深化高水平双向开放:境外债券市场制度与发行实务研究

Raising the Calibre of Two-Way Opening Up:A Study of the Infrastructure and Issuance Practices of Overseas Bond Markets

在中国境内债券市场双向开放的背景下,深入了解境外债券发行制度与实务,有助于进一步推动中国债券市场改革创新和开放发展。本文针对信用类债券发行环节,从发行制度、监管、产品、中介机构、执行过程等方面梳理总结了境外债券发行机制概况,并对境内外债券市场发行披露安排、簿记建档和定价配售等发行实务进行了比较分析。

In the context of the"two-way"opening of China's bond market,an in-depth understanding of the offshore bond issuance mechanism and market practices can help facilitate the reform,innovation and development of China's onshore bond market.This paper gives an overview of the regulations and mechanisms of offshore bond issuance.It also compares onshore and offshore credit bond issuance practices in respect to bookbuilding,pricing and settlements.