银行间市场权益属性债券创新突破——国内首只长期限含权中期票据实例

The Case Study of the First Perpetual MTN in China

国电电力发展股份有限公司长期限含权中期票据近期在银行间市场成功发行,成为国内首只可计入权益的类永续债金融产品,引起市场关注。本文对该债券的产品定位、产品结构、会计处理和税务处理进行了分析介绍,并归纳了该类产品创新的积极意义。

Guodian Power Development successfully issued a perpetual medium-term note in the interbank market recently. It is the first bond product qualified as equity for accounting purposes in China and thus attracts great market attentions. In this article, we introduce the positioning, structure, and accounting and tax treatment of the note. The article concludes with the positive meaning of such product innovation.