Our reporter Wu Xiaolu

  Since the implementation of the registration system for the public issuance of corporate bonds, the review efficiency has been improved, and the number and scale of issuance have continued to expand.

According to Wind Information statistics, as of April 24, the Shanghai and Shenzhen Stock Exchanges had issued 8,393 corporate bonds under the registration system, with a total issuance size of 7.38 trillion yuan, including 2,992 general corporate bonds with a total issuance size of 3.52 trillion yuan and private placement bonds. 5,401, with a total issuance scale of 3.86 trillion yuan.

  On April 22, the Shanghai and Shenzhen Stock Exchanges issued four basic business rules: the review rules for the issuance and listing of corporate bonds, the listing rules for corporate bonds, the listing rules for privately issued corporate bonds, and the management measures for investor suitability in the bond market.

Further improve the issuance and listing review rules system, consolidate the responsibilities of market entities, and improve the investor protection mechanism.

  Experts interviewed said that after the implementation of the new exchange regulations, classified audits will be implemented, which will help to further improve audit efficiency.

In the next step, it is recommended to enrich the varieties of corporate bonds, build a multi-level bond market system, deepen the interconnection of the bond market, improve the business norms of bond underwriting, rating and other aspects of intermediary agencies, and promote the exchange bond market to better serve the real economy.

  Since the implementation of the registration system

  Corporate bond issuance presents three major changes

  Mingming, chief economist of CITIC Securities, said in an interview with the "Securities Daily" reporter that after the implementation of the registration system for public issuance of corporate bonds, the regulatory authorities have optimized bond issuance conditions, strengthened information disclosure, expanded the scope of information disclosure obligors, and further consolidated the issuance. At the same time, the efficiency of bond issuance has been improved, the scale of corporate bond issuance has been increased, and the scale of direct financing of enterprises has been effectively expanded.

  Hu Hengsong, deputy general manager of Caida Securities, said in an interview with a reporter from "Securities Daily" that since the implementation of the registration system for public issuance of corporate bonds, there have been three major changes in corporate bond issuance: First, the transparency of corporate bond audits has improved.

Issuers and lead underwriters can keep track of the project review progress and communicate directly with the exchange through open channels; second, with the further clarification of review requirements and time points, the efficiency of corporate bond review has been continuously improved; third, the scale of corporate bond issuance There has been a great improvement, and the proportion in the credit bond market has also continued to increase.

  Regarding the further optimization and improvement of the supporting system for the corporate bond registration system in the Shanghai and Shenzhen Stock Exchanges, Hu Hengsong believes that there are three key points. First, the new regulations focus on optimizing the review arrangements.

The audit requirements for corporate bonds have been further improved, and classified audits are conducted based on the issuer's market recognition, information disclosure maturity, and underwriting institutions' practice, which can further improve audit efficiency.

Second, the new regulations strengthen the supervision of intermediaries.

Lead underwriters and securities service institutions are required to improve the quality of information disclosure and effectively improve the level of information disclosure of corporate bonds.

For intermediaries that have problems, the new regulations clarify the basis and standards for self-discipline penalties.

Third, the new regulations implement front-end control on investment transactions of corporate bonds.

Investors in corporate bonds are required to be managed through system front-end control at the account opening level.

  Better serve the real economy

  Optimize the bond market ecology in three aspects

  From the perspective of helping the real economy, Hu Hengsong believes that corporate bonds mainly focus on three aspects: First, corporate bonds effectively reduce the financing cost of enterprises.

Enterprises can issue corporate bonds by flexibly setting bond terms, issuing in installments according to market conditions, and mutual allocation of bond varieties, which effectively reduces the financing costs of enterprises on the premise of meeting the capital needs of enterprises.

Second, corporate bonds effectively help local economic development.

Corporate bonds are an important financing channel for urban investment companies. By issuing corporate bonds, it can meet the project construction and liquidity needs of urban investment companies, improve the level of local infrastructure, and thus help local economic development.

Finally, corporate bonds provide financial support for private and industrial enterprises.

The regulatory authorities have issued a series of support policies to encourage private and industrial enterprises to use corporate bonds for financing.

  Talking about how to further give full play to the role of the exchange bond market in serving the real economy, he clearly stated that, first, we must continue to promote the pilot program of financial product innovation to provide a more convenient and feasible bond issuance and financing environment for private enterprises and small and medium-sized enterprises.

Second, it is necessary to continue to promote and improve the supporting system for corporate bond issuance.

Actively promote the formulation of corporate bond supervision regulations, and improve legal and institutional arrangements for the convergence of categories and uniform rules.

Standardize the issuance and pricing mechanism of corporate credit bonds, improve the quality of information disclosure, enhance the effectiveness of supervision, and deepen the interconnection of bond market infrastructure.

Third, supervision needs to be vigilant and prevent corporate entities from "highly leveraged" debt financing.

In addition, the responsibilities of intermediaries need to be compacted.

  Hu Hengsong believes that it is recommended to further play the role of the exchange bond market to increase the proportion of direct financing, and to improve the transparency of corporate bond review standards, so that issuers can formulate appropriate financing plans according to the review standards. In addition, the variety of corporate bonds can be further enriched, such as increasing equity Contribution-type corporate bonds, corporate bonds linked to sustainable development, and new-type urbanization corporate bonds.

(Securities Daily)