Notice of the Ministry of Finance on Printing and Distributing the Rules on Tender Issuance of the 2012 Local Government Bonds by the Ministry of Finance

财政部关于印发《财政部代理发行2012年地方政府债券招标发行规则》的通知

 

Promulgating Institution:Ministry of Finance

Document Number:Cai Ku [2012] No.48

Promulgating Date:05/08/2012

Effective Date:05/08/2012

颁布机关:财政部

文      号:财库[2012]48号

颁布时间:05/08/2012

实施时间:05/08/2012

 

To finance departments (bureaus) of all provinces, autonomous regions, municipalities directly under the Central Government and cities separately designated in the State plan, members of the underwriting syndicate for book-entry treasury bonds, the China Government Securities Depository Trust and Clearing Co., Ltd., the China Securities Depository and Clearing Corporation Limited, the Shanghai Stock Exchange and the Shenzhen Stock Exchange,

With a view to standardizing the tender issuance of the 2012 local government bonds, the Ministry of Finance formulated the Rules on Tender Issuance of the 2012 Local Government Bonds by the Ministry of Finance as an Agent. We hereby promulgate these Rules for your implementation.

Annex: Rules on Tender Issuance of the 2012 Local Government Bonds by the Ministry of Finance

Ministry of Finance of the People's Republic of China

May 8, 2012

Annex:

Rules on Tender Issuance of the 2012 Local Government Bonds by the Ministry of Finance

    各省、自治区、直辖市、计划单列市财政厅（局），记账式国债承销团成员，中央国债登记结算有限责任公司，中国证券登记结算有限责任公司，上海证券交易所，深圳证券交易所:

    为规范代理发行2012年地方政府债券招标发行工作，财政部制定了《财政部代理发行2012年地方政府债券招标发行规则》，现予以公布，请遵照执行。

    附件:财政部代理发行2012年地方政府债券招标发行规则

    中华人民共和国财政部

    二〇一二年五月八日

    附件:

财政部代理发行2012年地方政府债券招标发行规则

1. Tendering manner

2012 local government bonds (hereinafter referred to as “local bonds”) will be issued to the underwriting syndicate for 2012-2014 book-entry treasury bonds (hereinafter referred to as the “underwriting syndicate”) by bidding through the Bidding System of the Ministry of Finance for the Issuance of Treasury Bonds (hereinafter referred to as the “Bidding System”), adopting the Dutch bidding method with a single price. The subject matter of the bidding shall be interest rates. The highest interest rate awarded shall be the coupon rate of local bonds issued in the current period. Members of the underwriting syndicate winning the bid shall underwrite the local bonds at face value.

       一、招标方式

    2012年地方政府债券(以下简称地方债)通过“财政部国债发行招投标系统”(以下简称招标系统)面向2012-2014年记账式国债承销团(以下简称承销团)招标发行,采用单一价格荷兰式招标方式,招标标的为利率。全场最高中标利率为当期地方债票面利率,各中标承销团成员按面值承销。

2. Limitations on bids

(1) Limitation on bid quotations. The minimum amount of variation in bid quotations shall be 0.01%. Where the difference between the highest quotation and lowest bid quotation given by a member of the underwriting syndicate does not exceed 25, the member does not have to bid in a successive manner. The range of bid quotations shall be 15% higher and lower than the arithmetic average of yields on treasury bonds that have 3 or 5 years remaining to maturity within 1-5 working days prior to the date of bidding (which shall be rounded off to 0.01%).

(2) Limitations on bid amounts. The maximum and minimum bid amounts for a member of the underwriting syndicate shall be calculated according to a certain rate of the bidding amount as follows: the maximum and minimum bid amounts shall be 3% and 30% of the bidding amount respectively for a Class A member, and 0.5% and 10% of the bidding amount respectively for a Class B member. As for a single bid quotation, the minimum bid amount shall be RMB 20 million and the maximum bid amount shall be RMB 3 billion. The amount of variation in bid amount shall be an integral multiple of RMB 10 million.

