8 major measures to assist enterprises to issue debt financing, and will build the province's bond financing reserve resource library

As an important channel for direct financing of enterprises, bond issuance has been increasingly valued and has become the choice of more and more enterprises.

In order to better guide and cultivate enterprises to actively issue debt financing, play the role of multi -level capital markets, and alleviate corporate financing problems, on August 16, Henan Province Local Financial Supervision and Administration Bureau, Provincial Government SASAC, Provincial Development Reform Commission, and Provincial Department of Finance Department , People's Bank of China Zhengzhou Center Sub -branch, Henan Banking Insurance Regulatory Bureau, Henan Securities Regulatory Bureau and other 7 departments jointly issued the "Opinions on Further Accelerating Henan Enterprise Enterprise financing" (hereinafter referred to as "Opinions"), clarifying the establishment of province's bond financing throughout the province The reserve resource library and preferential policies support enterprise debt issuance and other 8 major measures, and provide convenience and support for the issuance of debt financing in enterprises in the province.

At the same time, in order to effectively prevent the accumulation of risks of the bond market and create a good bond issuance market environment, the "Opinions" also proposed that the establishment of local bond risk prevention and control and emergency response mechanisms, and the construction of bond big data risk control platforms.

Eight major companies to assist companies to issue debt measures

The province will build the province's bond financing reserve resource library

With the promotion of various policies and the increasing awareness of corporate debt issuance, in recent years, Henan's enthusiasm for financing in the bond market has continued to increase, and the scale of various types of bonds has continued to increase, which has effectively promoted the development of the real economy. According to Wind statistics, as of August 15, Henan enterprises have issued 285 credit bonds during the year, with a issuance scale of 194.849 billion yuan, and the two data have increased by nearly 70%compared with the same period last year.

However, the proportion of Henan Province's debt financing in Henan Province is still low in total social financing. The scale of debt issuance and the growth rate of debt issuance are relatively low in the country. The scale, space, and potential are still very large.

In order to improve this situation, the Opinions clarify the specific measures of 8 aspects, which are to establish a provincial bond financing reserve resource library to enhance the credit rating of the main body of bonds, improve the quality of the services of the intermediary agency, improve the bond issuance guarantee mechanism, and support credit promotion. The company provides services for enterprises to issue debt, cultivate the investor group of the Henan bond market, cultivate a good environment for the bond market, give preferential policies to support enterprises' debt financing, and "escort" bonds in the province.

For example, the "Opinions" mentioned that all localities and relevant departments should comprehensively find out key backbone enterprises such as local industry, innovative and entrepreneurial enterprises, and select enterprises and projects that meet the national industrial policies and debt issuance. Provincial local financial regulatory bureaus established the province's bond financing reserve resource library. The storage enterprises will implement key cultivation, tracking services, classification guidance, step promotion, dynamic management, and strengthen the basic group of debt issuance.

Encourage eligible credit enhancement companies to provide credit enhancement services to issuing bonds in the province; explore the business through cooperation with core traders to carry out credit risk slow release tool business, resolve and transfer corporate stock risks, improve market risk sharing mechanisms, increase the overall financial market as a whole Anti -risk ability. Promote the creation of private enterprise credit protection tools, private enterprise bond financing support tools, etc., help Henan private enterprises to increase the issuance of bond issuance financing through credit, and open up the capital flow chain.

At the same time, the Henan Bond market investor database is established to build a platform for investors to dock with Henan bond issuance enterprises and financial institutions. Institutions and individuals that have contributed outstandingly in the Henan bond market, in addition to the commendation in accordance with regulations, all localities and departments give priority support to the exhibition industry and investment in Henan's exhibition industry and investment.

The Zhixing Zhengzhou Central Sub -branch and Henan Banking Insurance Regulatory Bureau will also establish a green channel mechanism for the issuance of financial bond issuance to accelerate the issuance of financial bond issuance based on law and compliance; encourage financial institutions in the province ", Small and micro, green, dual -innovation and other fields of financing support.

The "Opinions" also specifically proposed that if the enterprise issued company credit bonds and asset securitization products will be funded in the provincial enterprise, it will be raised by 50%of the actual issuance of the agency fee. For 10,000 yuan; for enterprises that issue innovative bond products such as green bonds, each enterprise per household has a maximum subsidy of each type of products not more than 2 million yuan. A commendations are given to the province's debt issuance enterprises and main promoters.

