129773184439375000_120Hexun homepage established mobile phone version of the stock/fund micro-blogging news blog news from national debt debt notice analysis column feature scrolling list of bond market bond index bond curve of the convertible bondAnalysis buy-Enterprise debt index daily return yields subscription rate of introduction to calculate yield to maturity rate Wikipedia Forum blog Sharon hexun.com bond a financial calendar > body font size print RSS on March 26, 2012:51lai source: the 21st century business Herald debit compound annual rate of more than 20%, annual profit and many SMEs are not to 15%, leading to small and medium-sized private enterprise bosses thirst no funds could not be found, however, this situation is eased. Making private debt is expected at the end of March, SMEs have long been a full programme in 2012Sponsor agencies contact the 13th working meeting to be held on March 20, from Shenzhen Stock Exchange officials said: small and medium enterprises private placement Bonds pilot operational programme has not yet been finalized, but is expected to be released at the end of March the official programme, completed in early June 1-2 pilot companies. Private debt, so-called small and medium enterprises, meaning relative to the public release of directional or non-Public offering, is a Publisher issuing bonds to below 200 investors.
����Shenzhen Stock Exchange designed by non-listed private debt position of SMEs in small micro-non-public offering of bonds of the company, is a "corporate bonds" area, closed to the specific introduction of the investor, and control risk. OTC placement as the mainstay of the non-directional bonds in public financing has become a global issueImportant place for people to raise funds. 2009 global completed a total of 6,979, amounted to us $ 2.8 trillion of bonds closed introduction.
����In 2010, the United States closed directed issue 745, total size of $ 295.2 billion bonds account for credit classes total circulation of more than 30%. "The banking system has now accumulated aGo straight to low interest savings of $ baiwanyi size, and small and medium enterprises funding needs to face annual interest rates of up to 20% civil loan sharks.
����"Securities bonds-home of Jin Zhigang Chen considers private debt financing to small and medium-sized micro-businesses, SMEs, there is a huge space for development. A brokerage of fixed-income people in Shenzhen said, small and medium enterprises private placement debt issuanceCharge is the key to successful release, "power rarely rates too low brokerage operations, if the rate of less than 1%, then Exchange it is best to simplify the approval process, reducing project time. "No issue to individual investors" from the definition of the rating company, BBB is investment grade, following from the BBB BB started is speculative-grade, investment-grade and speculative-grade againstAbout real changes in the rates.
����"One person rating company believes that SME private equity debt risk factor than ordinary bonds, investors are more concerned about the risk of revealing, quality will be more concerned about ratings. Data show that overseas high-yield bonds generally refers to the credit rating below investment grade (BBB), 400-500 basis points higher yields than bonds over the same periodCredit bond, United States high-yield bonds near 10-year average of the market in 10.2%. Right now in bond market yields in the 8% bonds-number. March 7, 2012, the main long-term credit rating to AA, this issue of bond credit ratings of AA 5-year "today 11 Super debt" (112,061. SZ) issue coupon rateTo 8.98%. "Small and medium enterprises private placement bonds existing between investment-grade and speculative-grade, according to the trust now yield minus the liquidity premium to calculate expected yields in-12%, this yields, investors are not interested in", but a listing broker researcher says: "small and medium enterprises private placement bond yields than the loan interest rate is much lower. ��Industry analysts also credit debt under existing pricing calculation BBB bond yields should be achieved at the level of about 10% per cent, because private debt transactions only in the transfer of original investment agreement between people, so investors need to have appropriate risk tolerance, since liquidity directly bearing on the pricing of bonds, due to low liquidity of compensation for private debt,It is priced higher than public placement of bonds. In fact, the current between the both banks (including corporate debt, short-term financing bonds and medium-term notes) or Exchange bond market (including corporate bonds and corporate bonds), issuers of credit ratings are generally in a more, only the individual's credit rating was downgraded to a following, ST Dragon credit rating is under the joint venture assessment, LtdTransfer to CCC (junk), Guangzhou paper mill joint credit rating company lowered to BBB. Journalists exclusive access to the Shenzhen Stock Exchange system design of private bond pilot business for SMEs, according to the design, the issuer may separate bonds or bond in the form collection; interest rate can be fixed or floating interest rate; enhance trust arrangements and whetherCredit ratings by independent of both consultations.
����For institutional investors in particular investors and so far not issued to the individual investor. The listing broker bond researcher considers that, offering SME enterprises private debt relative to the size of the existing bond issuers to be much smaller, earnings volatility significantly enlarged, BBB as barriers for SME private debt, ifRating agencies overestimate into speculative-grade corporate investment grade, introducing to the market risk, increase the degree of risk in the market.
