Three breakthroughs in the development of bond market in the depth of capital markets

-This reporter Canlillan originally proposed in the A-share market financing of PetroChina finally chose to give up, instead, by issuing medium-term bills in the domestic bond market to melt 1 billion U.S. dollars, become the first in the domestic bond market to issue foreign currency debt financing tools enterprises.　　The move not only accords with the idea of vigorously developing the bond market, but also opens up a new channel for financial market to support industrial financing, which has been sought after by the market, and the PetroChina A shares rose as much as 13% in 9 trading days, while the Shanghai Composite Index rose less than 7%.　　U.S. dollar medium-term bill innovation pilot launched, on the one hand, confirmed Premier Wen said "We have almost every week policy (issued)", on the other hand, the capital market to deepen the development of important measures, the bond market has achieved three breakthroughs. First, the successful issuance of the domestic dollar medium-term instruments provides a new channel for enterprises to finance foreign exchange. This is conducive to the strength of the enterprise foreign exchange financing channels to diversify, so that enterprises can be raised at a lower cost of foreign exchange funds, for the strength of the enterprise "go out" strategy to implement the implementation of the power provided.　　While supporting the expansion of enterprises ' overseas business, it has also become one of the important measures of "guarantee growth". It is understood that China National Oil and Gas Corporation in the medium term of the interim paper by the Chinese Bank and Agricultural Bank jointly underwriting, the registered amount of 3 billion U.S. dollars, the first issue of 1 billion U.S. dollars, the period of 3 years, the use of bookkeeping construction, centralized placement of the distribution.　　The 3-year floating interest rate in the territory is based on a six-month Libor benchmark plus 100 basis points.　　This issue of medium-term bills raised funds are mainly used to support overseas projects, the issuer's main long-term foreign currency credit rating, local currency credit rating, and the current medium-term instrument credit rating are AAA, as assessed by joint Credit Evaluation Co.　　Secondly, the successful issue of the domestic dollar medium-term bills will help to accelerate the development of the bond market, to enrich the institutional and personal foreign exchange asset investment varieties, and to change the long-term pattern of the foreign currency varieties and small scale in our country's bond market, and to promote the development of the multi-level and multi-angle of our capital China National Petroleum Corporation (CNPC) in the first phase of 2009, the U.S. dollar medium-term bills in the interbank market successfully issued, showing the domestic foreign currency bond market development of huge space, in order to promote the further development of China's bond market provides an opportunity.　　Said Liu Shiyu, deputy central bank governor.　　According to the Inter-Bank market Traders Association, the introduction of the dollar medium-term bills by Non-financial Enterprises is another innovative measure in the development of China's bond market. In the case of issuing currencies, the current medium-term bills are denominated in United States dollars, further enriching the financing currency of medium-term instruments; On the issue subject, the former dollar bond issuer is a financial institution, the medium-term paper is the first dollar medium-term paper issued by Non-financial Enterprises; In the subject credit, the previous issue of the dollar bonds,　　The issuing main body is the policy commercial Bank, the medium-term paper is issued by the enterprise as the issue subject, and is issued by unsecured way, which is a foreign currency commercial credit product. Third, the issue of the domestic dollar medium-term bills is beneficial to our country's bond market fromLaw, taxation, accounting standards, information disclosure, liquidation and other aspects of international standards, promote the process of China's bond market internationalization. Liu Shiyu noted that the successful issuance of the US dollar medium-term bills in the current period is a landmark.　　In time, the current international financial crisis is still in a state of turmoil, the global economy and trade is still in a recession, and the successful issuance of medium-and-late-term bills of PetroChina, not only shows the market confidence in the development prospects of PetroChina, but also shows the market's confidence in China's response to the international financial crisis, Haitong Securities, an analyst told reporters that the issuance of renminbi bonds abroad, the domestic issue of U.S. dollar medium-term bills, these are to increase the breadth and depth of China's bond market, important measures, in the rich investment products, but also for the sustainable development of China's economic and financial contributions.　　It should be noted that in the future, the successful experience of the bond market may be transplanted into the stock market. As the only pilot enterprise of the dollar medium-term instrument, PetroChina is welcomed by the underwriters, investors and other market participants, and is affirmed by the market and regulatory level. At the same time, as a way to convert foreign exchange reserves to strategic resource reserves, PetroChina's practice is worthy of being emulated by other domestic enterprises.