1. USD Bonds
The main steps for issuing USD bonds are as follows:
1. The issuer first provides information to a US credit rating company in order to investigate and formulate the issuer's bond credit rating. At the same time, the issuer must submit a draft registration document to the U.S. government’s Securities and Exchange Commission.
2. The bond issuer completes the submission of registration documents to the U.S. Securities and Exchange Commission. At the same time, the credit rating company also completed the coordination work and put forward preliminary opinions on the bond credit rating. If the bond issuer has no objection to this, the formal credit rating opinion letter will be established. If the bond issuer does not accept it, ungraded issuance will be considered.
3. After receiving the registration documents submitted by the bond issuer, the U.S. Government Securities and Exchange Commission will review them and issue an assessment letter on the documents after the review is completed. Book. The bond issuer should respond to the questions raised in the assessment letter.
4. The bond issuer shall complete the modification of the registration document based on the opinions put forward by the Securities and Exchange Commission in the evaluation letter.
5. The bond issuer should select a management underwriter, who will organize a ** group to be responsible for underwriting and related work.
The management underwriter proposes a preliminary plan for issuance of bonds and solicits extensive opinions in order to satisfy both the bond issuer and bond investors.
6. Officially issue bonds in the bond market.
2. Japanese-yen bonds
The main steps for issuing Japanese-yen bonds are:
p>1. Obtain a provisional credit rating and obtain a trial rating after signing the offtake contract before payment.
2. Select a securities company.
3. Appoint legal counsel.
4. Formulate various distribution documents. Convene issuers, trustee banks and securities companies to study the preparatory texts of various contracts and draft documents. Mainly include: securities submission, offering prospectus, submission under the Foreign Exchange Law, bond clauses, guarantee clauses, off-take contract, off-take syndicate contract, fundraising entrustment contract, principal and interest payment agency contract, registration Service agency contracts, securities reports, etc.
5. The bond issuer obtains approval from relevant domestic authorities.
6. Submit a securities declaration form to the Ministry of Finance of Japan and obtain approval from the Japanese government.
7. Organize a purchasing group.
8. Negotiation of issuance conditions. Convene a tripartite meeting between the issuer, the entrusting bank and the securities company to negotiate the issuance conditions and sign an offtake contract.
9. After the securities declaration becomes effective, the recruitment begins, and the recruitment time is generally 7 to 10 days.
10. Bond funds. The subscriber pays the bond issuance amount to the issuing unit.
11. Submit a foreign exchange report.
12. Bonds are listed on the Tokyo Stock Exchange.
3. Eurobonds
The issuance of Eurobonds is conducted under international banking organizations. This kind of international bank is called a sponsor bank. The sponsor bank invites several cooperative banks to form an issuance management group. When the issuance amount is too large, several sponsor banks will jointly handle it. This issuance method is called ** plus group issuance. The sponsoring bank prepares for the issuance of bonds and stipulates some conditions. A certain sponsoring bank in the underwriter's group serves as the payment agent and financial agent. Most of the bonds issued are subscribed by the issuance management group, and underwriters with loan (raising) capabilities will participate in the issuance of bonds. The underwriters are composed of international banks and large companies from all over the world, with the number ranging from 30 to 300. The issuing group and the underwriter jointly guarantee that the borrower will raise funds at a fixed bond price. **The responsibility of the group is to sell the bonds to the public. The public also includes sponsor banks, underwriters and banks with a sales base. Sponsoring banks, underwriters, and promoters are participants in the bond market, and these participants must receive a certain commission. EurobondsThe market is not regulated by the government and it is relatively easy to raise funds within 3 weeks. The procedure for issuing bonds is the decision to issue Eurobonds, the announcement of the bond issuance, the listing date, the closing date, and the payment of the bonds by the ** group. The specific procedures are as follows:
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