

To be honest, Zhuang Jidong couldn't guess what Bai Yu was thinking about now, but the experience of Qian Yuan, Shang Lin and Shang Dang told him that when he didn't know Bai Yu's true intention, don't talk nonsense, otherwise he would be humiliated.

"I hope all groups will take practical actions and give me the new mayor some face." Zhuang Jidong said with a smile.

Two forty in the morning.

On the contrary, the first plan submitted by the Urban Construction Group, which was finally calculated and studied, was to raise about 2.7 billion yuan, as previously estimated.

Caizheng Group took the lead in coming up with a package of solutions, including urgently raising urban investment funds from various counties; issuing rescue bonds to civil servants and public institutions across the city; and providing credit lines through guarantee companies and other Zhengfu platforms, it can raise about 2.4 billion yuan.

The State-owned Assets Group gritted the bullet and persuaded seven municipal state-owned enterprises to "demonstrate their styles", as well as the 20-year operating rights of its two water conservancy hub projects, and the major shareholders of urban commercial banks and rural commercial banks, they ordered them to issue syndicated loans, which totaled about 2 billion yuan.

The banking team is really trying to take office for the new leader. I am embarrassed to be too serious. After contacting major state-owned commercial banks and village banks overnight, they listed a list of 1.5 billion yuan in total credit limit and decomposed them into each company as follows:

Bank of China 200 million;

Agricultural Bank of China has 150 million;

ICBC 150 million;

Bank of Communications 200 million...

Zhuang Jidong frowned when he saw it, but Bai Yu knew that these guys were a little conservative in submitting plans, so he added the Chengjian Group to 3 billion with a big stroke; the Caizheng Group to 2.7 billion; the State-owned Assets Group to 2.2 billion; and the Bank Group to 2 billion, which totaled 9.9 billion.

——To be honest, if Mayor Shao is in charge tonight, he would not be able to make up for 900 million yuan! Because everyone was afraid that Mayor Shao would have money and launch new projects in a blink of an eye, they were all shocked by his crazy playing style. The new leader clearly made a deal with the mess and couldn't give him face. Maybe he would be defeated in a blink of an eye.

"It's awkward to have more than 9.9 billion yuan, and the urban construction group will take another 100 million yuan to raise 10 billion yuan." Zhuang Ji Dongdao.

Zhao Wancheng and Fang Jiagui were so stupid that they couldn't contradict the new mayor in person.

"How many of the 12 institutional investors living opposite are combined?" Bai Yu asked.

Han Wen said: "About 13 billion... Do I want me to go to the hotel in the morning and talk?"

Bai Yu waved his hand and said, "No need, just calm down. Director Yin organized a man to merge the plan, and 5 billion yuan will be used for 10 billion to ensure rigid redemption of small and medium-sized investors. Consultations with institutional investors are underway. It is expected that partial redemption can be made to alleviate the debt crisis."

“Consultation…”

Several city leaders looked at Bai Yu in surprise and thought that if you disagree at night, you will turn your back on your face. What kind of negotiations should you discuss? Such a major event cannot deceive the provincial leaders.

Zhuang Jidong knew Bai Yu's style and said with a smile: "Well, active consultations at least show that the city government has a positive attitude on the issue of consultation. As for the effect, it requires patience and awareness of the consequences of the crisis."

"The old partner is the old partner. I can't hide my little thoughts from Mayor Zhuang." Bai Yu said half-true and half-fake.

Han Gong is a serious and responsible person among the deputy mayors, so he was appointed to receive 12 institutional investors. He asked heavily:

"What should we do if the two mayors never find a result when they negotiate? After the early contact, they are very tough and will not give up until they achieve their goals."

Bai Yu said slowly: "Yang Bailao has only one Xier."

"Uh..." Han Ming didn't understand. He looked at the other city leaders, but he didn't understand it from his expression.

"Wang Shiren snatched Xier away, Yang Bailao had nothing, what else can he do?" Bai Yu explained, "I owe so much debt. At present, Dianxi is really barefoot and not afraid of wearing shoes. I don't have money, unless I sit down and negotiate."

Zhuang Jidong then said, "Do your best bet, the future will be bright; negative confrontation will lead to a dead end. Okay, comrades will go back to sleep for a while and have a meeting on time at 9:00 in the morning."

Yin Yong quickly said: "Because time hastily, the dormitory area is not ready yet, I arranged a room in a nearby hotel for the two mayors to rest temporarily..."

The two waved their hands at the same time, Zhuang Jidong Road:

"Now we have to race against time, where can we have time to sleep? Mayor Bai drinks coffee or tea?"

“White tea.”

Bai Yu smiled.

Next, while waiting for Yin Yong to summarize the plan, the two of them carefully studied the materials of the plans of each group, especially the urban construction report.

While there was no one around, Zhuang Jidong asked quietly: "Hey, what if those 12 arrogant institutional investors are unsatisfied?"

"Mayor Zhuang is so unconfident?" Bai Yu asked back.

"I feel guilty about debt... In Shanglin, I hate urban investment and leverage issuance of bonds. I often ask, 'What to pay for in the future'? I don't want to let my successor complain and clean up the mess after being transferred."

"Mayor Shao doesn't want it either. He is confident that he will complete the internal cycle during his term."

"You have to know that we are the ones who really lose by opening the card table - institutional investors lose nothing more than the money of the leeks, but we have to get rid of our talents!"

"Institutional investors are only able to hold on to this point, but they dare to be so arrogant," Bai Yu said. "On the other hand, are they not afraid? Once the explosion occurs, the loss will not be a few million or tens of millions, but a few billion! Even if they are fearless, the bond department and even the trust company will not do it. It is important to know that the company's capital is only a few hundred million."

Zhuang Jidong felt something: "You are playing the Brave game, who can't stand it and jump first?"

Bai Yu curled his smile and said seriously: "Mayor Zhuang, no matter whether it is an economic or financial problem, as long as it is a problem, there are self-consistent logic and rules to resolve it. Anyway, Zhengfu has enough resources to deal with and deal with it, so the problem is never a problem. The key to the problem lies in the fact that it is a multiple-choice question and how can we choose."

"Agree with Mayor Bai's point of view, this is what I have been thinking about on the road to Dianxi Road," Zhuang Jidong Road, "The city investment of 18 billion yuan and even tens of billions are still there. It is not about how to do it, but how to choose. Either let the money go at all costs to relieve the current troubles but the risks are covered up in the future; or there is a stable pressure, and the decline is stable. Life is a bit harder now, but Dianxi's economy can take off again!"
Chapter completed!