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「600409股吧」证监会约谈各券商(2014-09-05)


600409股吧——山西证券大智慧官网

  The news about the opening of enterprise asset securitization products in October is fermenting in the market.It is said that the news originated from a meeting held by a director of the securities regulatory department of the Securities Regulatory Commission to talk with securities companies.
  This meeting mainly covers three parts.The first part is the issuance of enterprise asset securitization products officially opened in October.The other two parts are about municipal bond issuance and platform private placement bonds.

600409股吧

  Enterprise asset securitization opens in October
  According to the record of the talks, the CSRC has vigorously promoted the development of enterprise asset securitization business, hoping that securities companies will report more projects and try more.The first draft of the negative list of relevant legal issues and basic assets has been completed, and the formal draft should not change much.It is planned to officially open in October 2014.

600409股吧——601919

  The “negative list of basic assets” refers to the “measures for the administration of the filing of asset support special plans (discussion draft)” issued by the CSRC to securities companies in late July this year.The negative list covers eight types of assets that can not be used as basic assets.These eight types of assets are mainly related to government taxes or do not have complete or independent and stable cash flow.

  During the talks, the CSRC clarified the acceptance and filing process of enterprise asset securitization.
  ”The acceptance process is that the lead underwriter and the original equity owner first demonstrate the main scheme with the counterpart Department of the exchange, and then formally put it on record, and then go to the China Securities Investment Fund Association for record.For projects involving special basic assets, they need to communicate with the bond regulatory office of the CSRC before carrying out the acceptance process.”According to the minutes of the talks circulated above.

600409股吧——隆基股份股票

  In addition, the record of the meeting also said:”the core issue that the CSRC is concerned about is whether the cash flow generated by the underlying assets in the future fully covers the principal and interest of the product and its source.”
  会议纪要还对申报项目提出了具体指导意见:不建议申报现金流量全部或大部分依赖政府预算或由政府承担的项目;涉及水、电、煤等公用事业项目的,原有的股权持有人应当从政府体制中分离出来,保证他们成为独立的资产所有者、收益分配主体和收益分配主体。

  原则上不鼓励以BT回购基金为基础资产的项目,但可参照国家发改委“2111”指标原则上报。

600409股吧——隔夜拆借利率

  优先支持经济适用房、安置房和棚改工程。在项目审批文件真实、完整的基础上,备案材料可以组织多种还款来源,包括但不限于国家财政补贴、地方政府配套的土地出让净收入、安置计划外销售收入等;优先安排国家项目,重点支持省级项目,限制县级项目。
  10月平台私募债关闭

  此外,值得注意的是,本次会议还明确决定2014年10月关闭所有平台私募债券。目前,涉及政府平台的民间债券已停止备案。

  分析人士表示,统一关闭民间借贷平台是为了规范中小企业民间借贷市场
  但据一线私募债券交易员透露,2013年7月,深交所发布了《深交所中小企业私募债券试点业务指南》,限制地方融资平台公司参与发行私募债券。之后,平台私募债主要在上交所发行,但2014年5月后,相关监管部门根据发债指导意见沟通平台私募债,各证券公司也开始逐步退出平台类私募债发行。

  “我们现在做的是平台外,平台内的民间债务早就被抛弃了。”《金融日报》记者对首开私募表示。
  平台私募债券是自2013年6月以来蓬勃发展的一种私募债券。一般是指由符合中小企业私募债券条件的主体发行,由政府融资平台担保,由政府融资平台实际使用的一种特殊的中小企业私募债券结构。

  其发行人包括非平台公司、退出平台公司的子公司、平台公司的孙公司,即平台公司的关联公司、股权或控股子公司。一般来说,这些私募债券的资金实际上流向了这些平台公司,因此它们一般没有溢价或者完全是人价。
  与普通的中小企业私募债券不同,平台中小企业私募债券的担保人来自已发行AA级公司债券的平台公司。由于投资者信任已发行AA级公司债的平台公司,平台私募债的出现很快占据了私募债的半壁江山。

  “因为这些公司债一般在5-7年内发行,而私募债一般在1-3年内发行,提供担保的公司不会冒险让私募债违约,否则会对自己的债券产生影响。”上述人士对《第一财经日报》记者表示。

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