发布时间：2020-08-20
Future is Now《传承宝典》37
——贷款机构是否会帮助企业渡过危机？
导读：
Stonehage Fleming英国区家族办公室与咨询部总监Simon Boadle就疫情过后的贷款问题采访了Tatsu Partners创始人Mike Barnes。当人们渡过目前危机，企业重新启动，贷款方与借款方将会面临怎样的挑战？本文内容由雷梭勒家族办公室编译整理，版权归原作者所有。
Q1：现在很多国家的经济大幅衰退，您认为这会对借贷市场造成怎样的影响？
MB：不论从规模、受众还是时长来看，此次影响史无前例，几乎波及到所有产业。但是，以我过去31年金融服务从业经历来看，从未遇到过银行停止放贷的情况。
Q2：尽管此次衰退的起因很特殊，但是是否能将此次事件与2008年金融危机相比呢？
MB：2008年时，客户就想知道银行是否有过停发贷款的情况。答案显然是“没有”。银行只是更加严格筛选贷款流入的领域，更加谨慎地使用杠杆，足够优秀的公司仍然可以融资。今年的情况是，近年来的调整让贷款机构提供的投资组合结构更加合理。新冠疫情不是某个人的错，银行也清楚这一点，如果公司在疫情来临前表现良好，在渡过疫情难关后依旧会得到所需的支持。
Q3：现在还没有太多关于“资不抵债”的讨论，是因为时候未到吗？
MB：有的公司在新冠疫情前就已经摇摇欲坠，而零售业、泛款待业、旅游业等行业的举步维艰则是受到疫情的影响。现在还不能判断哪些企业在疫情过后值得救助，哪些公司的贷款机构应该收取抵押。疫情之后，有的公司会很快恢复，而有的公司就需要花点时间了。恢复较慢的公司可能会面临不太稳定的金融债务情况，需要重构资产负债表进行优化调整。
Q4：简单快捷的政府支持性贷款是否对企业有所帮助？
MB：政府已经推出了一系列支持性措施。新冠疫情导致商业中断贷款项目（CBILS）已经有效帮助了缺少现金流的企业。对于私募股权所有公司来说，最有效的方式是给予员工无薪休假，避免大规模失业情况的发生。
Q5：您观察到银行与非银行贷款机构的行为有何不同？
MB：非银行机构往往是向私募公司提供短期/长期贷款，支持买卖公司。银行则是向公司提供经营资金、循环信贷、透支额度等。所有贷款机构都会面临挑战，银行的借款方更多，因此出现问题几率更大。银行确实在提供支持性贷款资金，但是主要是迫于政府压力，谁也不想看到公司倒闭的局面。
Q6：目前市场中借款方需要注意什么？
MB：不要害怕金融契约。经济停滞后，很多公司担心收入下滑会影响履行金融契约，害怕违反契约后引发一系列违约、贷款机构有权收取抵押等问题。 但是，贷款机构往往不会这样做。当出现问题时，他们希望能够有权出席，一同探讨应对方案，而不是将违反契约视作“没收房屋钥匙”的权力。
Q7：银行与非银行贷款机构是否会向市场发行新债？
MB：现在形势正在逐步缓和。银行目前还在忙着解决眼前的危机，但是已有迹象表明贷款资金已经准备好投向市场。此轮会有少许不同，贷款机构会更谨慎地评估信用，会采用多种敏感性分析，评估新的债务结构在3个月没有交易的情况下，是否还能维持下去。我们还在观望疫情对经济是否有更广泛的影响，这一阶段银行会提供低杠杆贷款。
Q8：2020年疫情之后，贷款机构市场格局会有怎样的变化？
MB：贷款机构要做的事情还有很多，在国家边境封锁时期，贷款机构帮助企业渡过了难关，接下来就是帮助他们重振旗鼓。银行非常希望商业能尽快恢复，也始终在支持企业发展。只有在企业存活下来之后，银行和其他贷款机构才会考虑盈利的问题—这也符合贷款机构的价值观：帮助有持续发展能力的企业继续经营下去。
Original English Texts
Will lenders support businesses through the crisis？
Simon Boadle, Head of Family Office & Advisory UK at Stonehage Fleming spoke to Mike Barnes, founder of Tatsu Partners about dealing with debt during and post COVID. As we pass the immediate crisis and businesses start to reopen, what are the challenges that lie ahead for lenders and borrowers?
SB: There has been a sharp economic downturn across many countries. How would you summarise the impact on borrowers and the debt market?
MB: It has been completely unprecedented in terms of scale, reach and duration. It’s hard to think of any industry that has been untouched. That said, in my 31 years in financial services, I have never seen a situation before where banks have stopped lending.
SB: Although different in its cause, can you draw comparisons to the global financial crisis of 2008?
MB: In 2008, clients wanted to know if banks had stopped lending. The answer was categorically ‘no’. They became more selective about which sectors they lent to and more disciplined in their application of leverage multiples but good companies were still capable of raising money.
This time, lenders’ portfolios are in better shape, because of the discipline that has been shown in recent years. Coronavirus is no one’s fault and banks have generally taken the view that if a company was performing well before the pandemic, they should be given the support they need to come out the other side.
SB: There has been little talk of insolvencies - is it too early for that to have happened?
MB: There are companies who were struggling before coronavirus. Then there are sectors struggling as a result of coronavirus such as retail, hospitality and travel. It is unclear what a business might be worth post lockdown and therefore what proceeds a lender would realise if they were to enforce security. Some companies will bounce back quickly and others will take longer to recover. Those slower recoveries could face an unsustainable stack of financial liability leading to a need for greater balance sheet restructuring.
SB: Has the swift provision of government-backed loans made a significant difference to businesses?
MB: The government has taken a lot of supportive action. The Coronavirus Business Interruption Loan Scheme (CBILS) has been particularly helpful for businesses in need of liquidity. For private equity owned companies, the most useful initiative has been the ability to furlough employees, avoiding widespread unemployment.
SB: What differences in behaviour have you seen between bank and non-bank lenders?
MB: The non-bank community principally provides term debt to private equity borrowers who are buying and selling companies. Banks provide the working capital, revolving credit facilities and overdrafts. While every debt provider has challenges, banks have a larger number of borrowers and therefore a greater weight of problems. Debt funds have been supportive, but the banks are under more government pressure to be supportive. Neither wants companies to fail.
SB: What are the key messages for borrowers in the current market?
MB: Don’t be afraid of financial covenants. When lockdown first began, many companies were worried about the impact a slowdown of earnings would have on their financial covenants. They feared a breach would trigger events of default and give lenders the right to enforce security. That, however, is not typically how lenders behave. They want the right to come to the table if there is a problem and talk about how to respond. They’re not using covenants breaches as a right to ‘take the keys’.
SB: Is new debt available in the market from banks or non-bank lenders?
MB: The situation is easing. Banks have been preoccupied with solving immediate crises but debt funds are showing signs of being ready to do new business. There will be some changes. Lenders will take longer to take credit decisions. They will undertake different sensitivity analysis, to evaluate whether a new debt structure would sustain a three-month trading hiatus. They will also offer lower leverage multiples while we wait to see the wider impact of coronavirus on the economy.
SB: Looking beyond 2020, how will the landscape develop for lenders?
MB: There is still a huge amount of work to do. Lenders have supported companies in getting through lockdown but the next phase is helping them reopen. The banks are keen to start doing business again and have been supportive to date. Banks and other lenders will only make money if companies survive – it is in their interest to give sustainable businesses the support they need to keep operating.
该文章转载自雷梭勒家族办公室，如有侵权，敬请告知删除。
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