Our reporter Xing Meng
On March 1, 2020, the new securities law came into effect.
On the same day, the Shanghai and Shenzhen Stock Exchanges released the relevant business arrangements for the implementation of the registration-based system for public issuance of corporate bonds.
Today, it has been two years since the implementation of the registration system for the public issuance of corporate bonds, with stable operation and outstanding results.
Flush iFinD data shows that from March 1, 2020 to February 28, 2022, the number of corporate bonds issued in the two years was 7,862, with an issuance scale of 7.01 trillion yuan.
Among them, the issuance scale of general corporate bonds was 3.35 trillion yuan, and the scale of privately offered corporate bonds was 3.65 trillion yuan.
Industry experts believe that since the implementation of the registration system, information disclosure requirements have been strengthened, audit transparency and issuance efficiency have been improved, and the bond issuance market has continued to expand.
With the deepening of the registration-based reform, the rules and regulations related to corporate bonds need to be further improved in terms of strengthening information disclosure requirements, protecting the interests of investors, and preventing default risks, so as to better support the high-quality development of the real economy.
Improve the efficiency of review and issuance
The scale of corporate bonds is expanding year by year
Since the implementation of the registration system, the issuance of corporate bonds has accelerated year by year, which has significantly boosted the overall scale of corporate bonds.
Specifically, in the first year after the implementation of the registration system (from March 1, 2020 to February 28, 2021, hereinafter by analogy), the number of corporate bonds issued was 3,835, and the issuance scale reached 3.50 trillion yuan, a year-on-year increase of 3.5 trillion yuan. an increase of about 30%.
Among them, the number of general corporate bonds issued to the public was 1,247, and the issuance scale reached 1.56 trillion yuan, a year-on-year increase of 38%.
In the second year, the number of corporate bonds issued was 4,027, and the issuance scale increased slightly to 3.51 trillion yuan.
Among them, the number of general corporate bonds issued was 1,516, with a total issuance of 1.79 trillion yuan, a year-on-year increase of about 15%.
"The implementation of the registration system promotes corporate bonds to enter a new stage of market-oriented issuance, and promotes positive changes in the corporate bond market in terms of expanding market volume, improving the quality of information disclosure, and improving the concept of risk prevention. The registration system has driven the expansion of corporate bond issuance. Under the registration system, the issuance cycle of corporate bonds is shortened, the issuance procedures are simplified, and the enthusiasm of bond issuers is effectively improved." Tan Chang, deputy director of China Chengxin International Research Institute, said in an interview with a reporter from "Securities Daily".
"As an important part of the capital market, the corporate bond market is a powerful tool to serve the real economy." Wu Lina, assistant to the president of the Federal Reserve Securities and general manager of the bond business department, told the "Securities Daily" reporter that after the implementation of the registration system, corporate bond Two positive changes have been brought about: on the one hand, the transparency of auditing has been significantly improved, and the efficiency of auditing and issuance has been further improved.
A clear, predictable and open regulatory policy for review and issuance improves review transparency and reduces communication costs.
While ensuring that the registration agency has the necessary review and supervision authority, it substantially simplifies the review process and improves the review efficiency.
Wu Lina further stated that after the implementation of the registration system, the requirements for information disclosure have become more stringent and unified, and the responsibilities of intermediaries have been strengthened.
The core of the registration system is to improve information transparency and reduce investor evaluation costs based on perfect information disclosure.
Under the registration system, stricter information disclosure requirements are proposed to help investors effectively make value assessments and investment decisions.
Under the premise of increasing information disclosure requirements, the importance of intermediaries as "gatekeepers" has been further emphasized, and the responsibilities of intermediaries have been consolidated.
Tan Chang believes that the awareness of market risks is also increasing.
After the implementation of the registration system, corporate bond risk management has gradually shifted from risk prevention in advance to prevention during and after the event, forcing the concept of market risk management from passive management to active management.
The beneficial change in the concept of risk prevention guides investors to be more rational in the face of risk events and helps maintain the smooth operation of the corporate bond market.
Market expansion of innovative varieties
Help the development of the real economy
After the implementation of the registration system, innovative varieties of corporate bonds were launched one after another, and the market size continued to expand.
Flush iFinD data shows that since March 1, 2020, a total of 63 carbon-neutral corporate bonds and sustainable development-linked corporate bonds have been issued in the past two years, with an issuance scale of 61 billion yuan. It played a direct and important role in the aspects of the link.
At the same time, the regulatory authorities have increased their support for innovative varieties and accelerated the work related to rural revitalization corporate bonds.
Recently, the China Securities Regulatory Commission pointed out in its reply to the "Proposal on the issuance of special corporate bonds for rural revitalization by leading agricultural industrialization enterprises to support the revitalization of rural industries" that the China Securities Regulatory Commission will implement the Party Central Committee and the State Council's efforts to consolidate and expand the achievements of poverty alleviation, and cooperate with rural areas. The effective connection of revitalization and other decision-making arrangements shall be made to speed up the work related to rural revitalization corporate bonds, give full play to the role of the exchange bond market, and promote the development of poverty-stricken areas and comprehensive rural revitalization.
Regarding how to further deepen the reform of the corporate bond registration system, Wu Lina suggested that the corporate bond market is at a critical stage in comprehensively deepening the registration system reform, and future rules and systems should strengthen information disclosure requirements, improve the transparency and efficiency of information disclosure, and improve investors Targeted deployment and arrangements shall be made in terms of protection level and improvement of bond default disposal mechanism.
At the same time, it is necessary to fully study and judge the opinions and suggestions of the participants, and listen to the most authentic market feedback, so as to mobilize the enthusiasm of the market participants.
Tan Chang suggested to further improve the information disclosure system.
The current policy mainly strengthens the restraint on information disclosure obligors from the aspect of strengthening information disclosure management. However, considering that different entities have different self-discipline capabilities in information disclosure, the information disclosure system should be improved from the perspectives of strengthening the autonomy of information disclosure and strengthening the restraint role of creditors. .
(Securities Daily)