Measures for the Pilot Scheme of Self-Issuance of Bonds by Local Governments in 2012

2012年地方政府自行发债试点办法

Promulgating Institution:Ministry of Finance

Document Number: Cai Ku [2012] No.47

Promulgating Date: 05/08/2012

Effective Date: 05/08/2012

颁布机关: 财政部

文      号: 财库[2012]47号

颁布时间: 05/08/2012

实施时间: 05/08/2012

  Article 1    These Measures are formulated for the purposes of establishing a regulated debt financing mechanism for local governments, strengthening the guidance given to provinces (municipalities) implementing the pilot scheme of self-issuance of bonds by local governments (hereinafter referred to as the “pilot provinces (municipalities)”) in 2012 and regulating the acts of the self-issuance of bonds by pilot provinces (municipalities).

       第一条  为建立规范的地方政府举债融资机制,加强对2012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 2    The self-issuance of bonds shall mean the bond issuance mechanism whereby pilot provinces (municipalities) organize the issuance of government bonds of their own provinces (municipalities) within the bond issuance quotas approved by the State Council. The repayment of principal and interest of the government bonds of pilot provinces (municipalities) in 2012 shall be handled by the Ministry of Finance on behalf of such provinces (municipalities).

       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。2012年试点省(市)政府债券由财政部代办还本付息。

  Article 3    The annual issuance quotas shall be implemented for the issuance of government bonds by pilot provinces (municipalities). The annual bond issuance amount shall not exceed the bond issuance quotas approved by the State Council for that year. The bond issuance quotas for 2012 are valid for that year only and shall not be carried forward to the following year.

       第三条  试点省(市)发行政府债券实行年度发行额管理,全年发债总额不得超过国务院批准的当年发债规模限额。2012年度发债规模限额当年有效,不得结转下年。

  Article 4    The government bonds issued by pilot provinces (municipalities) are book-entry bonds with fixed interest rate. The maturities of the government bonds issued in 2012 are three years, five years and seven years. Pilot provinces (municipalities) may issue bonds with at most three types of maturities and the issuance scale of bonds with each type of maturities shall not be more than 50% of the bond issuance quotas of their respective regions.

       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。2012年政府债券期限为3年、5年和7年,试点省(市)最多可以发行三种期限债券,每种期限债券发行规模不得超过本地区发债规模限额的50%(含50%)。

  Article 5    Pilot provinces (municipalities) shall establish the underwriting syndicate for the government bonds of their own provinces (municipalities) according to the principles of openness, fairness and justice. The underwriters of the government bonds of pilot provinces (municipalities) shall be members of the underwriting syndicate of book-entry government bonds in 2012-2014 and shall not exceed 20 in principle.

       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2012—2014年记账式国债承销团成员,原则上不得超过20家。

  Article 6    The finance department (bureau, commission) of a pilot province (municipality) shall sign bond underwriting agreements with the underwriters of the government bonds of its own province (municipality) to clearly specify the rights and obligations of both parties. An underwriter may entrust its branch in the pilot province (municipality) to sign and perform the bond underwriting agreement on its behalf.

       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    A pilot province (municipality) may select the lead underwriter among the underwriters of the government bonds of its own province (municipality). The lead underwriter shall provide the pilot province (municipality) with consultation services such as pricing of bond issuance, registration and custody, 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    A pilot province (municipality) shall adopt the interest rate of new government bonds issued and the market rates as the pricing bases when issuing government bonds, and shall adopt the pricing mechanism of single interest rate for bond issuance to determine the interest rate of bond issuance.

       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 pricing mechanism for bond issuance shall include underwriting and tendering, and relevant specific pricing mechanism for bond issuance shall be determined by the pilot provinces (municipalities).

Underwriting means that a pilot province (municipality) decides on the interest rate (or the range of the interest rate) for the underwriting of bonds after consulting the lead underwriter and requires all the underwriters (including the lead underwriter) to submit the underwriting amount (or the interest rate for underwriting and the underwriting amount) of the bonds, and determines the interest rate of bond issuance and the bond issuance mechanism for the bond underwriting amount of all the underwriters according to the market-oriented principle within the specified time limit. If the total underwriting amount is less than the difference in the amount of bonds issued, the lead underwriter shall underwrite the bonds.

Tendering means that a pilot province (municipality) requires all the underwriters to submit the bid amount of bonds and the bid rate within the specified time limit and determines the interest rate of bond issuance according to the sequence from the lowest interest rateto the highest interest rate and the bond issuance mechanism for the bond amount of the winning bids of all the underwriters.

       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 management of the pricing for bond issuance and ensure that the process of the pricing for bond issuance is fair, regulated and orderly.

       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    The government bonds of pilot provinces (municipalities) shall be registered and kept in custody with China Government Securities Depository Trust & Clearing Co. Ltd. in a centralized manner. After the completion of issuance, the bonds shall be listed and traded in the national interbank bond market and the bond markets of the securities exchanges in a timely manner.

       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    Budget management shall be implemented for the revenue and expenditure of the self-issuance of bonds by pilot provinces (municipalities) and relevant specific matters shall be handled in accordance with the relevant provisions of the Measures for the Budget Management of the Bonds of Local Governments in 2009 (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《2009年地方政府债券预算管理办法》(财预[2009]21号)有关规定办理。

  Article 13    The accounting for government bonds of pilot provinces (municipalities) shall be performed by referring to the relevant provisions of the Accounting Measures for the General Fiscal Budget on Bonds Issued by the Ministry of Finance on Behalf of Local Governments (Cai Ku [2009] No.19).

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

  Article 14    Pilot provinces (municipalities) shall establish the mechanism for guaranteeing debt repayment and shall hand over the full amount of funds that the Ministry of Finance uses to repay the principal and interest of the bonds on their behalf to the central finances within the specified time limit. Relevant specific matters shall be handled by referring to the provisions on the issuance and redemption of bonds that are issued by the Ministry of Finance on behalf of local governments in 2012.

       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上缴中央财政,具体事项参照有关财政部代理发行2012年地方政府债券发行兑付的规定办理。

  Article 15    Pilot provinces (municipalities) shall disclose the indicators such as their respective economic operation and the status of fiscal revenue and expenditure through the media such as Chinabond.com.cn and the websites of their respective finance departments (bureaus, commissions) in a timely manner. Pilot provinces (municipalities) shall release the bond issuance results in a timely manner after the end of the pricing for bond issuance.

       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 formulate the measures for the issuance and redemption of government bonds of their own provinces (municipalities) according to these Measures and report such measures to the Ministry of Finance for filing. Pilot provinces (municipalities) shall submit the bond issuance plans to the Ministry of Finance two weeks in advance and submit the status of bond issuance within two weeks after the completion of the 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。