Joint efforts to prevent bond market risks

Build a digital platform for bond risk early warning in Henan Province

In order to effectively prevent the accumulation of risks of the bond market and create a good bond issuance market environment, the "Opinions" is also in terms of risk control management, which further clarifies the responsibility of the main body, local governments and intermediaries.

The "Opinions" mentioned that bond issuance enterprises are the main responsible persons responsible for the principal and interest of bonds, timely disclosure information, risk prevention disposal and risk reports, etc., to respect the market rules and regulatory specifications, according to the actual use of money and repayment Model capacity, reasonably plan the scale and period structure of bond issuance, coordinate the issuance and redemption of bonds in various phases, and resolutely prevent bonds from breach of contract.

In this regard, the "Opinions" requires that the subject of debt issuance should plan the funds in advance, and formulate a due repayment plan for 6 months before the bond payment. The source of debt repayment funds in the first three months, and the debt repayment funds were implemented in the first month. For expiry bonds that may have difficulty in paying, the emergency plan is quickly launched and reports to the bond supervision department and the government of the district.

Governments of various local governments shall perform their territorial responsibilities on the prevention and disposal of bond risk in the jurisdiction, regularly or irregularly investigate the issuance of bonds within their jurisdictions, and establish a ledger in accordance with the duration, redemption date, and risk factors. All kinds of intermediary agencies must fully fulfill their responsibilities and obligations, assist enterprises to disclose information, track major business behaviors of the enterprise, conduct risk investigations three months in advance. The principle of marketization and rule of law assist enterprises to do a good job of risk disposal. For institutions that have not fulfilled their duties, the Provincial Local Financial Supervision Bureau will include the co -ownership of Zhengzhou Central Branch, Henan Banking Insurance Regulatory Bureau, and Henan Securities Regulatory Bureau to include it on the negative list, suspend their relevant business in the province, and cancel the qualifications for rewards. Those who are suspected of violations of laws and regulations shall be transferred to the relevant departments.

On this basis, Henan will also establish a local bond risk prevention and control and emergency response mechanism, and promote the construction of a digital platform for the construction of bond risk early warning of Henan Province, establish a bond issuance risk tracking rating system centered on bond issuance corporate information disclosure, and dynamic monitoring in real time Early warning bond risk information, improve bond risk assessment, reports, early warning and disposal systems, timely, proper and effective response and disposal of emergencies, and create a good market environment for bond issuance.

Attachment:

Henan Province Local Financial Supervision Bureau

Henan Provincial People's Government State -owned Assets Supervision and Management Committee

Henan Provincial Development and Reform Commission

Henan Provincial Department of Finance

People's Bank of China Zhengzhou Center Sub -branch

Henan Supervision Bureau of Bank of China Insurance Supervision and Administration Commission

Henan Supervision Bureau of China Securities Supervision and Administration Commission

Opinions on further accelerating the use of bond market financing in Henan enterprises

Yu Jinfa [2022] No. 145

The people's governments of the provinces and municipalities, the Jiyuan Demonstration Zone and the Airport District Management Committee:

Issuing bond financing is one of the main channels for direct financing of enterprises. It plays an important role in optimizing corporate financing structure and meeting the needs of corporate funds. In recent years, the enthusiasm of the province's enterprises in the bond market has continued to increase, and the scale of various types of bonds has continued to grow, which has effectively promoted the development of the real economy. However, the proportion of bond financing in our province is low in the total social financing. The scale of debt issuance and the growth rate of debt issuance are relatively low in the country. The number of high credit rating companies is relatively small. Still big. In order to effectively improve the financing structure of enterprises, play the role of multi -level capital markets, guide and cultivate enterprises to actively participate in bond financing, and alleviate the financing problem of Henan enterprises. With the consent of the provincial government, the following opinions have been made to further accelerate the use of bond market financing work in Henan enterprises:

1. Take strong measures to effectively promote corporate debt issuance financing

(1) Establish the province's bond financing reserve resource library. All localities and relevant departments shall comprehensively find key backbone enterprises such as local industry leaders, innovative and entrepreneurial enterprises, etc., select enterprises and projects that meet the national industrial policies and debt issuance, and report to the provincial local financial regulatory bureau on a quarterly. Provincial bond financing reserve resource library. Implement the key cultivation, tracking services, classification guidance, step promotion, and dynamic management of the storage enterprises, and strengthen the basic group of debt issuance. Encourage and support the high market awareness, good reputation, and experienced intermediary agencies to track the "one -to -one" tracking services to the entry -storage enterprises and projects to help enterprises do a good job in bond issuance. Coordinated financial institutions to open up green channels for bond investment approval processes and investment quotas to improve the efficiency and quality of corporate bond issuance. (Responsible units: Provincial Local Financial Supervision Bureau, Provincial Development and Reform Commission, Provincial Department of Finance, Provincial Government SASAC, People's Bank of China Zhengzhou Central Branch, Henan Securities Regulatory Bureau, provincial municipal governments, Jiyuan Demonstration Zone, Airport District Management Committee)

