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Promoting high quality services
Contributing to the Economic Growth
Implemented policies with regards to expansion of domestic demand and growth promotion, and carried out the policy of “two priorities” to MTN registration and issuance.
Since the second half of 2008, NAFMII gave underlying priorities of MTN issuance to large-scale listed companies and fundamental industries in national economy such as coal, electricity, oil and transportation. By the end of 2009, 221 bonds were issued by 123 such corporates, totaled up to 868.2 billion RMB, of which 379.2 billion RMB were CPs and 489.0 billion RMB were MTNs. The proceeds raised via MTN issuance by 22 stock market index-component companies were used for parent companies’ increasing shareholding positions or listed companies’ buy-back programs. The total MTN issuances of this type reached 116.5 billion RMB, which substantially maintained the capital market stable.
Supported the MTN registration by key local Corporates focusing on urban infrastructure and public utilities, to meet funding need under the economic stimulus plan
Since October 2008, NAFMII organized market participants jointly with local government to raise local construction funds and to support local economic development through the inter-bank market. By the end of 2009, NAFMII has accepted such registration of MTNs up to 56 billion RMB successively in Shanghai, Beijing, Guangzhou and Gansu provinces.
Systematic research and promote solutions to SME financing
By the end of 2009, there were 10 SMEs registering CPs with an amount of 462 million RMB, among which, 8 CPs with a total amount of 265 million RMB have been successfully issued. In September 2009, establishment of China Bond Insurance Company (CBIC) has facilitated the direct debt financing for lower-rated corporates by enhancing their credit ratings. Responding to the market demand, NAFMII launched the Small and Mediumsized Corporates Collective Notes (SMECN) program in November 2009, which would provide long-term funding channels for SMEs.
Facilitated the debt financing by Corporates related to agriculture, farmers or rural area
NAFMII provided fast channel to the corporates related to agriculture, farmers and rural area for debt-financing products registration. Cost reduction, as a benefit from direct financing in capital market, effectivedly empowered the rapid growth of such corporates. By the end of 2009, 12 corporates related to issues of agriculture, farmer and rural area have issued 41 debt products (CP plus MTN), reaching the amount of 50.09 billion RMB.
Supported the financing of disaster-affected Corporates and postdisaster reconstruction Corporates
After the Wenchuan earthquake, NAFMII immediately started up the emergency preplans, and summoned the members to study and draw up working plans to support post-disaster reconstruction.A nnouncement on supporting post-disaster reconstruction in Wenchuan area was issued at that time, asking intermediary agencies to facilitate debt financing for related corporates by following principles of market. NAFMII opened a green channel for the post-disaster reconstruction corporates, which provided priorities to issue the debt financing products. As regards to the issuers who got priorities of green channel, the NAFMII optimized personnel arrangement and improved work quality and registration efficiency.
By the end of 2009, 38 disaster-affected corporates had registered CPs and MTNs to the amount of 514.3 billion RMB and 204.5 billion RMB respectively, of which 309.8 billion RMB were issued. 22 post-disaster reconstruction corporates had registered CPs and MTNs with amounts of 40.6 billion RMB and 24.5 billion RMB respectively, of which 39.65 billion RMB were issued.
Providing Services to NAFMII Members
Facilitated communication and effective interactions among members.
NAFMII started up a series of services plan for classified members, including round-table discussions of small and medium financial institutions in both northern and southern China, non-registered financial institutions conference, underwriters meeting, and intermediary services agencies workshop. Interaction among members has been steadily enhanced.
Studied members’ needs for better training services
By the end of 2009, NAFMII has organized 21 terms of training classes for a total of 1243 persons on subjects of financial derivatives, NAFMII Master Agreement, RMB interest rate swap, debt financing vehicles and so on.
Exploring characteristic services on information research
In 2008, NAFMII set up the framework for market information research and made up public news report, including Quarterly Meeting on Financial Market Analysis, Quarterly Report on Bond Market Analysis and Timely Report System on Significant Information.
In 2009, NAFMII established research mechanism on basic issues of inter-bank market development. On one hand, NAFMII made internal researches on changes of financial market supervision system and development of financial credit derivative. On the other hand, NAFMII carried out a new research mechanism on subject basis and consigned external research institutions and experts. NAFMII laid foundation for setting up Financial Market Studies, as a platform for research findings announcement.