Xinhua News Agency, Beijing, October 7 (Reporter Liu Kaixiong) Recently, the China Interbank Market Dealers Association issued relevant rules to implement hierarchical and classified management of non-financial corporate panda bonds, optimize the registration issuance process, clarify information disclosure arrangements, and improve investors Protect the mechanism and strengthen the convergence of domestic and foreign systems.
Panda bonds refer to bonds denominated in RMB and other currencies issued in China by issuers registered overseas.
The panda bond market started in 2005 and began to accelerate in 2015.
In recent years, the rules of the panda bond system have been gradually improved, the types of issuers have become increasingly diverse, the market scale has continued to expand, and market functions have continued to improve.
According to data from the Association of Dealers, at the end of August 2020, a total of 60 overseas issuers had issued 172 bonds in the interbank market, with an issuance scale equivalent to RMB 304.18 billion.
The "Detailed Rules for the Hierarchical Classification Management of Debt Financing Instruments of Overseas Non-financial Enterprises" and the "Registration Document Form of Debt Financing Instruments of Overseas Non-financial Enterprises" issued by the Association of Dealers focus on building a hierarchical management framework, standardizing information disclosure requirements, and strengthening risk prevention Optimize the registration and issuance of panda bonds for non-financial enterprises in four aspects: mechanism and strengthening domestic and overseas connections.
According to the relevant person in charge of the Association of Dealers, after the optimization, it will be more convenient for overseas companies to issue panda bonds, information disclosure will be more internationalized, investor protection mechanisms will be more complete and sound, and panda bond business and domestic bond business will be more consistent in mechanism and process .