(3) Limitations on the minimum underwritten amount. The minimum underwritten amount for a member of the underwriting syndicate shall be calculated according to a certain rate of the bidding amount as follows: Class A member, 1%; Class B member, 0.5%.

All amounts obtained according to the rates mentioned above shall be rounded off to RMB 10 million.

       二、投标限定

    (一)投标标位限定。投标标位变动幅度为0.01%。每一承销团成员最高、最低标位差为25个标位,无需连续投标。投标标位区间为招标日前1至5个工作日(含第1和第5个工作日)待偿期为3年或5年的国债收益率算数平均值上下各浮动15%(四舍五入计算到0.01%)。

    (二)投标量限定。承销团成员最低、最高投标限额按招标量的一定比例计算,具体是:甲类成员最低、最高投标限额分别为招标量的3%、30%;乙类成员最低、最高投标限额分别为招标量的0.5%、10%。单一标位最低投标限额为0.2亿元,最高投标限额为30亿元。投标量变动幅度为0.1亿元的整数倍。

    (三)最低承销额限定。承销团成员最低承销额按招标量的一定比例计算,甲类成员为1%,乙类成员为0.2%。

    上述比例均计算至0.1亿元,0.1亿元以下四舍五入。

3. Principles for award of bids

(1) Order of collection of bid amounts. If the total bid amount is higher than the bidding amount, the bid amounts shall be collected trade by trade on the principle of giving priority to lower interest rates quoted till the bidding amount is reached. If the total bid amount is less than the bidding amount, all the bid amounts shall be collected in full.

(2) Order of allocation of successful bids at the highest interest rate awarded. The method of weighted average allocation of successful bids shall be adopted according to the bid amount quoted by each member of the underwriting syndicate at the highest interest rate awarded. The minimum amount awarded shall be RMB 10 million. The odd amount after the allocation, if any, shall be allocated in the order of the time of submission of bids.

       三、中标原则

    (一)中标募入顺序。全场投标量大于招标量时,按照低利率优先的原则对投标逐笔募入,直到募满招标额为止。全场投标量小于或等于招标量时,所有投标全额募入。

    (二)最高中标利率标位中标分配顺序。以各承销团成员在最高中标利率标位投标量为权数平均分配,最小中标单位为0.1亿元,分配后仍有尾数时,按投标时间优先原则分配。

4. Custody and confirmation of claims

(1) After the close of bidding, each successful bid winner of the underwriting syndicate shall fill out an Application for Custody of Claims on the Bidding System and entrust the China Government Securities Depository Trust and Clearing Co., Ltd. (hereinafter referred to as the “CGSDTC”) or the Shanghai or Shenzhen branch of the China Securities Depository and Clearing Corporation Limited (hereinafter referred to as the “CSDCC”) with the custody of its claims. If any successful bid winner of the underwriting syndicate fails to fill out the foregoing Application within the prescribed time limit, the Bidding System will place all its claims in the custody of the CGSDTC by default.

(2) In case the local bonds of several provinces (autonomous regions, municipalities directly under the Central Government or cities separately designated in the State plan) are issued in combination by bidding, after the close of bidding and selection of custodians for claims, the Ministry of Finance shall notify each successful bid winner of the underwriting syndicate of its issuing amount payable to their respective province (autonomous region, municipality directly under the Central Government or city separately designated in the State plan).

