Notice of the Ministry of Finance on the Issuance of the Rules on Issuing the Book-entry Treasury Bond via Tendering for the Year of 2011

财政部关于印发2011年记账式国债招标发行规则的通知

 

Promulgating Institution: Ministry of Finance

Document Number: Cai Ku [2011] No. 4

Promulgating Date: 01/04/2011

Effective Date: 01/04/2011

颁布机关: 财政部

文      号: 财库[2011]4号

颁布时间: 01/04/2011

实施时间: 01/04/2011

 

Members of the Year 2009 – 2011 book-entry treasury bond underwriting syndicate, China Government Securities Depository Trust & Clearing Co. Ltd. (CCDC), China Securities Depository and Clearing Corporation Limited, China Foreign Exchange Trading System & National Interbank Funding Center (CFETS), Shanghai Stock Exchange, and Shenzhen Stock Exchange:

For the purpose of promoting the healthy development of the treasury bond market and regulating the issue process of book-entry bonds, the Rules on Issuing the Book-entry Treasury Bond via Tendering for the Year of 2011 formulated by the Ministry of Finance, is hereby announced for your execution and compliance.

Annex: Rules on Issuing the Book-entry Treasury Bond via Tendering for the Year of 2011

Ministry of Finance

January 4, 2011

   2009-2011年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，中国外汇交易中心，上海证券交易所，深圳证券交易所：

    为促进国债市场健康发展，规范记账式国债招标发行程序，财政部制定了《2011年记账式国债招标发行规则》，现予以公布，请照此执行。

    附件:2011年记账式国债招标发行规则

    财政部

    二〇一一年一月四日

Annex:

Rules on Issuing the Book-entry Treasury Bond via Tendering for the Year of 2011

These Rules are formulated for the purposes of promoting healthy development of the treasury bond market and regulating the issue process of book-entry treasury bonds.

    附件:

    2011年记账式国债招标发行规则

    为促进国债市场健康发展，规范记账式国债招标发行程序，特制定本规则。

I. Methods of Invitation to Tender

Issue of the book-entry treasury bonds is by the Dutch method, American method and mixed methods of invitation to tender, of which the subjects of tender are interest rates, yield, price or volume of the treasury bonds.

(I) Dutch method of invitation to tender. Where the subject of tender is interest rate or yield, the highest tender that wins shall be set as the nominal interest rate or basic yield of the treasury bond of the term, and the members of the treasury bond underwriting syndicate that win the tender (hereon referred to as the “winning institutions”) shall underwrite the bonds as per nominal value; where the subject of tender is price, the lowest tender that wins shall be the issue price of the treasury bond of the term, and all winning institutions shall underwrite the bonds as per issue price.

(II) American method of invitation to tender. Where the subject of tender is interest rate, the weighted average interest rate of all winning tenders shall be set as the nominal interest rate of the treasury bond of the term and the winning institutions shall underwrite the bonds at the price converted by their respective winning tenders and the nominal interest rate; where the subject of tender is price, the weighted average price of winning tenders shall be the issue price of the treasury bonds of the term and the winning institutions shall underwrite the bonds at the prices of their winning tenders. In terms of interest rate as the subject of tender, those tenders that are higher than the weighted average interest rate by considerable points shall be lost; in terms of price as the subject of tender, those tenders that are lower than the weighted average price of the winning tenders by considerable points shall be lost. Tenders by considerable points of deviation from the weighted average interest rate or price of all tenders shall all be lost and shall be excluded from calculation of the weighted average of interest rate or price of the winning tenders.

(III) Mixed method of invitation to tender. Where the subject of tender is interest rate, the weighted average interest rate of winning tenders shall be the nominal interest rate of the treasury bonds of the term, tenders that are lower or equal to the nominal interest rates shall be underwritten at the nominal value; tenders that are within considerable points above the nominal interest rate shall be underwritten at a price converted by the winning tenders and the nominal interest rate; tenders that are beyond considerable points above the nominal interest rate shall all be lost. Where the subject of tender is price, the weighted average price of the winning tenders shall be the issue price of the treasury bonds of the term, tenders that are higher than or equal to the issue price shall be underwritten at the issue price and tenders within considerable points below the issue price shall be underwritten at the price of the winning tender and tenders that are beyond considerable points below the issue price shall all be lost. Tenders by considerable points of deviation from the weighted average tender interest rates or price shall be invalid and lost, and shall be excluded from calculation of the weighted average interest rate or price of all tenders.