(2) Improve the credit rating of the main body of debt issuance. Each bond issuance enterprise must continuously improve the level of debt management, strengthen risk awareness, strict financial management, establish a scientific financing decision -making and management mechanism, actively strengthen communication with financial institutions, truly reflect their own business management status, financing needs, and repayment capabilities. Consciously accept market supervision. All localities and relevant departments should strengthen communication and communication with rating agencies, coordinate and promote due diligence investigations and on -site interviews, and improve the market interactive exchange mechanism. Through market mechanisms, economic means, rule of law measures, government support, etc., state -owned enterprises such as urban investment companies continue to deeply cultivate the real economy, extend the integration of the industrial chain field, consolidate the foundation of blood, increase the channels of enterprise entities, accelerate the entity, market Transformation. All localities and relevant departments should strengthen counseling and training on relevant laws and regulations, debt management, urge and guide enterprises to enhance the recognition of the bond market by improving their operating capabilities, improving financial management, implementing credit improvement, strengthening and communication with rating companies, and strengthening credit markets to consolidate credit The rating foundation and enhance the credit level. (Responsible units: People's Bank of China Zhengzhou Central Sub -branch, Provincial Development and Reform Commission, Provincial Department of Finance, Provincial Government SASAC, Henan Securities Regulatory Bureau, provincial and municipal governments, Jiyuan Demonstration Zone, Aviation Port District Management Committee)

(3) Improve the service quality of intermediary agencies. All localities and relevant departments should actively cooperate with enterprises and bond underwriting agencies, credit rating agencies, trustees management agencies, accounting firms, asset evaluation agencies, law firms and other marketing agencies. Urges the intermediary agencies to diligently responsibilities, and give guidance to debt issuance companies from the aspects of financing project planning, financing plan design, credit rating, and distribution of roadshow. The Central Plains Bank and Zhengzhou Bank and other local legal person financial institutions should take the initiative to increase cooperation with national main underwriting financial institutions, and strengthen the promotion and investment in various types of bonds issued by enterprises in the province. For enterprises and financial institutions with the top provincial bond issuance amount and the ranking of the underwriting amount, notifications are commended. (Responsible units: the Provincial Development and Reform Commission, the Provincial Department of Finance, the Provincial Local Financial Supervision Bureau, the Zhengzhou Central Sub -branch, the Henan Banking Insurance Regulatory Bureau, Henan Securities Regulatory Bureau) (4) Improve the bond issuance guarantee mechanism. Encourage AA+higher credit rating enterprises to issue unparalleled bonds. Support some AA -level credit rating enterprises to issue bonds for assets, land use rights, investment equity, account receivables and other assets such as assets, and accounts for corporate guarantees and professional institutions. Give full play to the business functions of financing guarantee companies in the province, encourage and support the introduction of foreign financing guarantee companies, provide guarantee, anti -guarantee, and re -guarantee services to our province -issuing enterprises in accordance with laws and regulations to enhance the financing capabilities of the bond market. (Responsible unit: Provincial Local Financial Supervision Bureau)

(5) Support credit enhancement companies to provide services for debt issuance. Encourage eligible credit enhancement companies to provide credit enhancement services to issuing bonds in the province; explore the business through cooperation with core traders to carry out credit risk slow release tool business, resolve and transfer corporate stock risks, improve market risk sharing mechanisms, increase the overall financial market as a whole Resisting risk and promoting the sustainable and healthy development of the market. Promote the creation of private enterprise credit protection tools, private enterprise bond financing support tools, etc., and help private enterprises in our province to achieve bond issuance financing through credit to open the capital flow chain. (Responsible units: Provincial Local Financial Supervision Bureau, Provincial Government SASAC, People's Bank of China Zhengzhou Central Branch, Henan Banking Insurance Regulatory Bureau, Henan Securities Regulatory Bureau)

