Notice of the Ministry of Finance People's Republic of China on the Issues Concerning the Issue of the 2008 Book-entry Treasury Bonds (Batch 21).

财政部关于2008年记账式（二十一期）国债发行工作有关事宜的通知

Promulgating Institution: Ministry of Finance

Document Number:Cai Ku [2008] No.71

Promulgating Date: 11/05/2008

Effective Date: 11/05/2008

颁布机关: 财政部

文      号: 财库[2008]71号

颁布时间:11/05/2008

实施时间: 11/05/2008

For the purpose of raising financial funds and supporting the development of both the national economy and the social undertakings, the Ministry of Finance People’s Republic of China decides to issue the 2008 Book-entry Treasury Bonds (Batch 21) (hereinafter as “the Current Batch of Treasury Bonds”). Relevant issues concerning the issuing of the Current Batch of Treasury Bonds are hereby notified as follows:

    为筹集财政资金,支持国民经济和社会事业发展,财政部决定发行2008年记账式(二十一期)国债(以下简称本期国债)。现就本期国债发行工作有关事宜通知如下:

1. Conditions for the issuing of the current batch of treasury bonds

(1) Places of issue

The Current Batch of Treasury Bonds shall be issued through national inter-bank bond market and stock exchanges (hereinafter as the Trading Places)

(2) Varieties and amounts

The life of the Current Batch of Treasury Bonds shall be three months, which shall be issued on a discount basis at rates lower than their face values. The issue price shall be determined through competitive with weight to the bidding average bid-winning price. The scheduled aggregate face value of the Current Batch of Treasury Bonds shall be RMB 24 billion, all of which shall be subject to competitive bidding. Additional bidding by Type-A members shall no longer apply to the Current Batch of Treasury Bonds.

(3) Schedule

The bidding shall be held on November 12, 2008; the issuing and calculation of interests shall commence as of November 13. The issuing shall terminate on November 17.

(4) Arrangement for the listing of the current batch of treasury bonds

The Current Batch of Treasury Bonds shall be available for listing and trading at all the trading places as of November 19, 2008, with the trading methods to be ready bond sales and repurchase. After they are listed, the Current Batch of Treasury Bond may be subject to re-entrustment between the trading places.

(5) Redemption arrangement

The Current Batch of Treasury Bonds shall be redeemed at their face value on February 13, 2009 (to be postponed till the first working day in case the date falls on a public holiday). The Ministry of Finance People’s Republic of China entrusts the redemption to the China Government Securities Depository Trust & Clearing Co., Ltd (hereinafter as the CDC) and the Shenzhen and Shanghais branches of the China Securities Depository & Clearing Corporation Limited (hereinafter as the CSDCC)．　

       一、发行条件

    (一)发行场所。通过全国银行间债券市场、证券交易所市场(以下简称各交易场所)发行。

    (二)品种和数量。本期国债期限3个月,以低于票面金额的价格贴现发行,发行价格按竞争性招标加权平均中标价格确定。计划发行面值总额240亿元,全部进行竞争性招标。本期国债不进行甲类成员追加投标。

    (三)时间安排。2008年11月12日招标,11月13日开始发行并计息,11月17日发行结束。

    (四)上市安排。2008年11月19日起在各交易场所上市交易,交易方式为现券买卖和回购。本期国债上市后,可以在各交易场所间相互转托管。

    (五)兑付安排。本期国债于2009年2月13日(节假日顺延)按面值偿还。财政部委托中央国债登记结算有限责任公司(以下简称国债登记公司)、中国证券登记结算有限责任公司(以下简称证券登记公司)上海、深圳分公司办理到期偿还等事宜。

2. Bid invitation

(1) Mode of bid invitation

The bid invitation shall follow the US mode of multi-price bid invitation, with the subject matter to be prices. The overall weighted average bid-winning price shall be the issuing price of the Current Batch of Treasury Bond. The bid-winning institutions shall underwrite such bonds at the rate of their respective bid-winning price.

(2) Limitations on bidding

The range of bidding price changes shall be RMB 0.002. The difference between the highest and lowest bids by each member of the underwriting syndicate shall 25 consecutive bid points. Any bid that deviates from the overall weighted average bidding price by over 60 points shall be invalid.

(3) Time schedule

The period between 9:30 and 10:30 in the morning of November 12, 2008 shall be devoted to competitive bidding; the 20 minutes following the end of the competitive bidding shall be used for filling in the application form for the entrustment of creditor’s rights.

       二、招标

    (一)招标方式。采用多种价格(美国式)招标方式,标的为价格,全场加权平均中标价格为本期国债的发行价格,各中标机构按各自中标价格承销。

    (二)投标限定。投标标位变动幅度为0.002元。每一承销团成员最高、最低投标标位差为连续的25个标位。背离全场加权平均投标价格60个以上(不含60个)的标位视为无效投标。

    (三)时间安排。2008年11月12日上午9:30—10:30为竞争性招标时间;竞争性招标结束后20分钟内为填制债权托管申请书时间。

3. Underwriting

(1) Method of underwriting

The underwriting shall be conducted by integrating nominal in-hall quotation and out-hall signing of underwriting contract. Underwriting confirmation for the portion of the Current Batch of Treasury Bonds to be sold through the underwriting contract shall be sent to the Trading Places.

(2) Targets of underwriting

The underwriting targets shall be all types of investors that have securities accounts with the CDC as well as those have stock accounts and fund accounts with the CSDCC. No underwriting is allowed between members of the underwriting syndicate.

(3) Underwriting price

Underwriting institutions shall determine their respective underwriting prices in light of the market conditions.

       三、分销

    (一)分销方式。采取场内挂牌和场外签订分销合同的方式分销。合同分销部分应于11月13日至11月17日向各交易场所发出分销确认。

    (二)分销对象。分销对象为在国债登记公司开立债券账户及在证券登记公司开立股票和基金账户的各类投资者。承销团成员间不得分销。

    (三)分销价格。承销机构根据市场情况自定价格分销。

4. Surrender of the income earned through the issuing of the current batch of treasury bonds

All underwriting institutions shall surrender the Income in one lump sun to the account designated by the Ministry of Finance People’s Republic of China by November 17, 2008 (inclusive). The actual date of surrender shall be the date when the Income so surrendered is received by the account designated by the Ministry of Finance People’s Republic of China.

Name of Account: General Treasury of China

Bank: General Treasury of China

Account No.277—0828

Paying Bank No.

011100099992

       四、发行款缴纳

    各承销机构于2008年11月17日前(含11月17日),将发行款一次缴入财政部指定账户。缴款日期以财政部指定账户收到款项为准。

    户名:国家金库总库

    开户银行:国家金库总库

    账号:277—0828

    汇入行行号:011100099992

5. Confirmation of creditor's rights

The Ministry of Finance People's Republic of China shall notify the CDC to confirm the establishment of debtor's rights.

The bidding and tendering of the Current Batch of Treasury Bond shall be subject to the Notice of the Ministry of Finance People's Republic of China on the Circulation of the Regulations on the Bidding and Tendering of the 2006 and 2007 Book Entry Treasury Bonds (Cai Ku [2006] No. 82), in addition to the above provisions herein.

       五、债权确立

    财政部收到发行款后，通知国债登记公司确立债权。

    除上述有关规定外，本期国债招投标工作按《财政部关于印发〈2006年和2007年记账式国债招投标规则〉的通知》（财库[2006]82号）规定执行。

Ministry of Finance People's Republic of China

November 5, 2008

    财政部

    二○○八年十一月五日