       一、招标方式

    记账式国债发行采用荷兰式、美国式、混合式招标方式,招标标的为利率、利差、价格或数量。

    (一)荷兰式招标方式。标的为利率或利差时,全场最高中标利率或利差为当期国债票面利率或基本利差,各中标国债承销团成员(以下简称中标机构)均按面值承销;标的为价格时,全场最低中标价格为当期国债发行价格,各中标机构均按发行价格承销。

    (二)美国式招标方式。标的为利率时,全场加权平均中标利率为当期国债票面利率,中标机构按各自中标标位利率与票面利率折算的价格承销;标的为价格时,全场加权平均中标价格为当期国债发行价格,中标机构按各自中标标位的价格承销。标的为利率时,高于全场加权平均中标利率一定数量以上的标位,全部落标;标的为价格时,低于全场加权平均中标价格一定数量以上的标位,全部落标。背离全场加权平均投标利率或价格一定数量的标位为无效投标,全部落标,不参与全场加权平均中标利率或价格的计算。

    (三)混合式招标方式。标的为利率时,全场加权平均中标利率为当期国债票面利率,低于或等于票面利率的标位,按面值承销;高于票面利率一定数量以内的标位,按各中标标位的利率与票面利率折算的价格承销;高于票面利率一定数量以上的标位,全部落标。标的为价格时,全场加权平均中标价格为当期国债发行价格,高于或等于发行价格的标位,按发行价格承销;低于发行价格一定数量以内的标位,按各中标标位的价格承销,低于发行价格一定数量以上的标位,全部落标。背离全场加权平均投标利率或价格一定数量的标位为无效投标,全部落标,不参与全场加权平均中标利率或价格的计算。

II. Limitations of Tender

(I) Variation range of the tenders. Where invitation to tender is for interest rate or yield, the variation range of tenders shall be 0.01%; where the invitation to tender is for price, the variation range of tenders shall be separately specified in the document of treasury bond issue of the term.

(II) Limitation on volumes of tenders. The minimum and maximum volumes of tenders for members of the treasury bond underwriting syndicate shall be calculated at percentages of tender volume of the treasury bonds of each term. Specifically, the minimum and maximum for members in Class B shall be 0.5% and 10% of the tender volume of treasury bonds of the term; the minimum volume of tender for members in Class A shall be 3%, maximum volume of tender for non-follow-up book-entry treasury bonds shall be 30% of the tender volume of treasury bonds of the term, and 25% of tender volume of treasury bonds of the term for follow-up book-entry treasury bonds. Minimum volume of tender for a single subject of tender is twenty (20) million Yuan and the maximum is three (3) billion Yuan. Variation of tender volume shall an integral times of ten (10) million Yuan.

(III) Limitation on the minimum volume for underwriting. The minimum volume of underwriting for members of the treasury bond underwriting syndicate (including the follow-up underwriting) shall be calculated at certain percentages of the volume of competitive tenders of treasury bonds of each term, at 1% for members in Class A and 0.2% for members in Class B.

The above percentages shall be calculated to the ten (10) million Yuan. Amounts below ten (10) million Yuan shall be rounded up.

       二、投标限定

    (一)投标标位变动幅度。利率或利差招标时,标位变动幅度为0.01%;价格招标时,标位变动幅度在当期国债发行文件中另行规定。

    (二)投标量限定。国债承销团成员单期国债最低、最高投标限额按各期国债招标量的一定比例计算,具体是:乙类成员最低、最高投标限额分别为当期国债招标量的0.5%、10%;甲类成员最低投标限额为当期国债招标量的3%,不可追加的记账式国债最高投标限额为当期国债招标量的30%,可追加的记账式国债最高投标限额为当期国债招标量的25%。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。国债承销团成员单期国债最低承销额(含追加承销部分)按各期国债竞争性招标额的一定比例计算,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4舍5入。

III. Principles of Tender Acceptance

(I) Tender acceptance. Where the total amount of all effective tenders is less than, or equal to, the tender amount of treasury bonds of the term, all effective tenders shall be accepted in full amount; where the total amount of all effective tenders is more than the tender amount of treasury bonds of the term, the priority shall be set on those effective tenders of lower interest rate and/or yield or higher price until the total amount of tender is met or all effective tenders are accepted.

