Issuing entity | Mainly Chinese funded enterprises, including domestic financial institutions, state-owned enterprises (platform companies, state-owned enterprises), and leading private enterprises |
invoicing currency |
According to the pricing currency classification, overseas issued bonds can be divided into overseas RMB bonds and overseas foreign currency bonds; Overseas foreign currency bonds are mainly denominated in US dollars, but also include bonds denominated in other foreign currencies such as Hong Kong dollars, euros, Japanese yen, Singapore dollars, etc. |
International Rating |
There is no mandatory requirement, and the decision to hire an international rating agency is usually based on whether the debt rating can reach investment grade; Bonds with a rating result not lower than BBB - (S&P, Fitch) or Baa3 (Moody's) are investment grade bonds; Bonds below this rating are non investment grade bonds, also known as high-yield bonds; S& P. The investment grade ratings issued by Moody's and Fitch international rating agencies can significantly broaden the investor base and reduce financing costs. |
bond duration |
US dollar bonds: (1) unrated bonds mainly with a maturity of less than 3 years; (2) Rated bonds can have a maturity of 5 years or more. RMB bonds: mainly in the short and medium term, usually 2-3 years. |
issuing rate | According to the inquiry situation, the fixed or floating interest rate types can be determined through negotiation between the issuer and the lead underwriter. |
IPO | The places where domestic institutions issue bonds overseas are mainly in Hong Kong, and the Singapore Exchange is usually the main listing place for domestic institutions to issue bonds overseas. |
Issuance scale |
Not limited by financial indicators such as net assets, generally determined based on the issuer's qualifications, creditworthiness, and investor recognition; The usual issuance scale is RMB 1-6 billion (or equivalent in foreign currency). |
Purpose of Funds | According to the purpose recorded by the National Development and Reform Commission (if any) |