Bonds

Currently bonds listed and traded on SZSE mainly include treasury bonds, credit bonds and convertible bonds. Among them, treasury bonds include central government bonds and local government bonds. Credit bonds include enterprise bonds and corporate bonds (including both public offering and private placement bonds). Private placement bonds used to only aim at small and medium-sized enterprise issuers, but now issuers of private placement bonds can be all size of enterprises. Convertible bond is a unique product in the exchange bond market as compares with the interbank bond market.

 

Bonds can be spot traded on the Integrated Negotiated Trading Platform by negotiation and on the Centralized Quotation System by centralized price bidding, which is highly efficient, transparent and market oriented. Bond repo takes the standard bond system for accounting of the value of pledged bonds, which has provided the market with a convenient and economical financing channel and an effective liquidity management instrument.

 

In 2015, CSRC released the Measures for the Administration of Corporate Bond Offering and Trading (Decree No.113) to promote the reform in corporate bond market. SZSE undertook the preliminary examination on listing of corporate bonds, released the Rules for Listing of Corporate Bonds (Shenzheng Shang [2015] No.239) and other supporting rules, further simplified the listing procedures, improved the operation efficiency and optimized the system of information disclosure for corporate bonds. By the end of 2015, the total outstanding amount under custody of Shenzhen bonds market reached USD 77.4 billion, with a year-on-year growth rate of 85.7%.

 

By Jan 31, 2016, the number of bonds reached 1462, with USD 82.9 billion outstanding under custody.

Listed Bonds

#

Outstanding amount under custody

Treasury Bonds

893

USD 1.2 billion

Corporate Bonds (Public Offering)

256

USD 37.7 billion

Enterprises Bonds

23

USD 2.1 billion

Convertible Bonds

2

USD 0.6 billion

Private Placement Bonds

(including SME Private Bond)

279

USD 41.3 billion

Bond Repo

9

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Source: SZSE by the end of January 2016