Overview
Short-term financing bills refer to debt financing instruments with a maturity of less than one year issued by non-financial corporations in the inter-bank bond market. The period of issuance is within 365 days, generally for 3, 6, 9 or 12 months. The registration term is 2 years, during which the financing bills may be issued in multiple offerings on a rolling basis.
Features
1. Lower costs. The financing bills are issued at an interest rate markedly lower than the costs of bank loans.
2. Huge proceeds. Outstanding short-term corporate bonds are capped at 40% of the issuer's net assets.
3. High flexibility.
• The National Association of Financial Market Institutional Investors maintains a registration-type system.
• The mechanism of balance management is conducted and issuance of bills is on an ongoing and on a rolling basis.
• The efficiency of financing is enhanced in the inter-bank bond market.
4. High transparency. The practice of information disclosure and credit rating helps companies build a sound image in the capital market and lay a credit foundation for sustainable financing.
Benefits
Acting as the agent of our customers, ABC provides a wide range of professional, value-added intellectual services, including organization, coordination and oversight, in each procedure of the short-term bond issuance under the service agreement. Our services mainly cover: customer access, due diligence, issuance planning, credit management, registration and issuance, and follow-up management.
As the lead underwriter of our customers' short-term financing bills, we provide quality, efficient services based on our unique strengths and extensive experience in the bond market.
Strengths
Issuance planning: ABC has a professional and competent finance planning team that provides customers with scientific issuance planning. The team can ease customers' pressure of concentrated maturities and payments using reasonable time allocation and credit facilities, with regard to customers' cash flow patterns.
Pricing: ABC has ranked first in the inter-bank bond market for five consecutive years. Its excellent capability in bond pricing and market analysis helps customers to cut costs as much as possible.
Distribution network: The large, high-quality customer base of treasury operations provide us, as a large bank, with additional strengths in an unfavorable issuance environment.
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