私募债发行规则亮相（Private debt issuance rules unveiled）.docVIP

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私募债发行规则亮相（Private debt issuance rules unveiled）.doc

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私募债发行规则亮相（Private debt issuance rules unveiled）

私募债发行规则亮相（Private debt issuance rules unveiled） Private debt issuance rules unveiled 04 2011 30 July Caing Zhang Yuzhe Due to the direct financing ratio derivative coefficient of bank credit to the money supply is much lower, the issue of private debt is equivalent to the market means increased macro-control pressure buffer Brewing for nearly a year, China inter-bank market dealers association (hereinafter referred to as the NAFMII) finally before the last night (April 29th) launched a private debt issuance rules -- the inter-bank bond market of non-financial corporate debt financing instruments to non-public offering rules (hereinafter referred to as the rules issue). This is not only the innovation China bond market products, is the issue of innovation. In the mature market economy, the private debt market has become an important part of the bond market. Non-public debt financing instruments known as private debt, is to a certain number of investors in the issuance of debt financing instruments, and limited to specific investors within the scope of negotiable issue. The main characteristics of non-public market is directional issuance, transfer, limited internal disclosure , strictly prohibited all may cause public offering disguised behavior. It is international practice, but also the private debt market from the bond IPO market difference. Compared with the public offering of bonds, non-public offering has strong flexibility and relative issue convenience, information disclosure requirements for investors, relatively simple individual needs. Why choose this time to launch the product, dealers association secretary general Shi Wenzhao told reporters, now is to prevent inflation, but also to ensure stable economic growth, there should be capital into the real economy, rather than to send direct financing to the money supply credit factor is much lower, is conducive to maintaining social aggregate reasonable financing. The establishment of non-public offering marke