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Short-Term Financing Bill


 

Introduction

It is value security that the non-financial Chinese enterprises within the territory of China and with the legal person qualification, according to the conditions and procedures provided in the Short-term Financing Bill Management Measures, issues in the inter-bank bond market and repay the principal and interest in a certain period, and the issuance period should not exceed 365 days.

Features

1. Increase the short-term working funds financing channels for enterprises;

2. Reduce financing costs;

3. Regulate the operation of enterprises;

4. Establish enterprises' image;

5. Need no guarantee;

6. No need to specify the project;

7. Design flexible financing structure according to corporate cash flow, including the financing structure with share options.

Term

The maximum term is less than 365 days.

Interest Rate

With the yield of products of the corresponding period in the monetary market (or Shibor) as the benchmark rate, the final price of the short-term financing bills takes full consideration of credit spread, liquidity spread and other risk spreads of the issuer.

Target Customers

The enterprise with trade finance, short-term circulation funds requirements, with the hope to lower the short-term capital financing costs and cover the regular operating funding gap, keeps running for three years and profits in a recent fiscal year, with good corporate governance mechanism.

Application Qualifications

1. Legally registered business entity within the territory of the People's Republic of China;

2. Steady capital source for debt repayment, and the latest financial year is in profit;

3. Sound liquidity and strong due debt paying ability;

4. Capital raised from financing bills should be used for enterprises' manufacture and operation;

5. The enterprise should not infringe any laws or rules within past three years;

6. Sound internal management system and sound managerial rules for usage and repayment of the raised capital;

7. Other requirements prescribed by the People's Bank of China.

Process

1. Project approval;

2. Project due diligence, signing of the master underwriting agreement;

3. Materials preparation and production of procedures;

4. Distribution arrangements;

5. Submission and feedback of materials;

6. Issuance of the short-term financing bill;

7. Project follow-up management.

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