(3) The method of delivery upon payment shall be adopted in the confirmation of claims on local bonds. Each successful bid winner of the underwriting syndicate shall pay the issuing amount to the branches of the national treasury in XX province (autonomous region, municipality directly under the Central Government and city separately designated in the State plan) prior to the date of payment. Relevant local financial departments shall inform the Ministry of Finance (Department of Exchequer) of the receipt of issuing amounts prior to 12:00AM of the registration date of claims (the working day following the date of payment). If any local finance department fails to receive the issuing amounts payable by any successful bid winner of the underwriting syndicate in full prior to the end of the date of payment, the Ministry of Finance (Department of Exchequer) shall notify the CGSDTC prior to 3:00PM of the registration date of claims. The CGSDTC shall temporarily suspend the procedures for registration and custody of claims on the portion of local bonds, of which the issuing amount fails to be received by local financial departments. In respect of the claims to be placed in custody of the Shanghai or Shenzhen branch of the CSDCC on the portion of local bonds, of which the issuing amount fails to be received by local financial departments, the CGSDTC shall notify the Shanghai and Shenzhen branches of CSDCC in writing prior to 4:00 PM of the registration date of claims, and the latter shall temporarily suspend the procedures for registration and custody of such claims. In respect of the portion of claims that have not yet been confirmed, the Ministry of Finance shall, in light of the receipt of corresponding issuing amounts by local financial departments, notify the CGSDTC to go through procedures for the registration and custody thereof separately. For the claims that CGSDTC does not receive a notice from the Ministry of Finance on suspending the procedures for registration thereof in whole or in part prior to 3:00 PM of the registration date of claims, or that the Shanghai or Shenzhen branch of CSDCC does not receive a notice from the CGSDTC on suspending the procedures for custody thereof in whole or in part prior to 4:00 PM of the registration date of claims, the CGSDTC or the Shanghai or Shenzhen branch of CSDCC shall go through procedures for registration and custody of such claims.

       四、债权托管和确认

    (一)在招投标工作结束后,各中标承销团成员应通过招标系统填制“债权托管申请书”,在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、深圳分公司选择托管。逾时未填制的,系统默认全部在国债登记公司托管。

    (二)如多个省(自治区、直辖市、计划单列市)地方债合并招标发行,招投标和债权托管选择结束后,财政部将通知各中标承销团成员向各省(自治区、直辖市、计划单列市)应缴发行款数额。

    (三)地方债债权确立实行见款付券方式。承销团成员不晚于缴款日将发行款缴入国家金库XX省(自治区、直辖市、计划单列市)分库。地方财政部门于债权登记日(即缴款日次一个工作日)中午12:00前,将发行款入库情况告知财政部(国库司)。如地方财政部门在发行款缴款截止日期前未足额收到中标承销团成员应缴发行款,财政部(国库司)将不迟于债权登记日15:00通知国债登记公司。国债登记公司办理债权登记和托管时对地方财政部门未收到发行款的相应债权暂不办理债权登记和托管;对涉及证券登记公司上海、深圳分公司分托管的部分,国债登记公司应不迟于债权登记日16:00书面通知证券登记公司上海、深圳分公司,后者办理债权登记和托管时对地方财政部门未收到发行款的相应债权暂不办理债权登记和托管。对于未办理债权确认的部分,财政部根据地方财政部门发行款收到情况另行通知国债登记公司处理。国债登记公司如在债权登记日15:00前未收到财政部关于不办理全部或部分债权登记的通知,证券登记公司上海分公司、深圳分公司未在债权登记日16:00前收到国债登记公司关于不办理全部或部分分托管债权的通知,即办理全部债权登记和托管手续。

5. Distribution

Distribution of local bonds refers to activities whereby a successful bid winner of the underwriting syndicate transfers its claims on local bonds awarded or any portion thereof to a third party who isn't a member of the underwriting syndicate within the prescribed period of distribution.

(1) Methods of distribution. The local bonds may be distributed by means of listing on the exchanges or concluding distribution contracts outside the exchanges. The specific distribution measures shall be subject to the provisions of prospectus for local bond issuance in the current period.

(2) Objects of distribution. The local bonds may be distributed to investors who have opened bond accounts at the CGSDTC or stock or fund accounts at the CSDCC, but may not be distributed among members of the underwriting syndicate. Claims on local bonds obtained by investors who are not members of the underwriting syndicate through distribution may not be transferred within the period of distribution.

