Measures for Pilot Independent Issuance of Bonds by Local Governments in 2011

2011年地方政府自行发债试点办法

Promulgating Institution: Ministry of Finance

Document Number: Cai Ku [2011] No.141

Promulgating Date: 10/17/2011

Effective Date: 10/17/2011

颁布机关: 财政部

  文      号: 财库[2011]141号

  颁布时间: 10/17/2011  

实施时间: 10/17/2011

  Article 1  With a view to standardizing the debt financing mechanism of local governments, strengthening guidance to pilot provinces (municipalities) (hereinafter referred to as "pilot provinces (municipalities)") for independent issuance of bonds by local governments in 2011, and standardizing the independent bond issuance of pilot provinces (municipalities) , these Measures are hereby formulated.

       第一条  为建立规范的地方政府举债融资机制,加强对2011年地方政府自行发债试点省(市)(以下简称试点省(市))的指导,规范试点省(市)自行发债行为,制定本办法。

Article 1  With a view to standardizing the debt financing mechanism of local governments, strengthening guidance to pilot provinces (municipalities) (hereinafter referred to as "pilot provinces (municipalities)") for independent issuance of bonds by local governments in 2011, and standardizing the independent bond issuance of pilot provinces (municipalities) , these Measures are hereby formulated.

       第二条  自行发债是指试点省(市)在国务院批准的发债规模限额内,自行组织发行本省(市)政府债券的发债机制。2011年试点省(市)政府债券由财政部代办还本付息。

Article 3   Administration on annual issue amount of government bonds shall be exercised by pilot provinces (municipalities), and the limit of issuance in 2011 shall remain valid in the current year and shall not be carried over to next year.

       第三条  试点省(市)发行政府债券实行年度发行额管理,2011年度发债规模限额当年有效,不得结转下年。

Article 4  Government bonds issued by pilot provinces (municipalities) shall be interest-bearing book-entry bonds with fixed interest rates. The periods of government bonds issued in 2011 shall be divided into three years and five years. The issue volume of three-year bonds and issue volume of five-year bonds shall account for 50% of the issue amount approved by the State Council respectively.

       第四条  试点省(市)发行的政府债券为记账式固定利率附息债券。2011年政府债券期限分为3年和5年,期限结构为3年债券发行额和5年债券发行额分别占国务院批准的发债规模的50%。

Article 5  Pilot provinces (municipalities) shall, under the principles of openness, equity and fairness, establish their respective government bond underwriting syndicates. Government bond underwriters in pilot provinces (municipalities) shall be members of book-entry treasure bond underwriting syndicates from 2009 to 2011, and shall be not more than 20 in number generally.

       第五条  试点省(市)应当按照公开、公平、公正原则,组建本省(市)政府债券承销团。试点省(市)政府债券承销商应当是2009—2011年记账式国债承销团成员,原则上不得超过20家。

Article 6  Financial departments (bureaus, commissions) of pilot provinces (municipalities) shall sign bond underwriting agreements with their respective government bond underwriters to define the rights and obligations of both parties. Underwriters may entrust their branches in pilot provinces (municipalities) with execution and performance of bond underwriting agreements on behalf of them.

       第六条  试点省(市)财政厅(局、委)应当与本省(市)政府债券承销商签署债券承销协议,明确双方权利和义务。承销商可以委托其在试点省(市)的分支机构代理签署并履行债券承销协议。

Article 7  Pilot provinces (municipalities) may preferentially select lead underwriters from their respective government bond underwriters, and lead underwriters shall offer pilot provinces (municipalities) consultation services about bond pricing, registration and custody, as well as listing and trading, etc.

       第七条  试点省(市)可以在本省(市)政府债券承销商中择优选择主承销商,主承销商为试点省(市)提供发债定价、登记托管、上市交易等咨询服务。

Article 8   Pilot provinces (municipalities) that issue government bonds shall, based on interest rates of newly issued treasure bonds and market rates, determine the interest rates of bonds in accordance with the mechanism of pricing bonds at single interest rates.

       第八条  试点省(市)发行政府债券应当以新发国债发行利率及市场利率为定价基准,采用单一利率发债定价机制确定债券发行利率。

Article 9  The mechanism of pricing bonds includes underwriting and bid invitation, and specific mechanisms shall be determined by pilot provinces (municipalities).

Underwriting is a bond issuance mechanism under which pilot provinces (municipalities) discuss underwriting interest rates (or interest rate intervals) of issued bonds with lead underwriters, require underwriters (including lead underwriters) to submit underwriting volumes (or underwriting interest rates and underwriting volumes) within prescribed time limits, determine the interest rates of issued bonds and the underwriting volumes of underwriters under the principle of marketization. The difference between the total underwriting volume and the total issue volume shall be underwritten by lead underwriters.

