优化债务融资工具成熟层企业机制

Core Viewpoint - The China Interbank Market Dealers Association has issued a notification to optimize the mechanism for mature layer enterprises in debt financing tools, aiming to enhance the efficiency of registration and issuance processes, thereby improving the bond market's ability to serve the real economy [1][2]. Summary by Sections Notification Details - The notification is effective immediately and encourages enterprises and intermediaries to prepare for new project registrations while ensuring a smooth transition for ongoing projects [1]. - The total asset return rate requirement for mature layer enterprises has been adjusted from 3% to 2.5% [1]. - The asset scale requirement for adjusting financial indicators has been changed from 3000 billion to 2500 billion [1]. - The information disclosure requirement has been modified from "at least 3 periods, with an issuance scale of no less than 100 billion" to "at least 3 periods or an issuance scale of no less than 100 billion" [1]. Support for Key Industries - Enterprises in critical industries related to national security and economic lifelines can be exempted from the total asset return rate requirement, provided they meet other criteria for mature layer enterprises [2]. - The notification supports private enterprises in enjoying the registration and issuance process conveniences of mature layer enterprises [2]. Adjustments to Registration Procedures - The issuance hanging time for mature layer enterprises has been shortened to one working day under a unified registration model [2]. - The validity period of the registration notice for first-class enterprises has been extended from 2 years to 3 years [2]. - The acceptance process for first-class enterprises has been streamlined, with feedback on completeness of registration requirements and information disclosure provided in one go to improve efficiency [2]. Market Discipline and Support - Enterprises and lead underwriters are required to conduct issuance underwriting based on market principles, ensuring fair treatment of all investors [2]. - Lead underwriters are encouraged to support enterprises that meet the criteria and to participate actively in bond market making, with their performance being evaluated regularly [2]. - The association aims to act as a bridge for self-regulation, providing a professional service platform for enterprise bond issuance and promoting interaction between enterprises and investors through online and offline roadshows [2].