完善债券违约风险处置规则——债券发行人破产背景下的讨论

Updating Bond Default Disposal Rules in China

我国目前债券违约风险处置机制规则设计未深入考虑发行人破产情况下证券法律规则与破产法律规则的衔接。在规则完善方面,可考虑建立债券回购、债券置换的要约豁免规则,以及用于债券置换的新债券的公开发行程序豁免规则,并调整相关信息披露规则,以提高债券违约风险处置效率。

At present, China’s framework for dealing with bond default risk does not adequately take into account the interconnection between securities regulations and bankruptcy regulations in cases of issuer bankruptcy. In order to improve the default disposal system, we might consider establishing exemption rules for tender and exchange offers, as well as similar rules for public issuance procedures for new bonds that are used in exchange offers. There also could be adjustments to the information disclosure rules to improve efficiency in handling bond default risk.