(6) Cultivate investors in the Henan bond market. Establish an investor database in Henan Bond Market, build a docking platform for investors with Henan debt issuance enterprises and financial institutions, through bond product promotion meetings, financing docking meetings, investor talks, invited investors to investigate on the spot, and participate in forums. Real -time transfer of government support policies, highlighting government support, stabilizing investor confidence, cultivating more rich and diverse investors groups, and continuously expanding the circle of investors and friends in the Henan corporate bond market. Strengthening the maintenance and duration management of investors, and the institutions and individuals who contribute to the Henan bond market, in addition to notifying and commending in accordance with regulations, all localities and departments will give priority to their preparations and investment in Henan exhibition industry and investment. support. (Responsible unit: Provincial Development and Reform Commission, Provincial Department of Finance, Provincial Government SASAC, Provincial Local Financial Supervision Bureau, provincial and municipal governments, Jiyuan Demonstration Zone, Airport District Management Committee)

(7) Cultivate a good environment for the bond market. The Bank of Zhengzhou Central Sub -branch and Henan Banking Insurance Regulatory Bureau established a green channel mechanism for the issuance of financial bonds to accelerate the issuance of financial bond issuance based on law and compliance. Encourage financial institutions in the province to increase financing support for enterprises in "agriculture, rural areas", small, micro, green, and double innovation through issuing financial bonds. Adopt various forms of online and offline, continuously increase the publicity of bond policies and regulations and the promotion of various types of bonds, and deepen the awareness of the company's financing conditions, procedures, and characteristics of various bond varieties. At least once a year, the province's key enterprise training and related docking meetings will be held to strengthen business training of bond related departments at all levels, strengthen professional team construction, and improve the government's guidance and service capabilities for bond financing. Each commercial bank should use the advantages of the extension of business outlet networks, and through posting publicity paintings, printing publicity manuals, web publicity, etc., to promote the basic knowledge of corporate bond financing, to enhance the enthusiasm and initiative of corporate participation in debt financing to participate in debt financing Essence (Responsible unit: Provincial Local Financial Supervision Bureau, Provincial Department of Finance, Provincial Government State -owned Assets Supervision and Administration Commission, PIFC Zhengzhou Central Branch, Henan Banking Insurance Regulatory Bureau, Henan Securities Regulatory Bureau)

(8) Give preferential policies to support corporate debt issuance. If two types of products of credit bonds and asset securitization of enterprises issued by enterprises in the province realize financing, they will subsidize 50%of the actual issuance of agency fees. The maximum subsidies for each type of products per household shall not exceed 1 million yuan; Enterprises that innovate bond products, each enterprise and each type of product per household products do not exceed 2 million yuan. A commendations are given to the province's debt issuance enterprises and main promoters. (Responsible unit: Provincial Department of Finance, Provincial Local Financial Supervision Bureau)

2. Do a good job of risk control management and effectively prevent the accumulation of risks in the bond market

(1) Consolidate the main responsibility of debt issuance. Bond issuance enterprises are the main responsible persons responsible for the principal and interest of bonds, timely disclosure information, risk prevention disposal, and risk reports on time, and respect the market rules and regulatory specifications; The underwriting fees such as the market average of the market average are determined to be the intermediary service expenses of the market average; according to the actual needs and repayment capabilities, the scale and time limit structure of the debt issuance should be reasonably planned, Prevent bond defaults; use the raised funds to be used strictly in accordance with the raised documents, maximize the scale of idle funds, control the total amount of debt, and improve the efficiency of funds; The source of debt repayment funds in the first three months, and the debt repayment funds were implemented in the first month. For due bonds that may have difficulty in paying, the emergency plan must be started quickly and reports to the bond regulatory authorities and the government of the district. (Responsible units: Provincial Local Financial Supervision Bureau, Provincial Department of Finance, Provincial Government SASAC, provincial and municipal governments, Jiyuan Demonstration Zone and Airport District Management Committee) (2) Implementing local government's territorial responsibilities. Governments of various local governments must perform their territorial responsibilities on the prevention and disposal of bond risk in the jurisdiction, prevent and dispose of bond risks in a timely manner, regularly or irregularly investigate the issuance of bonds in the area, and establish accounts in accordance with the duration, redemption date, risk factors, etc., and continue to continue. Follow the followers to avoid default and maintain the credibility and image of our province's financial market. (Responsible unit: governments of all provincial and municipal governments, Jiyuan Demonstration Zone, Air Port District Management Committee)

