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Issuance

Bond issuance service refers to a set of pre-issuing, issuing and post-issuing business and technical support for the participants in bond issuance business. It constitutes a fundamental part of the whole-life-cycle integrated bond service system.

As an important financial infrastructure in China, CCDC boasts professional technology development and service support teams, a safe and efficient issuance system and industry-leading institutional investor networking resources. It can tailor-make bidding solutions and services specific to the needs of different types of issuers and investors. Over the past two decades and more, CCDC has consistently provided business and technical support services for the issuing of Treasury bonds, central bank bills, local government bonds, commercial bank financial bonds, policy bank financial bonds, non-banking financial bonds, enterprise bonds and asset-backed securities, and has accumulated rich experience in serving bond issuance, thus creating a top-notched bond issuance service system that is leading in the world’s financial infrastructure sector and has unique Chinese characteristics.

Service Strengths

- The specialized IT development team has developed a comprehensive issuance service platform which has a full national coverage through a sole-purpose network and can support centralized and unified remote, field-less issuance. The information security protection level of the system is the same with that of China National Advanced Payment System (CNAPS) -- the highest level of civil information systems.

- Unified data modules are used for bond pricing and allocation, and the back-end database records the data throughout the whole process of issuance, thus guaranteeing the fairness and transparency, and protecting the rights of issuers and investors.

- The system has industry-leading networking resources covering a wide range of institutional investors, and provides bidding and subscription services to more than 20,000 institutional investors. This advantage enhances the market mechanism of bond pricing and effectively reduces the cost of issuance.

- The cross-border and cross-market issuing mechanism is leveraged to expand the investor base at maximum, secure the success of issuance and to provide regulatory authorities and issuers with the integrated issuance information service. The data interfaces with the exchange markets provide effective channels for circulation of bonds across markets.

- The system can customize bidding solutions on a fine-tune manner, thus making possible the efficient development of support systems for issuance of new bond varieties and leaving much space for innovation.

Information Disclosure

As the information disclosure platform designated by the People’s Bank of China, the Ministry of Finance, and the National Development and Reform Commission, CCDC provides safe and efficient information disclosure services for bond issuers and other members of the bond market across the entire life cycle of bonds. The disclosure mainly includes bond issuance information, major events, rating reports, financial reports, etc.

Tender and Book Building

Tender issuance. During a tender issuance, the issuer nails down issuance conditions such as the method of bidding and the rule of winning the bid, and offers bonds in the market through open bidding, while the underwriting syndicate members underwrite bonds by the amount they have won by bidding. Currently, CCDC supports quantity bidding, interest rate bidding, price bidding and spread bidding, and the rules of winning a bid include proportion of subscription, uniform price, multiple prices and the combination of above.

Book building issuance. For book building issuance, after the issuer and the bookrunner determine the book-building method and the placement rule through negotiation, the bookrunner will collect the investors' subscription orders, determine the final issue rate (price) and make the placement. Currently, CCDC allows quantity book building, interest rate book building, price book building and spread book building, and the rules of placement include proportion of subscription, uniform price, multiple prices and the combination of above.

Multi-office Support

CCDC has set up issuance offices in Beijing Headquarters, Shanghai Headquarters and Shenzhen Customer Service Center to provide issuers with convenient local issuance services. The bond issuance systems in Beijing, Shanghai and Shenzhen are seamlessly connected with the CCDC’s ChinaBond Integrated Operation System (CIOP). The multi-office system can provide consistent bond issuance services for the market at the same time and conduct a unified management of data in real time.

Cross-border Issuance

According to the Interim Measures for the Administration of RMB Bond Issuance of International Development Agencies, CCDC provides issuance, registration and depository, among other supports, for the issuance of financial bonds by international development agencies in China inter-bank bond market. To date, CCDC has assisted International Finance Corporation, Asian Development Bank and BRICS’ New Development Bank in offering panda bonds.

FTZ Issuance

CCDC supports the FTZ bond issuance in accordance with the Guidelines on Bond Business of China (Shanghai) Pilot Free Trade Zone it issued.

Issuance Data Service

In response to the diversified data needs of issuers and investors, CCDC leverages its issuance information transmission channels - issuance systems, data direct connection and “My Statistics” to provide a set of functions of data direct connection in the primary and secondary markets, and to provide issuance data products that meet both standardized and personalized demand.

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