Bond financing tools and usher in full-scale expansion

Under the regulation of private equity funds formal development of the industry 10 years to become a turning point. January 17, 2014, the fund industry association issued "private equity fund managers and fund registration record (Trial)", ending nearly six months of private equity funds continued regulatory vacuum, private equity fund registration from February 7 officially launched . This means that the private placement and public offering since then, the brokerage owned tubes stand on the same starting line.
SFC private equity fund regulation director, said Willie, the Commission is currently promoting solve the problem of double taxation of private equity funds, private equity funds in the interbank market account issues, and guide social security funds into private equity field. Venture capital funds in the future will optimize, develop buyout funds, promote the development of hedge funds.
Bond financing tools and usher in full-scale expansion
"Melt ten" in the bond market supply and demand another highlight is a two-way expansion, from issuers, distribution methods, 320d 2.0 Cartridge bond products, to the buyer money transactions, exchange bond market will usher in a wide range of deregulation. Among them, the issuance of corporate bonds will no longer be the privilege of a listed company, the exchange corporate bond issuers will be extended to all of the company's legal system. In addition, mergers and acquisitions innovative varieties bonds, municipal bonds, exchangeable bonds are also expected to launch as soon as possible, and to allow the National SME share transfer system for SMEs listed companies to issue private debt.
According to statistics, China's overall debt ratio of enterprises, especially non-financial corporate debt upward trend evident that the current debt ratio of China's enterprises has risen to more than 80%, and reasonable corporate debt rate is generally 40-60% range. Due to the high leverage and pre-financing of large enterprises continued high financing needs could further push up interest rates. Therefore, reducing the cost of doing business need for "open source", through the development of direct financing, expanding the sources of funds of enterprises.
At present, China's credit debt market was "third world" pattern. Among them, the corporate bonds managed by the Development and Reform Commission; E46 2.0 Cartridge corporate bonds by the SFC; inter-bank bonds by the central bank in charge of short-term financing bonds, medium-term notes, a collection of notes and other markets for SMEs Dealers Association is responsible. Compared with the inter-bank market, the exchange bond market volume is still very small, less than 3% of the total market size, the deregulation is very conducive to the exchange bond market expansion.

In fact, in recent years, Dealers Association's bond products continue to enrich gradually occupied the mainstream. But this corporate debt if extended to all corporate enterprises, will greatly change the current bond pattern.
Lian Ping, chief economist at Bank of Communications, said that we should vigorously develop direct financing, bond financing to improve the growth rate, so that direct financing to play an increasingly important role in financing the entire society.
In addition to two-way expansion of the bond market supply and demand, the credit asset securitization and securitization of corporate assets are also expected to further expansion. "Melt ten" in the proposed support the use of asset securitization products support shantytowns, municipal infrastructure, major equipment lease financing, accounts receivable inventory of corporate stock.

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