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债券本应是解决企业融资渠道的最有效工具,但由于市场引导的缺失,我国债券市场一直在“一条腿走路”。酝酿已久的“私募债券”终于在“五一”前夕落地。《银行间债券市场非金融企业债务融资工具非公开定向发行规则》(下称“《发行规则》”)的出台向市场宣布其正式推出。我国非金融机构企业进行债务融资的方式只有公开发行,但随着债市扩容,此种发行方式已经不能满足市场的需求。中国银行间市场交易商协会(下称“交易商协会”)从构思私募债直到发布规则,时经一年有余。在2010年8月
Bonds should be the most effective tool to solve the financing channels of enterprises, but due to the lack of market guidance, China’s bond market has been “walking on one leg.” The long-awaited “Private Equity Bonds” finally landed on the eve of May Day. The “Non-public Issuance Rules on Debt Financing Instruments for Non-financial Enterprises in the Inter-bank Bond Market” (the “Rules for the Issuance of Non-public Issuance of Shares”) announces its formal launch to the market. China’s non-financial institutions, debt financing companies only way of public offering, but with the debt market expansion, such distribution has been unable to meet the needs of the market. After more than a year, the China Association of Banks Market Dealers (hereinafter referred to as the “Association of Dealers”) conceived private debt until the rules were released. In August 2010