����To do this, on the Shenzhen Stock Exchange in debt-servicing mechanism also includes five types of institutions, including issuers, underwriting risk fund, the investor protection fund and local funds, exchange risk. Breakthrough 40% red line "safe harborThe principle of "SMEs system design principles of one of the special features of private debt.
����Existing Securities Act, the companies act for the supervision and administration of private corporate bond issuance, transfer and no specific provision. Reporters access to small and medium enterprises private placement debt issuance of pilot business system design limits, transfer of corporate bonds issued to qualified investors only and, a total not moreOver 200 people, and must not use ads or other disguised public release or transfer.
����Interest rate cap limits were those of the Supreme People's Court on cases for trial of borrowing by some opinions, issued similar loan maximum interest rate of bank interest rate 4 times (has not yet been determined, may be 3 times or other). Compared to the public debt, advantage of private debtIs able to break through the "40% red line of financing". In accordance with the provisions of the Securities Act: accumulated corporate bonds balance does not exceed the most recent closing net assets amounts 40%.
����Size limit, many small and medium-sized micro-enterprises for debt financing of a major obstacle. "But the limit is for the public offering of 40%, so as long as the investors in less than 200 people, even if the privateRaise issue, not in 40% within the constraints of.
����"Zhigang Chen believes that closed directed the main characteristics of the market is" directed to issue, transfer, internal disclosure of limited ", and compared to the public offering of bonds, private introduction with flexibility, release relative convenience, information disclosure requirements in relation to simplify
diablo 3 power leveling, for investors ' demands. SME private equity-debt issuanceComply with the principles of marketing, bond duration should be at least a year, and limited to small and medium-sized collection of micro-enterprises alone or form bonds. Micro-enterprise in accordance with the work of small and medium-sized Department, statistics, the national development and Reform Commission and the Ministry of Finance of the small micro-enterprise-standard to determine, is no longer set up administrative permission.
����For SMEs to form private debt by the securities industry association record. For small and medium enterprises private placement debtCharacteristics of high-risk and non-standardised, so the reference asset securitization products management, on the realization that such securities, as a new species, the independent and the Shenzhen Stock Exchange listed bond management. And given a separate code interval, Protocol platform listing, transaction confirmation liquidity provided transfer service. By the underwriting agency recommended to the Shenzhen Stock Exchange, and issue a listing recommendation. Small and medium enterprises private placement debtCode range for "118XXX" codes arranged in sequence. Reporting, transaction confirmation and transaction information disclosure consistent with the integrated trading platform business rules for the implementation of the relevant provisions of the agreement.
Includes declarations of intent, transaction reporting, pricing, reporting and click Close. Not closed single issue corporate bonds of listed companies the minimum transfer amount is 5,000 or minimum transfer goldAmount of 500
tera gold,000 yuan, Declaration of transfer price changes in the minimum unit of 0.001 Yuan. Its specific content includes information disclosure, disclosure channel formally recommended that one website, the Shenzhen Stock Exchange Protocol platform Web site. Disclosure of information on a regular basis for the dividend payment announcement, reports on a regular basis (interim reports, annual reports), interim reports, and so on. It is worth noting that bond listingCandidates shall provide the information disclosure of listed bonds specified contact person, responsible for communicating with the Shenzhen Stock Exchange bond information disclosure-related matters. Bond capacity expansion year of 2012 is our bond market, the supply of private debt, corporate bonds, SME will be greatly increased, at the same time, agency bonds, local bonds, Treasury bonds futures exploration, regulators and vigorously pushingBond market. In fact, regulators since 2011 has been promoting the development of bond. According to brokers, say debt securities issuance Department from multiple sources to simplify company audit procedures, establishing independent equity financing bond approval process, establishment of bond audit group specializing in debt audit. Followed by classification to simplify the vetting procedures, set for four briefEasy to program. In fact, compared to the equity financing, issuance of corporate bonds for listed companies also have their advantages. Researchers believe that these brokers ', by means of bond financing, can improve the company's capital structure of listed companies, widening the financing channels, reduce financial risk, increase operational efficiency; Moreover, debt capital raising fees and interest income tax deduction, and EnterpriseYou can receive tax benefits and, finally, issuing corporate bonds can improve market visibility and achieve the potential benefits. China credit class enterprise bond market now has about 4 trillion, as Asia's biggest business credit bond market. However, the public offering is the main product of the interbank bond market relatively high credit ratings, relatively low yields of basic products, Single product varieties. As China's bond market has gradually expanded, restricting the public offering of emerging.
����Its high credit quality and information disclosure requirements, many smaller and the main enterprise to lower credit ratings for debt financing through public offering. Analysts believe that through private introduction to promote product innovation, attractRisk appetite, such as private equity investors into the stock market, active trading, gradually changing the relative concentration of the interbank markets institutional investor ranks malpractice; also conducive to solving the financing difficulty
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