美国公司债现金要约:规则概述与启示

U.S. Corporate Bond Tender Offer: Rules Overview

我国违约债券处置日益规范化,上海证券交易所明确债券发行人可以通过要约方式开展债券购回,银行间市场交易商协会首次正式提出"现金要约收购"业务,确定现金要约概念。本文梳理美国法下债券现金要约的法律规定与制度安排,为我国相关制度建设提供借鉴。在美国债券市场现金要约的规则中,要约期限的逐步放宽以及多种交易方式的设置,体现出对市场追求效率的考量,同时,通过全面的信息披露等制度保障了持有人的权益与公平。

The disposal of defaulted bonds in China is becoming more and more standardized. The Shanghai Stock Exchange and NAFMII have made it clear that bond issuers can carry out bond redemptions through tender offers. This article reviews the legal provisions and arrangements of bond tender offers under U.S. law and provides a reference for China’s market construction in this area. In the U.S. bond market the pursuit of market efficiency has led to the establishment of cash tender offer rules, a gradual relaxation of the offer period, and the creation of multiple trading methods. At the same time, fairness and the rights of bondholders are protected through comprehensive information disclosure systems.