(1) Formulate the distribution plan. The content includes the purpose of issuing bonds and repayment ability. Pay special attention to the debt structure and repayment ability, and formulate practical repayment measures. After the scheme is formulated, a large number of documents need to be compiled to explain the situation, so that the securities authorities and agency issuers can consider it.
(2) the mode of issuance and credit evaluation. Determine whether to issue bonds by public offering or private offering. Generally, bonds issued by public offering have a large amount and a long term, and they have to go through credit rating; Generally, private placement bond is not allowed to go public for transfer, nor does it need to go through a credit rating.
(3) Determine the repayment method. In western countries, bond repayment methods are generally divided into maturity repayment and midway repayment. The latter is divided into regular lottery repayment and full percentage repayment. Maturity repayment is to repay the principal and pay interest according to the maturity date indicated on the bond.
④ Determine the denomination, interest rate, term and issue price of bonds. The denomination and term are generally determined by the issuer according to his own needs. Interest rates generally include two kinds, one is floating interest rate and the other is fixed interest rate. The issue price is determined according to coupon rate, term and market income, and is usually divided into three types: parity issue, at discount issue and premium issue.
(5) An issuer submits an application for bond issuance, together with other documents such as the bond issuance instructions, to the securities administration department for examination and approval.
⑥ After the approval of the issuance plan, the issuer will publicize the bond issuance instructions to the public through the news information media, and print the bonds according to the standard.
⑦ Select the entrusted agent and sign the agreement and contract. Bond sales agents are usually investment banks or securities companies. The issuer signs a contract with the selected agent to determine the sales method (promotion, sales assistance and exclusive sales) and implement the sales expenses.
8. Officially issue bonds. The issuing agent sells bonds to the social investment public.
Tips: The above contents are for reference only.
Reply time: 2022-0 1- 14. Please refer to the latest business changes announced by Ping An Bank in official website.