「利疊利」越滾越大 馬銀行分析師:政府未來5年必須為1MDB還346億

2018年06月25日     57,509     檢舉

(吉隆坡25日訊)馬銀行金英證券公司分析師指出,未來5年,大馬政府或需要拿出346億令吉,為一馬發展公司償還債務。

分析師文申潘(譯音)和司徒文儀(譯音)指出,一馬公司的債務,包括息票和本金,從2019年至2023年間將持續增加,5年內將累計至346億令吉。

《星報》報導指出,債務清償,包括息票和本金償還,估計2019年將達到17億令吉、2020年將達到17億令吉、2021年將達到27億令吉、2022年達到154億令吉,2023年達到113億令吉。

報導說,其他債務清償選擇,包括從公開市場回購美元債券,例如一馬發展公司環球投資債券,票面價格為89%,比票面到期日兌換票據便宜。

報導指出,由於對基礎設施項目的審查,政府和國家擔保債券的總發行量,可能會從2017年的1兆460億令吉,下降至今年的1兆360億令吉。

「2019年銷售額可能達到1億270億令吉,2020年則達到1億260億令吉。」

報導說,由於財政部已表示有望實現佔國內生產值2.8%的財政赤字目標,今年不太可能出現政府債券,因為有風險。

1MDB obligation debt costs may reach RM34.6b, says Maybank

KUALA LUMPUR: Malaysia's expenses of adjusting 1MDB obligation debt costs may reach as much as RM34.6bil (US$8.6bil) from 2019 to 2023, as the administration will presumably completely represent it, as indicated by Maybank Kim Eng Securities.

Full crystallization of 1MDB's obligation has turned out to be exceedingly likely, investigators Winson Phoon and Se Tho Mun Yi wrote in report Monday.

Obligation benefit, both coupon and vital reimbursement, assessed at RM1.7bil in 2019, RM1.7bil in 2020, RM2.7bil in 2021, RM15.4bil in 2022 and RM13.1bil in 2023.

Different alternatives incorporate purchasing back USD securities from the open market, for example, 1MDB Global Investment securities exchanging at 89% of standard, which is less expensive than reclaiming the notes on development date at standard.

Net issuance of government and state-ensured bonds may decay to RM136bil this year, from RM146bil in 2017, because of an audit of framework ventures.

Deals will most likely aggregate RM127bil in 2019 and RM126bil in 2020.

Probably not going to be any supply hazard for govt bonds this year as Finance Ministry has said it's on track to meet the financial deficiency focus of 2.8% of GDP.

Viewpoint is less sure for 2019 as govt may spending plan for consumption on framework that was beforehand financed by unforeseen risk, and additionally commitments collecting under 1MDB and open private associations; this would enlarge the spending shortfall.