Bid invitation is a bond issuance mechanism under which pilot provinces (municipalities) require underwriters to submit bid volumes and bid interest rates of bonds within prescribed time limits, and determine interest rates of issued bonds and accepted volumes of underwriters under a from-low-to-high principle.

       第九条  发债定价机制包括承销和招标,具体发债定价机制由试点省(市)确定。

    承销是指试点省(市)与主承销商商定债券承销利率(或利率区间),要求各承销商(包括主承销商)在规定时间报送债券承销额(或承销利率及承销额),按市场化原则确定债券发行利率及各承销商债券承销额的发债机制。承销总额小于发债额的差额部分,主承销商予以包销。

    招标是指试点省(市)要求各承销商在规定时间报送债券投标额及投标利率,按利率从低到高原则确定债券发行利率及各承销商债券中标额的发债机制。

Article 10   Pilot provinces (municipalities) shall strengthen the on-site bond pricing administration to ensure the equal, standard and orderly process of bond pricing.

       第十条  试点省(市)应当加强发债定价现场管理,确保发债定价过程公平、规范、有序进行。

Article 11  Government bonds of pilot provinces (municipalities) shall be registered with and left in the custody of China Central Depository & Clearing Co., Ltd. on centralized basis, and shall, upon completion of issuance, duly been listed and traded on national interbank bond markets and stock exchange bond markets.

       第十一条  试点省(市)政府债券应当在中央国债登记结算有限责任公司进行集中登记、托管,债券发行结束后应当及时在全国银行间债券市场和证券交易所债券市场上市交易。

Article 12   Budgetary administration shall be conducted with respect to receipts and disbursements from independent bond issuance by pilot provinces (municipalities), and specific matters shall be handled in reference to the relevant provisions of the Notice of the Ministry of Finance on Printing and Distributing the Measures for Budgetary Administration of Bonds of Local Governments (Cai Yu [2009] No. 21).

       第十二条  试点省(市)自行发债收支实行预算管理,具体事项参照《财政部关于印发〈2009年地方政府债券预算管理办法〉的通知》(财预[2009]21号)有关规定办理。

Article 12   Budgetary administration shall be conducted with respect to receipts and disbursements from independent bond issuance by pilot provinces (municipalities), and specific matters shall be handled in reference to the relevant provisions of the Notice of the Ministry of Finance on Printing and Distributing the Measures for Budgetary Administration of Bonds of Local Governments (Cai Yu [2009] No. 21).

       第十三条  试点省(市)政府债券会计核算参照《财政部关于印发〈财政部代理发行地方政府债券财政总预算会计核算办法〉的通知》(财库[2009]19号)有关规定办理。

Article 14  Pilot provinces (municipalities) shall establish a debt security mechanism, and fully pay the funds for principal and interest repayments handled by the Ministry of Finance on their behalf to the special central financial account, and specific matters shall be handled in reference to the relevant provisions of the Notice of the Ministry of Finance on Printing and Distributing the Measures for Redemption of Local Government Bonds Issued by the Ministry of Finance in 2011 (Cai Ku [2009] No. 19).

       第十四条  试点省(市)应当建立偿债保障机制,在规定时间将财政部代办债券还本付息资金足额缴入中央财政专户,具体事项参照《财政部关于印发〈财政部代理发行2011年地方政府债券发行兑付办法〉的通知》(财库[2011]52号)有关规定办理。

Article 15  Pilot provinces (municipalities) shall, through media such as chinabond.com.cn and websites of respective financial departments (bureaus, commissions), duly disclose indicators such as economic operation and financial revenues and expenditures. Pilot provinces (municipalities) shall announce results of bond issuance after bond pricing in a timely manner.

       第十五条  试点省(市)应当通过中国债券信息网和本省(市)财政厅(局、委)网站等媒体,及时披露本省(市)经济运行和财政收支状况等指标。试点省(市)在发债定价结束后应当及时公布债券发行结果。

Article 16  Pilot provinces (municipalities) shall, in accordance with these Measures, formulate their respective measures for redemption of issued government bonds, which shall be submitted to the Ministry of Finance for record-filing. Pilot provinces (municipalities) shall, submit bond issuance plans to the Ministry of Finance two weeks in advance and report the situation of bond issuance within two weeks after bond issuance.

       第十六条  试点省(市)根据本办法制定本省(市)政府债券发行兑付办法,并报财政部备案。试点省(市)应当提前两周向财政部报送债券发行计划,并于发行结束后两周内报送债券发行情况。

Article 17  These Measures shall come into effect on the date of promulgation.

       第十七条  本办法自发布之日起施行。