债券发行程序.docVIP

Corporate Bond Issuance Process 企业债券发行过程 Corporations issue bonds publicly to raise money for various spending needs. Corporate bond issuance goes through a typical process that also involves an underwriter, a legal counsel and some form of a closing agent. While the issuer itself must prepare to formulate the basic bond issuance structure, the underwriter takes charge of marketing the bond issuance, the legal counsel drafts any public statements and the closing agent executes fund distributions. 企业公开发行债券来集资以满足不同的开销需求。典型的企业债券发行程序，通常牵涉到承销商，法律顾问和某种形式的结算代理。但发行人本身必要准备制定基本的债券发行结构，承销商负责行销债券发行，法律顾问起草公开声明，结算代理执行资金分配。 · Preparation 准备 The bond issuer initiates the bond issuance process by formulating a basic structure for the bond issuance, sometimes with the help of a financial adviser. Matters involved in the issuance structure include the purpose of the bond issuance, such as investing in a capital project, retiring an earlier debt or other uses that the company board deems appropriate; preliminary terms of the bonds coupon rate, interest payment dates and maturity years; and selling method of the bond -- whether to negotiate with one underwriter or collect bids from multiple underwriters. 债券发行人通过制定一个基本的债券发行结构开始债券发行，有时是借助于财务咨询师。关于发行结构包括债券发行目的，例如在投资方案中的投资，收回早期债务，或其他董事会视为合理的使用途径；债券的票面利率初步计算，利息支付日期和成熟期；以及债券销售方法——与一个承销商进行谈判，或收集来自多个承销商的投标。 Underwriting 包销 The underwriter, often an investment bank, starts its work based on the bond issuance structure established by the issuer. Sometimes the underwriter helps structure the bond issuance. But the main job of an underwriter is to market the bond issuance to the investing public. Underwriting requires that the underwriter first purchase the entire bond issuance from the corporate issuer and deliver the proceeds to the company; the underwriter then resells them to bond investors through its network of marketing forces. 承销商，通常是投资银行，基于发行人制定的债券发行结构开始工作。有时承销商帮助组织债券发行。但是包销商的主要工作是将发行的债券销售给投资大众，包销要求承销商首先从公司发行人那里购买全部发行的债券，并将收益交付给公司；承销商然后再通