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Following the promulgation of the Interim Measures for the Administration of Bond Issuances by Overseas Institutions in the National Inter-bank Bond Market (Announcement [2018] No.16 of PBOC and MOF, the PBOC Interim Measures) jointly by the People’s Bank of China (the PBOC) and the Ministry of Finance of China (the MOF) on 25 September 2018, which established the regulatory frameworks for the issuance of Panda Bonds1 by various types of Overseas Institutions (as defined below) in the national interbank bond market of China (the CIBM), as an implementation and supplement to the relevant provisions of the PBOC Interim Measures, the National Association of Financial Market Institutional Investors (the NAFMII) officially promulgated the Guidelines on Debt Financing Instruments of Overseas Non-Financial Enterprises (for Trial Implementation) on its website on 1 February 2019 (the NAFMII Guidelines), which clarified the specific rules that overseas non-financial enterprises should comply with when issuing Panda Bonds on the CIBM. The purpose of this alert is to summarize and interpret the key points and requirements of the PBOC Interim Measures and the NAFMII Guidelines (together, the New Panda Bonds Regulation Rules), for your reference.

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