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Exchange intends to further tighten the city to vote bonds issued policy

Amount of reading: Exchange intends to further tighten recent city to vote bonds issuance policy, including measures to restrict its area of ??new city to vote bonds issued credit, the company the city voted bonds to borrow 上海普陀区夜生活论坛 the amount of discounts and other new-old, but bankers these policies may also feedback adjust.

Reporters learned from a number of brokerage investment bank, the recent exchange intends to further tighten the city to vote bonds issuance policy, including measures to restrict its area of ??new city to vote bonds issued credit, the company the city voted bonds to borrow the amount of discounts and other new-old, but investment bankers also fed these policies may also be adjusted. Regulators have tightened the city voted bonds trend "and the exchange of communication today (November 17), there are changes caliber.

"Many bond market participants told reporters.

There are brokerage investment banking sources said: "these policies did not see specific documents, the city voted debt financing policy has always been this way, almost all window guidance, but only to report the project, to release the record before we know can not be made.

"Shanghai, a brokerage investment banking official said, reported recently in the exchange of a few northern Jiangsu area county to vote bonds project was stopped, some of the new borrowing for the old city to vote bonds issue size is ask for a discount.

"For example, corporate bonds repay the city to vote bonds, maturity scale is 1 billion, 1 billion have been made ready, but now can only send 800 million, remaining only City Investment Company itself. Because the policy change suddenly, this bond funds may have arranged the subjects of pressure.

"The foregoing brokerage investment banking sources said.

Another brokerage investment bankers the feedback, look at the situation according to the project report, the main exchange to be divided according to the size of investment and debt ratio of local revenue of the region overall stock of the city.

The high proportion of the region can only city to vote bonds issued by the new-old, but the issue size to be discounted, some directly is not granted.

"City Investment policy this year is to save the amount of debt, control increments, the stock is now also faced with compression." A large brokerage bond financing department official said.

The parties, in a district of the county responsible for a central part of the capital city to vote bonds issuance for the first time, the original purpose is to return the interest-bearing debt, but the current limit by. There are small brokerage in Beijing debt underwriting investment bank staff told reporters that the recent tightening of the SFC and the Stock Exchange does have the city to vote bonds and real estate debt trends.

"Real estate debt has been very strict, and now the city voted bonds is close to the form of real estate debt." He said.

Why regulatory requirements for fund-raising purposes from the city to vote bonds to repay interest-bearing liabilities was changed by the new-old, the broker bond underwriting sources said, regulators intention is to limit the size of new corporate bonds, stocks bonds digestion. City Investment bonds issue size actually slowed sharply this year, regulators regulatory policy for the whole city to vote bonds tighter.

Earlier this year, exchanges and banking Dealers Association referring to the Ministry of Finance of local government debt risk classification on the city to vote bonds sub-file trial, but sub-file list is not made public, and for the different stalls of issuers, the regulation of its use of proceeds have different restrictions. Such as red shift suspend approvals, yellow file only by the new-old, green stalls without restrictions. The so-called local government debt risk level, the Ministry of Finance based on a risk assessment of the legal situation around the government debt and comprehensive debt and other debt risk will be divided into red (debt ratio greater than or equal to 300%), orange (debt equal to 200% greater than, less than 300%), yellow (debt ratio greater than or equal to 120%, less than 200%), green (less than 120% of the debt) four levels, sequentially from high to low risk. "This list is not announced, and the internal Exchange Dealers Association and is confidential, only a few people have permission to see. In general, after the project report will go to someone special than a list, if the file yellow hair debt used to supplement working capital, dealers Association, the Exchange will notify the main load-bearing, for fund-raising purposes to be modified.

"Shanghai a large brokerage bond underwriting sources said. In late April, the Shanghai Stock Exchange and the Shenzhen Stock Exchange announced the listing of corporate bond issuance review guidelines. Guidelines put forward, mainly in urban construction of local state-owned enterprises (hereinafter referred to as urban construction enterprise) reporting the issuance of corporate bonds, shall comply with the relevant provisions of local government debt management, not the new local government debt to raise funds for other than the stock of debt repayment of corporate bonds, the issuer shall disclose details of the proposed repayment of the stock of debt, and promised to repay the debt does not involve stock local government implicit debt. guideline also said that urban construction enterprise total assets of less than 10 billion yuan or below the issuer rating of AA (inclusive), should combine their respective levels, business scale, profitability, balance sheet structure, cash flow assess their business situation such as solvency and prudently determine the corporate bond disclosure program, and take this time to adjust to declare the size of corporate bonds, adjusted use of proceeds for repayment of the stock of corporate bonds and other debt protection measures to strengthen the ability of the issuer.

After tightening policy, City investment company debt growth had slowed down.

Data show that as of November 17, this year the city voted bonds issue size trillion, an increase of 7%, the growth rate has 上海水磨全套qq群 slowed down significantly compared to the same period last year. At the same time, this year the city voted to terminate the audit of project bonds increased significantly.

As of November 17, 2021, a total of 303 corporate bonds this year to terminate the review project, which the city voted bonds 164 projects, involving an amount billion.

City investment rating from the body point of view, AA and AA + larger amount, respectively, million and billion.

From the logic of the current city to vote bonds regulatory policy point of view, the subsequent pressure weak area, weak qualification platform facing greater. Considering the decline in revenue from land sales, No. 15 of the city voted to tighten the flow of credit, financing of non-standard pressure drop, and then superimposed to tighten the policy 上海贵族宝贝油压 of the city to vote bonds, liquidity risk multiple platforms under the influence of weak qualification needs attract attention. Editor: Wang Jing statement: Xinhua Finance is a national financial information platform undertaken by Xinhua News Agency. In any case, the information released in this platform does not constitute an investment recommendation. Xinhua Finance Statement: This article is for reference only and does not constitute investment recommendations.

Investors should operate accordingly, risk borne.