The National Development and Reform Commission suspended the trial of corporate bond applications or related to the anti-corruption of the bond market

The NDRC began to suspend the application for corporate bond issuance this week. The reason for the suspension may be related to the anti-corruption of the bond market. As early as mid-August, a rumored bond market anti-corruption "hundred people list" set off a storm in the corporate bond underwriting market, sending...
The National Development and Reform Commission began to suspend the application for corporate bond issuance this week. The reason for the suspension may be related to the anti-corruption of the bond market. As early as mid-August, a rumored bond market anti-corruption "hundred people list" set off a storm in the corporate bond underwriting market. Zhang Dongsheng, former director of the Finance and Development Department of the National Development and Reform Commission, was investigated. The Finance Department also has The Director was arranged to rotate, which involved the issuance of the corporate bond market in the anti-corruption deep-water zone in the bond market.

However, "21st Century Business Herald" quoted insiders as saying that the reason for the suspension of the corporate bond issuance window may be related to the adjustments that may be faced in the issuance of corporate bond issuance rules. "It's only temporary. Some new regulatory measures may be introduced later." A Shanghai-based brokerage investment bank said that there are also rumors that the NDRC's corporate debt supervision authority may be cancelled, but this possibility is not great.

On September 26, the National Development and Reform Commission issued the "Several Opinions on Comprehensively Strengthening the Risk Prevention of Corporate Bonds", proposing to strictly regulate the issuance of bonds, strengthen the supervision of bond duration, strengthen the protection of debts, and regulate and constrain underwriters and credit ratings. Measures such as institutional behavior form a systematic risk prevention policy system.

From the specific measures, the general direction of the "Opinions" is to tighten the conditions for issuing bonds, strengthen supervision and restraint, and a number of measures directly refer to various "alternative" and irregular practices in the hidden risks of corporate bond issuance in recent years. Prevention of corporate debt risks.

According to the Great Wisdom News Agency, in early September this year, in order to regulate the rent-seeking behavior in underwriting, the NDRC made provisions on the agreement expenses of securities companies in consulting underwriting corporate bonds.

According to industry insiders, since the second half of this year, the approval and issuance of corporate bonds has slowed down significantly. Although the NDRC delegated the preliminary review authority to the local development and reform commission, the enthusiasm at the local level is not very high.

At present, the issuance of domestic corporate bonds has exceeded the entire year of last year. As of the end of July 2014, the issuance of corporate bonds in China reached 491.3 billion yuan, exceeding last year's total of 475.2 billion yuan.

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