河南发文规范国企境外债：违反规定将被终身追责

Core Viewpoint - The Henan Provincial Government has introduced the "Management Measures for Overseas Bond Issuance by State-owned Enterprises" to regulate the issuance and use of overseas bonds by state-owned enterprises, promoting healthy cross-border financing and effectively preventing external debt risks [1] Group 1: Issuance Management - State-owned enterprises are designated as the primary responsible entities for managing overseas bond issuance, required to establish management systems covering issuance principles, processes, and risk prevention [2] - Enterprises must prepare a responsible team, develop service institution management systems, complete feasibility studies, and have risk emergency plans in place before issuing bonds [2] - The decision-making process for bond issuance will vary based on the type of equity held by the state-owned enterprises, with diversified equity enterprises needing to submit relevant materials to all shareholders for approval [2] Group 2: Fund Utilization - The measures provide a clear "roadmap" for the use of funds raised through overseas bonds, emphasizing investment in major national and provincial projects, approved overseas investment projects, and other specified areas [4] - Funds raised through overseas bonds are generally required to be returned to China for use, with exceptions only for approved overseas investment activities [4] - Issuing enterprises must report detailed issuance information to the funding institutions within 10 working days after fund delivery, including details about custodial banks and foreign investor proportions [4] Group 3: Risk Control - Risk prevention is integrated throughout the entire bond management cycle, requiring enterprises to regularly assess bond risks and report any potential issues affecting principal and interest payments [5] - In case of emergencies, enterprises must report to funding institutions 30 working days before bond maturity or immediately if issues arise [5] - Commercial banks acting as bond trustees must fulfill their responsibilities regarding fund reception, transfer, and payment, and report accurately to funding institutions [5] Group 4: Incentives and Penalties - A dual mechanism of rewards and penalties is established, supporting the issuance of green bonds and allowing for favorable asset-liability ratio assessments for state-owned enterprises [6] - Enterprises with high credit ratings will benefit from streamlined procedures for bond issuance [6] - Individuals responsible for approving non-compliant bond issuances will face lifelong accountability under the principle of "whoever approves is responsible" [6]