(3) Compact the responsibility of the intermediary agency. The main underwriters and their branches and other types of intermediary agencies should fully fulfill their responsibilities and obligations, assist enterprises to disclose information, track major business behaviors, and conduct risk investigations three months in advance. Relevant departments report that risks should assist enterprises in accordance with the principle of marketization and rule of law. For institutions that have not fulfilled their duties, the Provincial Local Financial Supervision Bureau will include the co -ownership of Zhengzhou Central Branch, Henan Banking Insurance Regulatory Bureau, and Henan Securities Regulatory Bureau to include it on the negative list, suspend their relevant business in the province, and cancel the qualifications for rewards. Those who are suspected of violations of laws and regulations shall be transferred to the relevant departments. (Responsible unit: Provincial Local Financial Supervisory Bureau, PICC Zhengzhou Central Branch, Henan Banking Insurance Regulatory Bureau, Henan Securities Regulatory Bureau)

(4) Establish a mechanism for preventing and controlling and emergency response mechanisms for local bonds. All localities of issuance and reform, finance, state -owned assets supervisory institutions, financial work bureaus, and people's bank branches shall strengthen the monitoring and analysis of the risk of corporate bonds in the jurisdiction, and settle the funds for funds for debt issuance for three months in advance, and continue to track corporate financial reorganization, assets Major business behaviors such as buying and selling. Regular information sharing and risk research and judgment, discovered the hidden risks to report to the local governments and superior authorities in a timely manner, and notify member units. All localities should formulate bond risk prevention emergency plans, properly dispose of risks, and strictly control risks. (Responsible units: Provincial Local Financial Supervision Bureau, Provincial Development and Reform Commission, Provincial Department of Finance, Provincial Government SASAC, People's Bank of China Zhengzhou Central Branch, Henan Securities Regulatory Bureau, provincial municipal governments, Jiyuan Demonstration Zone, Airport District Management Committee)

(5) Build a bond big data risk control platform. Promote the construction of a digital platform for bond risk early warning of Henan Province, establish a bond issuance risk tracking rating system centered on bond issuance corporate information disclosure, real -time dynamic monitoring and early warning bond risk information, improve bond risk assessment, report, early warning and disposal system, timely, properly properly and proper 2. Effective response and disposal of emergencies to create a good bond issuance market environment. (Responsible units: Provincial Local Financial Supervision Bureau, Provincial Development and Reform Commission, Provincial Department of Finance, Provincial Government SASAC, People's Bank of China Zhengzhou Central Branch, Henan Securities Regulatory Bureau)

3. Strengthen organizational coordination and form a good working mechanism

(1) Establish a coordination mechanism between bond financing. Provincial local financial supervision bureaus, provincial development and reform commission, provincial financial department, provincial government state assets committee, crowded Zhengzhou Central Branch, Henan Banking Insurance Regulatory Bureau, Henan Securities Regulatory Bureau and other departments jointly established a coordination mechanism for bond financing work departments to study and promote the province Related policies, measures and action plans for bond financing. Strengthen the research and judgment of cross -market and cross -variety cross -breeding risks, actively do a good job of supervision, coordination, supervision, and guidance, implement monthly reports, quarterly meetings, and half -year inventory mechanisms. Major issues in financing work jointly promote the healthy development of the province's bond market. (Responsible units: Provincial Local Financial Supervision Bureau, Provincial Development and Reform Commission, Provincial Department of Finance, Provincial Government SASAC, People's Bank of China Zhengzhou Central Branch, Henan Banking Insurance Regulatory Bureau, Henan Securities Regulatory Bureau)

(2) Clarify departmental responsibilities. The Provincial Local Financial Supervision Bureau is responsible for the comprehensive coordination of the province's bond financing, coordinating the guarantee and re -guarantee service of financing guarantee agencies on bond issuance enterprises; Guidance, promotion, and communication and coordination with the National Development and Reform Commission are responsible for the supervision of corporate bonds in the region and preventing and resolving the risks of corporate bonds; Financing; financial, state -owned assets and other departments actively promoted and guided the bond financing work of their affiliated enterprises; the Zhengzhou Center Sub -branch was responsible for the promotion, guidance, promotion of financial bonds and financial bonds of the interbank market, and Communication and coordination and other work; Henan Banking Insurance Regulatory Bureau is responsible for promoting financial bonds in financial institutions in the province; Henan Securities and Supervision Bureau is responsible for the publicity, guidance, promotion of exchange bonds such as corporate bonds, and communication and coordination with the Shanghai -Shenzhen -North Exchange and other institutions Wait for work. (Responsible unit: Provincial Local Financial Supervision Bureau, the Provincial Development and Reform Commission, the Provincial Department of Finance, the Provincial Government SASAC, the People's Bank of China Zhengzhou Central Branch, Henan Banking Insurance Regulatory Bureau, Henan Securities Regulatory Bureau)

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