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Stock exchanges hash out plan for SMEs to issue bonds
By Louise Ho |
April 26, 2012, Thursday
|
Online Edition
Online Edition
THE Shanghai and Shenzhen stock exchanges are in the final stage of working out the details of a pilot program that will allow small businesses to issue privately raised company bonds, the China Securities Journal reported today.
Analysts said small and medium enterprises, which have been struggling to get loans under a tightened monetary environment, could get financing in the bond market from the program.
"The regulator has approved the pilot program in a meeting," She Li, an official from the Shanghai Stock Exchange revealed on his microblog on Tuesday. Representatives from the securities industry said the pilot program would start in June.
The bonds will have an issuing date of more than a year and an interest rate of not more than three times of bank loans, according to the rules. The rules will not have a limit on the net assets nor profit level of SMEs that want to issue the privately raised bonds.
Some securities brokerages have already been talking to some interested SMEs, a source with knowledge of the program told China Securities Journal.
China's market regulator has relaxed the program's rules that it proposed in a consultation paper. For example, the regulator scrapped a requirement that a company needs to issue at least 10 million yuan (US$1.58 million) in bonds.
Analysts said small and medium enterprises, which have been struggling to get loans under a tightened monetary environment, could get financing in the bond market from the program.
"The regulator has approved the pilot program in a meeting," She Li, an official from the Shanghai Stock Exchange revealed on his microblog on Tuesday. Representatives from the securities industry said the pilot program would start in June.
The bonds will have an issuing date of more than a year and an interest rate of not more than three times of bank loans, according to the rules. The rules will not have a limit on the net assets nor profit level of SMEs that want to issue the privately raised bonds.
Some securities brokerages have already been talking to some interested SMEs, a source with knowledge of the program told China Securities Journal.
China's market regulator has relaxed the program's rules that it proposed in a consultation paper. For example, the regulator scrapped a requirement that a company needs to issue at least 10 million yuan (US$1.58 million) in bonds.
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