(3) Distribution price. The distribution price shall be determined by members of the underwriting syndicate in their discretion according to market situations.

 

       五、分销

    地方债分销,是指在规定的分销期内,中标承销团成员将中标的全部或部分地方债债权额度转让给非国债承销团成员的行为。

    (一)分销方式。地方债采取场内挂牌、场外签订分销合同的方式分销。具体分销方式以当期发行文件规定为准。

    (二)分销对象。地方债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。国债承销团成员间不得分销。非国债承销团成员通过分销获得的地方债债权额度,在分销期内不得转让。

    (三)分销价格。国债承销团成员根据市场情况自定价格分销。

6. Emergency process

Where any technical problem with the client side of the Bidding System occurs, members of the underwriting syndicate may send the fully completed Emergency Bid Document for the 2012 Local Government Bonds Issued by the Ministry of Finance or Emergency Application for Custody of Claims on the 2012 Local Government Bonds Issued by the Ministry of Finance (see annex for the forms) by fax to the CGSDTC within the time limit prescribed in the prospectus for the local bond issuance by the Ministry of Finance, to entrust the CGSDTC with the submission of bids. The time of receipt of the Emergency Bid Document for the 2012 Local Government Bonds Issued by the Ministry of Finance or the Emergency Application for Custody of Claims on the 2012 Local Government Bonds Issued by the Ministry of Finance by the CGSDTC from a member of the underwriting syndicate shall be taken as the time of submission of emergency bids by the member. The deadline for emergency bids shall be the deadline for bids for the local bonds issued in the current period and the deadline for emergency application for custody of claims shall be the deadline for custody of claims on the local bonds issued in the current period.

In the event of any problem with the center side or main lines of communication of the Bidding System, the Ministry of Finance may extend the deadline for emergency bids for half an hour after the deadline of bidding.

Please refer to the relevant provisions of the Notice of the Ministry of Finance on the Administration of Emergency Bids for the 2012 Book-entry Treasury Bonds (Cai Ku [2012] No. 39).

       六、应急流程

    招标系统客户端出现技术问题,国债承销团成员可以在财政部代理发行地方债发行文件所规定的时间内将内容齐全的“财政部代理发行2012年地方政府债券应急投标书”或“财政部代理发行2012年地方政府债券债权托管应急申请书”(格式见附件)传真至国债登记公司,委托国债登记公司代为投标。应急投标时间以国债登记公司收到“财政部代理发行2012年地方政府债券应急投标书”或“财政部代理发行2012年地方政府债券债权托管应急申请书”的时间为准。应急投标截止时间为当期地方债投标截止时间,债权托管应急申请截止时间为当期地方债债权托管截止时间。

    如招标系统中心端或通讯主干线运行出现问题,财政部可以在招标截止时间后延长应急投标时间半小时。

    具体参照《财政部关于加强2012年记账式国债应急投标管理的通知》(财库[2012]39号)有关规定执行。

7. Miscellaneous

(1) Any member of the underwriting syndicate who fails to reach the minimum bid amount or the minimum underwritten amount for 4 times in total in the bidding for the 2012 local bonds may not continue to bid for the 2012 local bond issuance. The underwriting of the 2012 local bonds by members of the underwriting syndicate shall be taken as an important reference in the appraisal of the underwriting syndicate for book-entry treasury bonds.

(2) In the case of any change in the implementation of these Rules, the prospectus for the issuance of local bonds in the current period shall prevail.

(3) These Rules shall come into effect on the date of promulgation and remain effective till December 31, 2012.

       七、其他

    (一)承销团成员在2012年地方债发行投标中,未达到最低投标量或最低承销量的情况累计达到4次的,将不得继续参与2012年地方债发行招投标。承销团成员承销2012年地方债情况,将作为记账式国债承销团考核的重要参考。

    (二)执行中如有变动,以当期地方债发行文件为准。

    (三)本规则自公布之日起施行,有效期截至2012年12月31日。