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Enterprise Short-Term Financing Bill


 

Introduction

It is value security that Bank of China commissioned by non-financial enterprises within the territory of China and with the legal person qualification, according to the conditions and procedures provided in the Short-term Financing Bill Management Methods, issues to the enterprises in the inter-bank bond market and enterprises agree to repay principle and interest in a certain period, and the issuance period shall not exceed 365 days.

Functions

1. Increase the short-term working funds financing channels for enterprises;

2. Reduce financing costs, without guarantee, without specifying the project;

3. Regulate the operation of enterprises, establish enterprise's image;

4. Design flexible financing structure according to corporates cash flow, including the financing structure with share options.

Target Customers

The enterprise with trade finance, short-term circulation funds requirements, with the hope to lower the short-term capital financing costs and cover the regular operating funding gap, keeps running for three years and profits in a recent fiscal year, with good corporate governance mechanism.

Process

1. Project approval.

2. Project due diligence, signing of the master underwriting agreement.

3. Materials preparation and production of procedures.

4. Distribution arrangements.

5. Submission and feedback of materials.

6. Issuance of the short-term financing bill.

7. Project follow-up management.

Case

On May 26, 2005, Bank of China, in the lead underwriter capacity, successfully issued the first short-term financing bills in China's inter-bank bond market - the first phase of short-term financing bonds of Air China in 2005, and the largest single expenditure short-term financing bonds in the inter-bank market - the first phase of short-term financing bonds of Ministry of Railways in 2005 and so on.

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