(II) Where the tender amount of the highest tender of interest rate or the lowest tender of price is more than the residual tender amount, the amount of tender for the member of the treasury bond underwriting syndicate shall be taken as the average weighting for distribution (to the nearest ten (10) million Yuan), and the residual shall be distributed based on the priority of time of tender.

       三、中标原则

    (一)募入。全场有效投标总额小于或等于当期国债招标额时,所有有效投标全额募入;全场有效投标总额大于当期国债招标额时,按照低利率(利差)或高价格优先的原则对有效投标逐笔募入,直到募满招标额或将全部有效投标募完为止。

    (二)最高中标利率标位或最低中标价格标位上的投标额大于剩余招标额,以国债承销团成员在该标位投标额为权重平均分配(取整至0.1亿元),尾数按投标时间优先原则分配。

IV. Follow-up Tenders

(I) Upon completion of invitation to competitive tenders, the members in Class A of the treasury bond underwriting syndicate shall be entitled to extend follow-up tenders on underwriting of the treasury bonds of the term, provided that the book-entry treasury bonds allow follow-up underwriting.

(II) The cap of the follow-up underwriting amount of member in Class A of the treasury bond underwriting syndicate shall be 25% of the amount of winning tender for the member for treasury bonds of the term, calculated to the nearest ten (10) million. The follow-up underwriting amount shall be an integral times ten (10) million.

(III) In the Dutch method of invitation to tender, the follow-up underwriting price shall be the same as the winning tender price in the invitation to competitive tenders; in the American and mixed methods of invitation to tender, in terms of interest rate as the subject of tender, the follow-up price of underwriting shall be the nominal value, and in terms of price as the subject of tender, the follow-up price of underwriting shall be the issue price of the treasury bond of the term.

       四、追加投标

    (一)对于允许追加承销的记账式国债,在竞争性招标结束后,国债承销团甲类成员有权通过投标追加承销当期国债。

    (二)国债承销团甲类成员追加承销额上限为该成员当期国债竞争性中标额的25%,计算至0.1亿元,0.1亿元以下4舍5入。追加承销额应为0.1亿元的整数倍。

    (三)“荷兰式”招标追加承销价格与竞争性招标中标价格相同;“美国式”和“混合式”招标追加承销价格,标的为利率时为面值,标的为价格时为当期国债发行价格。

V. Custody of Obligatory Rights

(I) Upon completion of the tender process, all winning institutions shall complete the Application for Custody of Obligatory Rights and select the custodian among the Shanghai and Shenzhen Branches of the China Government Securities Depository Trust & Clearing Co. Ltd. (CCDC) (hereon referred to as the “Government Securities Depository Co.”) and the China Securities Depository and Clearing Corporation Limited (hereon referred to as the “Securities Depository Co.”) via the Invitation to Tender for Treasury Bond Issue System.

(II) Shanghai and Shenzhen Branches of the Government Securities Depository Co. and the Securities Depository Co. shall register the total obligatory rights of the treasury bonds of the term and provide custody of obligatory rights of sub-accounts on the specified registration date.

(III) Time of confirmation of the obligatory rights of treasury bonds shall be determined as the time of payment of treasury bond issue proceeds into account designated by the Ministry of Finance. Payment of issue proceeds of treasury bonds and determination of obligatory rights shall be specified in the document of treasury bond issue of the term.

       五、债权托管

    (一)在招投标工作结束后,各中标机构应通过国债招投标系统填制“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)国债登记公司,证券登记公司上海、深圳分公司,于规定的债权登记日对当期国债进行总债权登记和分账户债权托管。

    (三)国债债权确认时间,按国债发行款缴入财政部指定账户的时间确定。国债发行缴款与债权确立方式以当期发行文件规定为准。

VI. Distribution

Distribution of book-entry treasury bond refers to the transfer of all or part of the obligatory rights of treasury bonds won by the winning institutions to those other than the members of the treasury bond underwriting syndicate within a specified period of distribution.

