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Refinancing policy brewing adjustment

April 15, 2019 05:16
source: China Fund News
edit:Eastern Fortune Network

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[Refinancing policy brewing adjustment agencies to increase the market in advance] Recently, the rumors about the refinancing policy loosening began to be rampant. According to rumors, the relevant departments of the CSRC are seeking comments on the refinancing policy reform, which involves restoring lock-up issues and adding Whether the shareholders are subject to market restrictions such as restrictions on new regulations.

A few days ago, rumors about the loosening of the refinancing policy began to rise. According to rumors, the relevant departments of the China Securities Regulatory Commission are seeking comments on the reform of the refinancing policy.shareholderWhether it is subject to the core content of market attention such as the reduction of new regulations.

Some insiders said that the opinions of the regulatory solicitation in the financing reform are true, but the specific content is still in the discussion stage, and the content of the rumors will be adjusted, and it is still a few days away from the real landing. However, organizations with a keen sense of smell have begun to lay out in advance, and actively seek to increase the investment allocation of outsourcing projects.

  Refinancing policy brewing adjustment

According to reports, the regulatory authorities have recently planned to revise the refinancing policy, which has received much attention, including no restrictions on reduction after the lock-up period expires.Additional issuanceThe profitability of enterprises has declined, the window of time for increase has increased, and the scale of allowable increase has become larger. Some insiders said that the supervision is indeed seeking advice on refinancing reform, but the specific content is still in the discussion stage, and it is still a few days away from the real landing.

In February 2017, the China Securities Regulatory Commission issued the “Regulations and Regulations on Issuance – The Regulatory Requirements for Guiding and Regulating the Financing Behavior of Listed Companies”, aiming at curbing the phenomenon of excessive financing in the market and the realization of funds. The release of this "new refinancing regulation", in line with the new regulations on reduction of regulations, has led to a rapid cooling of the fixed-income market, and the scale of issuance in 2017 and 2018 is close to the waist.

In November 2018, the CSRC appropriately relaxed the refinancing restrictions and issued the “Regulations and Regulations on Issuance – The Regulatory Requirements for Guiding and Regulating the Financing Behavior of Listed Companies (Revised Edition)”, which revised two key rules. The regulatory requirements for raising funds to replenish liquidity and repay debts, and the second is to adjust the limits of refinancing time intervals. However, the core issues such as pricing and lock-up terms have not been touched, and the market is still deserted. Therefore, more difficult policy support is needed to solve the problem of corporate financing difficulties.

Some insiders told reporters that once the refinancing policy discussed in this discussion is implemented, the refinancing environment for A-shares will be a major positive, and will also help change the current market situation of fixed market growth.

Fixed business attention

Gradually increasing

East China's medium-sizedBrokerThe staff of the organization told the reporter that since February this year, several institutional clients have come to the company to consult the allocation of additional projects, and through them as managers to help select targets.

"Mainly largebankLocal state enterprises come to ask. The person said that in the past two years, this business can be said to be unattended. Now the market is in a mood. The first thing to look for is a large share bank. Other institutions are slower, probably in March and April. advisory.

Sun Jinxi, director of the New Era Securities Research Institute, also publicly pointed out that the recent increase in market yields has significantly rebounded, the difficulty of issuing has been greatly reduced, and the enthusiasm for participating funds has also increased. From the point of view of the cyclical market, the fixed market low has passed. At the same time, Sun Jinxi said that from the perspective of the layout on the left side, it is still a good time to increase the layout. After the release of the new regulations, the average lock-in period will be 1.5 years, and the layout should be on the left.

"We are also preparing to push such products, this will definitely have an opportunity." The head of the investment department of a brokerage in South China told reporters that the brokerage firm in which it is located has made a small increase, but recently it is also preparing to go to the sales department to take the initiative. Referral.

The person in charge said that from the long-term perspective, the fixed-increasing consideration is a one-year or longer market environment. In the first quarter, the securities market is picking up. If it is optimistic about the market outlook, it is now a good time to open a position. "A lot of institutions may have been hurt in the increase, but most of them are now an opportunity to lay out in advance."

(Article source: ChinafundNewspaper)

                                (Editor: DF387)


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