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A few days ago, the National Development and Reform Commission issued the "New Considerations for Corporate Bond Review". This is after the National Development and Reform Commission announced in September the "Opinions on Comprehensively Strengthening the Risk Prevention of Corporate Bonds" (hereinafter referred to as "Opinions"). The rules set. According to the previous "Opinions", the NDRC has put forward corresponding suggestions and measures from the aspects of strict conditions for granting enterprises, standardizing and strengthening debt repayment guarantee measures, and further strengthening the management of corporate bonds. The reform committee will further raise the threshold for corporate bond issuance.
Specifically, the entry conditions for some bond issuers have been raised, especially for the asset-liability ratio. For example, the two asset-liability ratios of the “accelerated review†are lower than 30% and 50%, down to 20%. % and 30%, a significant decline means stricter access.
At the same time, during the National Day holiday, the State Council issued the "State Council's Opinions on Strengthening Local Government Debt Management", explicitly requiring government debt to be borrowed only through the government and its departments, not through enterprises and institutions, and requesting divestiture The platform company's government financing function, the financing platform company may not add government debt.
Industry experts said that from the various opinions and measures issued by the regulatory authorities on corporate bonds, the increase in the threshold for corporate bond issuance has become conclusive. From the perspective of risk prevention, government financial institutions raise the threshold for issuing bonds, strengthen supervision and management, and impose stricter qualifications on corporate bonds. This will help ensure effective debt repayment and improve the efficiency of capital use. This will undoubtedly affect the future of corporate bonds. Development will play a good role in promoting.
Cui Yu, a consultant of China Investment Consulting Co., said in an interview with the Securities Daily that the threshold for raising corporate bonds is mainly due to the large amount of corporate bonds issued this year. At present, the issuance of domestic corporate bonds has exceeded the total of last year. year. The rapid increase in the speed of debt issuance also increases the risk. It requires the state to adjust from the macro level, raise the threshold for corporate bond issuance, and strengthen the review.
Earlier, the National Development and Reform Commission also convened some underwriters to hold a corporate bond risk symposium to warn corporate bonds. The specific content includes strict confirmation of the validity of land assets, clearing and simplifying the new standards for auditing and strict auditing, limiting the proportion of accounts receivable to the relevant government departments, and the time interval for reporting by issuing companies. 6 months adjusted to 1 year, etc.
Cui Yu also analyzed that from the perspective of risk prevention, government financial institutions should raise the threshold for issuing bonds, strengthen supervision and management, and impose stricter qualifications on corporate bonds. This will help ensure effective debt repayment and improve the efficiency of capital use. On the other hand, the use of strict supervision funds is conducive to the adjustment of China's industrial economic structure.
"After the increase in the threshold for issuing bonds, the issuance of corporate bonds will be more difficult, the review will be strict, and the use of funds raised will be supervised. It must conform to the industries encouraged by the state, and funds cannot be used for other purposes." Cui Yu stressed.
The National Development and Reform Commission plans to raise the threshold for corporate bond issuance
Abstract Experts said that the qualification requirements for corporate bond issuance is more stringent, which is conducive to ensuring effective debt repayment and improving the efficiency of capital use. A few days ago, the National Development and Reform Commission issued the "new considerations for corporate bond audits", which is following the National Development and Reform Commission...
Experts said that the qualification requirements for corporate bond issuance is more stringent, which is conducive to ensuring effective debt repayment and improving the efficiency of capital use.