12月11日，由中信银行牵头主承销的某大型央企并购票据成功发行，并购融资规模50亿元。这既是银行 间债券市场并购融资新规后的全国首批试点项目，也是有史以来融资规模最大的并购票据，一举开启国 内并购金融新篇章。 据悉，本单项目重点投向国家紧缺性和战略性资源，为大型央国企重组整合和产业升级送来直接融 资"及时雨"。项目相关方于近日公告开展大规模资产重组和主业整合，须于年内完成资金对价支付。中 信银行敏锐把握政策导向和企业需求，依托专业的方案设计、高效的执行服务和强大的销售组织，在2 个工作日内即完成50亿元并购资金全额、合意发行募集，树立了并购赋能国资优化布局和重大战略重组 的创新实践，并助力提升国家产业链供应链韧性和安全水平。 此项目的成功发行，也标志着国内并购融资市场有望开启"并购贷+并购债"双元驱动的"新格局"。12月2 日，中国银行间市场交易商协会发布《关于优化并购票据相关工作机制的通知》，旨在引导债券市场资 金服务于企业兼并收购与产业整合，助力经济结构调整与资源优化配置。业内人士认为，中信银行立足 多年来在债券融资和并购金融领域的领先布局，充分运用并购票据在信息披露、交易结构、融资效率等 方面的比较优势 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月11日，由中信银行牵头主承销的某大型央企并购票据成功发行，并购融资规模50亿元，既是银行间 债券市场并购融资新规后的全国首批试点项目，也是历史以来融资规模最大的并购票据，一举开启国内 并购金融新篇章。 据悉，本单项目重点投向国家紧缺性和战略性资源，为大型央国企重组整合和产业升级送来直接融 资"及时雨"。项目相关方于近日公告开展大规模资产重组和主业整合，须于年内完成资金对价支付。中 信银行敏锐把握政策导向和企业需求，依托专业的方案设计、高效的执行服务和强大的销售组织，在2 个工作日内即完成50亿并购资金全额、合意发行募集，树立了并购赋能国资优化布局和重大战略重组的 创新实践，并助力提升国家产业链供应链韧性和安全水平。 项目的成功发行，也标志着国内并购融资市场有望开启"并购贷+并购债"双元驱动的"新格局"。12月2 日，中国银行间市场交易商协会发布《关于优化并购票据相关工作机制的通知》，旨在引导债券市场资 金服务于企业兼并收购与产业整合，助力经济结构调整与资源优化配置。中信银行立足多年 ...

智通财经APP注意到，企业正在趁着当前有利的条件，在交易甚至远未完成之前，就匆忙涌入债券市场 寻求廉价的并购融资。 数据显示，这使得本季度全球的并购融资规模达到1130亿美元，成为四年来规模最大的一个季度，也是 有记录以来最高的数字之一。仅上周的一天内，默沙东和通用电气医疗集团就合计筹集了92.5亿美元， 这两笔资金都是用于两周前才宣布的收购。 这些发售表明，在即将到来的2025年底，信贷情绪有多么强劲，企业利差接近历史最低水平，且资金持 续涌入。随着并购活动的复苏，以及对明年AI融资的巨额债务可能冲击市场的担忧，企业正在欧洲和 美洲争分夺秒地执行其融资计划。 Magnum冰淇淋公司的一位发言人称："信贷市场目前提供了极为有利的发债条件。因此公司决定加以 利用。"该公司在从联合利华分拆上市前筹集了30亿欧元。 裕信银行投资级企业银团主管克里斯蒂安.施内伯格表示："根据教科书，对于带有特殊并购赎回条款的 交易，你应该支付更多，如果你试图定价过紧，会遭到投资者的抵制。但当近期这些交易的需求水平像 现在这样高时，这一切都被抛诸脑后了。" Magnum在其债券中包含了一项条款，允许如果其分拆未能在明年年中最终确定，则 ...

Financing Decision Dimensions - M&A financing decisions typically consider seven dimensions, including financing type combinations, maturity, yield basis, currency, innovative clauses, control, and issuance methods [4][6][7][8][9][10]. - The optimal financing combination usually starts with internal financing, followed by debt financing, and finally equity financing, aiming for maximum company value [6]. Financing Channels - M&A financing channels can be classified into internal and external categories. Internal channels include retained earnings and tax liabilities, while external channels encompass bank loans, non-financial institution funds, and foreign capital [10]. - External financing is characterized by speed and flexibility but comes with higher costs and risks [10]. Special Financing Methods - M&A funds pool third-party capital for acquisitions, often involving private equity funds and listed companies, leveraging both financial tools and platform resources [15]. - Leveraged buyouts (LBOs) utilize financial leverage to acquire companies with minimal upfront capital, relying on the target's assets and future cash flows for repayment [16]. - Management buyouts (MBOs) involve company management acquiring shares, aligning ownership and management roles, typically in stable cash flow environments [17]. - Asset securitization transforms illiquid assets into liquid asset-backed securities, enhancing cash flow management [18]. Evaluating M&A Financing Plans - The evaluation of M&A financing plans should consider flexibility, risk, return, control, and timing [19]. - Comparing different financing options, such as debt versus equity, reveals trade-offs in liquidity, risk exposure, earnings per share, control dilution, and market perception [19][20].

Core Viewpoint - The Reserve Bank of India (RBI) has allowed banks to finance acquisitions by Indian companies, addressing a long-standing demand and expanding banks' capital market lending capabilities [1][3]. Group 1: Regulatory Changes - The RBI's decision aims to provide an enabling framework for Indian banks to finance acquisitions, particularly as corporate credit growth has slowed, leading companies to seek alternative funding sources [3][5]. - Historically, Indian banks have been restricted from lending for mergers and acquisitions (M&As) due to concerns over over-leverage and the potential lack of direct asset creation [5][13]. Group 2: Market Implications - The move is expected to shift acquisition financing back to banks from the private credit market, where borrowing costs are significantly higher [6]. - Banks are anticipated to focus on smaller acquisitions, particularly from micro, small, and medium enterprises (MSMEs), debt-free companies, and players in the pharmaceutical sector [7]. Group 3: Financial Projections - If 30% of the estimated 40% debt component of M&A deals is financed by banks, this could lead to a potential credit growth of ₹1.2 trillion [9]. - M&A deals in FY24 were valued at over $120 billion (₹10 trillion), indicating a substantial market for acquisition financing [8]. Group 4: Industry Response - The Indian Banks Association has formally requested the RBI to allow domestic banks to finance M&As, starting with listed companies for greater transparency [4]. - Experts believe that allowing acquisition financing will create business opportunities for banks and support strong Indian corporates in acquiring companies at attractive valuations [12].