Enterprises can issue corporate bonds, but they must always go through strict examination and approval!

Overview of corporate bond operation process

Quota approval (3-5 months)

Screening projects that can issue bonds

N Communicate with NDRC about the intention of issuing bonds (project, qualification and scale of issuing bonds)

Prepare the application materials for the issuance quota.

N approval of quota application materials, tracking and promoting the approval progress.

Issuance approval (1-2 months)

Select the relevant intermediaries for bond issuance.

Prepare the application materials for issuance.

Arrange bond guarantee

Obtain a credit rating

Form an underwriting syndicate

Determine bond terms

Submission and distribution scheme

N follow up the approval process, reply and modify the submitted materials.

N communicate with the competent authorities on bond interest rate and term structure.

Apply for retail license

Determine bond interest rate

Bond issuance (2 weeks)

The distribution plan was approved.

Carry out marketing

Publish announcements and distribute research reports.

Bond issuance and placement

Transfer of raised funds

Bond List (1 week)

Registration of creditor's rights and debts

Apply for bond listing

Overall arrangement of issuing bonds: four stages are carried out in turn.

N After obtaining the issuance quota of corporate bonds, the issuance of corporate bonds as a whole can be divided into four stages.

Preparation stage of distribution materials

Select the relevant intermediaries for bond issuance.

N Prepare relevant materials for issuance application.

Obtain credit rating and legal advice

Audited financial statements for the past three years

Obtain internal approval of the company.

Design release clause

Approval stage of issuance plan

Report the application for distribution plan to NDRC.

N Communicate with NDRC, People's Bank of China and China Securities Regulatory Commission about the application of the issuance plan.

N the underwriting syndicate has been established.

Obtain the approval issued by NDRC.

Distribution level

Receive the issue money

Carry out marketing

Bookkeeping and filing (if any)

Pricing and placing

Transfer of raised funds

Bond listing

Listing application

N listed and traded in the inter-bank market

Indicative time of project operation

According to our operating experience, the whole corporate bond issuance process takes about 2~3 months (excluding the previous quota application); Among them, it takes about one month from the drafting of the document to the approval. It generally takes 10 working days from the issuance of bonds to the raising of funds by issuers.