The National Development and Reform Commission requested that the risk of corporate bond redemption be investigated, and a special meeting will be held in the middle of the month.

Category:Media Focusing         Release Time:2019-09-18         Number of Browse:0

China’s recent credit bond default cases have increased. According to three sources, the National Development and Reform Commission of the corporate bond supervision department issued a notice recently requesting issuers, underwriters and local development and reform commissions to carry out the risk investigation of corporate bond principal and interest, and strengthen Information disclosure work for the duration

    The source quoted the notice issued by the National Development and Reform Commission on March 30 that the corporate bond issuer should conduct a self-examination of the current principal and interest redemption preparations before April 15 and form a self-inspection report; meanwhile, the National Development and Reform Commission will In mid-April, a special meeting on the investigation of corporate bond principal and interest risk was held.

    The contents of the report include: the source of debt repayment funds; the construction of fundraising projects and the use of raised funds; whether the targeted debt repayment accounts are collected and transferred to repay debts according to the prospectus; the performance of important commercial contracts and the collection of accounts receivable Wait.

In addition, the notice also clarified the division of responsibilities of the lead underwriters, provincial-level development and reform commissions, custodians, rating agencies, etc., and simultaneously clarified the disciplinary measures for non-compliant institutions.

    Among them, when the rating agency downgrades the rating or adjusts the rating outlook to negative, the notification requires the rating agency to report to the National Development and Reform Commission and the provincial development and reform commission in a timely manner. Reuters has not been able to contact the National Development and Reform Commission for commenting on the above news.

    The weakness of China's economic fundamentals has further increased the pressure on business operations. This year, China's credit bond default risk exposure is expected to be even worse than last year. Year-to-date Shandong Shanshui Cement Group, Yunfeng Group, Guangxi Nonferrous, Nanjing Yurun and other default cases have been reported. appear.

    In China, due to different regulatory authorities, bonds issued by enterprises are mainly divided into three parts: one is the corporate bonds audited by the NDRC, and is distributed across the market in the interbank market and the stock exchange; the second is the non-financial corporate debt financing audited by the central bank. Tools, including ultra-short, short-term and mid-tickets, are only issued in the interbank market; third, corporate bonds audited by the China Securities Regulatory Commission are issued on the Shanghai and Shenzhen Stock Exchanges.

  (Source: Reuters Chinese News Department)


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