(I) Method of distribution. Book-entry treasury bonds shall be distributed by ways of listing on the board of the exchange, distribution contracts entered off the exchange and by sales at trial commercial banks over the counters. Specific methods shall follow the provisions of document of treasury bond issue of the term.

(II) Targets of distribution. The targets of distribution of book-entry treasury bonds shall be investors that hold bond accounts with the Government Securities Depository Co. and stock and funds account with the Securities Depository Co. Distribution shall not be made among the members of the treasury bond underwriting syndicate. Those other than the members of the treasury bond underwriting shall not transfer the bonds obtained from distribution within the period of distribution.

(III) Price of distribution. Members of the treasury bond underwriting syndicate shall determine the price of distribution based on the market conditions at their own discretions.

       六、分销

    记账式国债分销,是指在规定的分销期内,中标机构将中标的全部或部分国债债权额度转让给非国债承销团成员的行为。

    (一)分销方式。记账式国债采取场内挂牌、场外签订分销合同和试点商业银行柜台销售的方式分销。具体分销方式以当期发行文件规定为准。

    (二)分销对象。记账式国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国债债权额度,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。

VII. Tender System and Emergency Procedure

(I) Tender system.

Invitation to tender for issue of the book-entry treasury bonds shall be conducted via the Invitation to Tender for Treasury Bond Issue of the Ministry of Finance and the members of the treasury bond underwriting syndicate shall extend their tenders via this system.

(II) Emergency procedure.

In case of technical problems in the remote terminal, the members of the treasury bond underwriting syndicate may send the problems to the treasury bond depository company by faxing the completed Emergency Tender for Issue of Book-entry Treasury Bond and the Emergency Application for Custody of Obligatory Rights of Book-entry Treasury Bond, and authorize the treasury bond depository company to extend the tender on their behalf. The timelines of the emergency tender shall follow the times when the Emergency Tender for Issue of Book-entry Treasury Bond and the Emergency Application for Custody of Obligatory Rights of Book-entry Treasury Bond are received by the treasury bond depository company. Deadline for competitive emergency tenders and follow-up emergency tenders shall be the deadline for the competitive tenders of the treasury bond of the term and the follow-up tenders. Deadline of emergency obligatory rights custody application shall be the deadline of obligatory rights custody application of the treasury bonds of the term.

       七、投标系统与应急流程

    (一)投标系统。记账式国债发行招投标工作通过“财政部国债发行招投标系统”进行,国债承销团成员通过上述系统远程终端投标。

    (二)应急流程。远程终端出现技术问题,国债承销团成员可以在规定时间内将内容齐全的“记账式国债发行应急投标书”或“记账式国债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“记账式国债发行应急投标书”或“记账式国债债权托管应急申请书”的时间为准。竞争性应急投标和追加应急投标的截止时间分别为当期国债竞争性投标和追加投标截止时间,债权托管应急申请截止时间为当期国债债权托管截止时间。

VIII. Others

(I) Unless otherwise provided by relevant laws, the issue of the book-entry treasury bonds by the Ministry of Finance in China (excluding Hong Kong, Macau and Taiwan) shall follow the provisions of these Regulations.

(II) The documents of issues of book-entry treasury bonds shall be followed for matters if not specified in these Regulations.

(III) These Regulations shall come into effect as of the date of announcement and shall remain valid until December 31, 2011.

Appendices:

1. Emergency Tender for Issue of Book-entry Treasury Bonds (omitted)

2. Emergency Application for Custody of Obligatory Rights of Book-entry Treasury Bonds (omitted)

       八、其他

    （一）除另有规定外，财政部在中国境内（不包括香港、澳门和台湾地区）发行记账式国债按本规则执行。

    （二）本规则未尽事宜，以各期记账式国债发行文件为准。

    （三）本规则自公布之日起施行，有效期截至2011年12月31日。

    附:1.记账式国债发行应急投标书（略）

    2.记账式国债债权托管应急申请书（略）