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【600397股吧】监管层酝酿非上市房企发公司债(2014-09-15)

600397股吧

600397股吧——企业网银客户号

  编者按:长期以来,由央行、国家发改委和中国证监会分别监管的中国高度分散的债券市场的统一即将迎来重大进展。记者近日获悉,监管部门正在考虑允许非上市房地产企业在上交所发行公司债券。在业内人士看来,此次改革的更大意义在于,高度分散的中国债券市场统一互联终于迈出实质性一步。
  

  债券市场“一统”迈出实质性改革步伐
  监管机构计划向非上市房地产公司发行公司债券

600397股吧——垃圾债

  长期以来由央行、国家发改委和中国证监会分别监管的中国高度分散的债券市场的统一即将迎来重大进展。近日,记者了解到,监管部门正在考虑允许未上市房地产企业在上交所发行公司债券。在业内人士看来,此次改革的更大意义在于,高度分散的中国债券市场统一互联终于迈出实质性一步。

  一位业内人士近日向记者透露,监管部门正在酝酿上海证券交易所非上市公司发行公司债券。据悉,首批债券发行非上市公司名单将包括非上市房地产企业。“允许未上市房地产企业在上交所发行公司债券,是公司债券发行范围扩大的信号,也是监管层基于近期房地产市场资金面总体偏紧的情况下再次救市的信号,“某证券公司知名房地产分析师在接受记者采访时表示。他认为,如果公司债发行主体能够扩展到非上市公司,将给证券公司的债券承销业务带来重大利好。
  此前,中国银行间市场交易商协会(以下简称协会)召开相关会议,讨论房地产企业未来融资方向,允许部分符合条件的上市房地产企业在银行间债券市场发行中期票据。其中,房地产企业发行中期票据筹集的资金,必须用于符合国家政策扶持的普通商品房项目,补充流动资金,偿还银行贷款,其中必须是经济适用房项目和普通商品房项目的贷款。此外,募集资金只能用于住房建设和开发,不能用于土地资金等用途。

600397股吧——柳工股票

  国泰君安首席债券分析师徐汉飞在接受采访时表示,与央行为上市房地产企业发行中国国库券打开“大门”相比,此次企业债券发行规模的扩大将产生更大的影响,这应该被视为监管部门明显的“救市”之举。
  对此,天津仁爱房地产集团有限公司高管莫荣臣告诉记者,“作为非上市公司,如果监管部门允许他们公司发行公司债券,对公司来说肯定是件好事,因为毕竟还有另外一种融资方式,而这种融资方式比以往的信托融资更为有利。”

  平安证券固定收益部副总经理石磊认为,仅就房地产企业层面而言,房地产企业发行中期票据的空间非常有限。“能够发行债券的上市房地产企业普遍实力雄厚,并不缺乏融资渠道,而真正缺钱的非上市中小房地产企业上一次被排除在外,这次也被包括在内。”不过,石磊认为,一般城市投资债券的利率在6%-7%左右,质量较高的上市公司利率在6%以下,万科、保利等大型房地产公司的后期融资成本也在6%-7%,因此发行债券的利息可能不大。但是,由于市场不认可,小型房地产企业的债券不能发行。

600397股吧——ah股比价

  However, relative to the so-called “market rescue”, the industry insiders interviewed by the reporter believe that allowing non listed companies to issue corporate bonds on the exchange can be regarded as a big signal of the unified interconnection of China’s bond market, especially the corporate bonds in charge of the national development and Reform Commission and the corporate bonds in charge of the China Securities Regulatory Commission, which means that after years of no progress, China’s highly segmented bond market has become a big one Unification is finally expected to take a substantial step.
  At present, China’s bond market includes three sub markets: inter-bank bond market, exchange bond market and Commercial Bank over-the-counter bond market.For a long time, the regulatory pattern of China’s bond market has been jokingly called “Five Dragons governing the water”.From the perspective of bond issuance and supervision, the Ministry of finance is responsible for the supervision of treasury bonds and local government bonds; the central bank is responsible for the supervision of short-term financing bonds, medium-term bills and central bills; the CSRC is responsible for the supervision of the issuance of bonds of listed companies; the National Development and Reform Commission is responsible for the supervision and approval of bonds of non listed companies (enterprises); and the CIRC is responsible for the debt investment plan of insurance companies.The disadvantages of regulatory segmentation have been criticized by the market: regulatory arbitrage, market chaos, etc. with the development of the bond market, there has been an increasing trend in recent years.

  A person from the bond industry of a securities firm in Shanghai told reporters that the CSRC had always thought that the supervision of corporate bonds would be incorporated into the CSRC and collectively referred to as “corporate bonds”.However, the NDRC has never let go and the communication between the two sides at the bureau level has not been smooth.However, the recent opportunities are expected to break this situation.

  ”From the perspective of functional division, it is in line with the reform direction of ministries and commissions to separate the specific bond approval and supervision from the national development and Reform Commission and centralize the supervision of China Securities Regulatory Commission.After all, the national development and Reform Commission should exist as a macro-control department and should not interfere excessively in the micro economy.”上述人士认为,从PE监管功能的变化过程来看,原负责公司债券审批和监管的国家发改委财政司有关负责人将调任中国证监会有关部门。此外,据了解,《企业债券发行试点办法》正在修订中,即将出台。上述文件出台后,公司债券发行人范围的扩大也将获得法律支持。
  石磊表示,允许非上市公司发行公司债券将对整个债券市场产生巨大影响。“受债券发行金额不超过公司最近一期期末净资产40%的规定影响,公司债券尚未发行。这次虽然40%的红线没有放松,但债券发行主体有所扩大。”石磊说。

  经济参考报

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