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China Backs Bond Issues by Private Firms as Virus Hurts Economy

The China Securities Regulatory Commission said private firms in high-tech and strategic emerging industries will be allowed to issue technology and innovation corporate bonds

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China Securities Regulatory Commission (CSRC) building in Beijing
More qualified private companies will be included in the list of "mature" issuers to expedite their bond sales, while market participants are encouraged to provide credit enhancement tools for private issuers, the CSRC said in a statement. Photo: Reuters.

 

China will roll out measures soon to make it easier for private companies to issue bonds, China’s securities regulator said late on Sunday, as a resurgence in coronavirus infections threatens an already slowing domestic economy.

The China Securities Regulatory Commission (CSRC) said private firms in high-tech and strategic emerging industries will be allowed to issue so-called technology and innovation corporate bonds.

In addition, more qualified private companies will be included in the list of “mature” issuers to expedite bond sales, while market participants are encouraged to provide credit enhancement tools for private issuers, the CSRC said in a statement.

Other measures include making it easier for companies to borrow money using bonds issued by private firms as collateral, and improving disclosure by private issuers, the CSRC said.

China’s financial hub of Shanghai said on Sunday it would lock down the city in two stages to carry out Covid-19 testing over a nine-day period, after it reported a new daily record for asymptomatic infections.

The Shanghai Stock Exchange, which is supervised by the CSRC, said in a separate statement it would fast track approvals for corporate bonds to be issued by companies that are seriously affected by China’s virus outbreak.

The Shenzhen Stock Exchange will also broaden bond financing channels by private firms, having recently rolled out “digital economy” bonds that help companies to raise money to fund investment in digital infrastructure and technology, the Shanghai Securities News reported on Monday.

 

  • Reuters with additional editing by Sean OMeara

 

 

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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