What are the qualifications of corporate bond underwriters?

What are the qualifications of the lead underwriter 1, lead underwriter and deputy lead underwriter (1) of corporate bonds? Only financial institutions that have undertaken the lead underwriter of corporate bond issuance after 2000, or have undertaken the deputy lead underwriter for more than three times, can serve as the lead underwriter. (2) Only financial institutions that have undertaken the deputy lead underwriter of corporate bond issuance after 2000, or have undertaken the distributor for more than three times in total, can serve as the deputy lead underwriter. (3) The financial company of the company group can underwrite the corporate bonds issued by the group, but it is not suitable to be the lead underwriter. (4) The lead underwriter of credit enhancement collective bonds of small and micro companies can be a securities company with the qualification of lead underwriter of corporate bonds or a commercial bank with experience in underwriting fixed-income products and good loan business of small and micro companies, or a joint lead underwriter of securities companies and commercial banks. 2. The number of members of the underwriting syndicate is required (1). If the issuance scale of corporate bonds is below1500 million yuan (excluding1500 million yuan), the number of lead underwriters shall not exceed1; 65.438+05 billion yuan to 5 billion yuan (excluding 5 billion yuan), with no more than 2 lead underwriters; More than 5 billion yuan, the lead underwriter shall not exceed 3; If it exceeds 654.38+000 billion yuan, the number of lead underwriters may be increased as appropriate. (2) If the issuance scale of corporate bonds is less than 500 million yuan (including 500 million yuan), the number of members of the underwriting syndicate shall not exceed 5; 500 million yuan to1500 million yuan (including1500 million yuan), and each increase of1000 million yuan can increase1; No more than 20 companies with RMB 65.438+0.5 billion to RMB 3 billion (including RMB 3 billion); More than 3 billion yuan, no more than 25. The above standards shall be implemented according to the scale of application for issuance. If the issue scale is not greatly reduced due to policy considerations, the original arrangement can still be retained. The qualification requirements of other intermediaries are 1, which is stipulated by rating agencies. At present, the six rating agencies recognized by the National Development and Reform Commission as qualified to carry out corporate bond rating business include China Chengxin International Credit Rating Co., Ltd., Dagong International Credit Rating Co., Ltd., United Credit Rating Co., Ltd., Shanghai New Century Credit Rating Investment Service Co., Ltd., Pengyuan Credit Rating Co., Ltd. and Dongfang Jincheng International Credit Rating Co., Ltd. 2. Provisions of Accounting Firms A company planning to issue bonds shall apply for an accounting firm with securities and futures qualifications to issue an audit report. The report issued by the above-mentioned accounting firm branch shall provide the business authorization of the head office. 3. Provisions of Law Firms A company planning to issue bonds shall apply for a qualified law firm to issue legal opinions on the issuance and listing of bonds. 4. The provisions of the asset appraisal institution involve matters such as asset mortgage and pledge. A company that intends to issue bonds shall apply for an asset appraisal institution with securities and futures qualifications or an asset appraisal institution above Grade A recognized by the competent authority to issue an asset appraisal report when handling mortgage and pledge procedures. 5. Provisions on Creditor's Rights Agent A company that intends to issue bonds shall employ a creditor's rights agent (financial institution) as the agent of bondholders to handle bond-related matters. 6. Banking supervision stipulates that a company issuing bonds shall invite commercial banks as supervisory banks to supervise the raised funds and debt repayment funds. Convertible bonds have the characteristics of both bonds and stocks, and have the following three characteristics: 1 Like other bonds, convertible bonds also have stipulated interest rates and maturities. Investors can choose to hold bonds and collect principal and interest at maturity. 2. Equity convertible bonds are pure bonds before the conversion, but after the conversion, the original bondholders change from bondholders to shareholders of the company, and can participate in the company's business decisions and dividend distribution, which will also affect the company's share capital structure to a certain extent. 3. Convertibility Convertibility is an important symbol of convertible bonds, and bondholders can convert bonds into stocks according to agreed conditions. Converting shares is an option that investors enjoy but ordinary bonds do not. Convertible bonds are clearly stipulated at the time of issuance, and bondholders can convert bonds into common shares of the company at the price agreed at the time of issuance. If the bondholders do not want to convert shares, they can continue to hold the bonds until the repayment period expires to collect the principal and interest, or they can be sold and realized in the circulation market. If the holder is optimistic about the appreciation potential of the issuing company's shares, he may exercise the right to convert the bonds into shares at a predetermined conversion price after the grace period, and the issuing company shall not refuse. Because of its convertibility, the interest rate of convertible bonds is generally lower than that of ordinary corporate bonds, and issuing convertible bonds by enterprises can reduce financing costs. The holder of convertible bonds also has the right to sell the bonds back to the issuer under certain conditions, and the issuer also has the right to redeem the bonds under certain conditions. Convertible bonds have the dual characteristics of bonds and stocks, which are attractive to both enterprises and investors. 1996 the government of China decided to select qualified companies to carry out the pilot project of convertible bonds. 1997, the Interim Measures for the Administration of Convertible Corporate Bonds was issued, and in April 20001,the China Securities Regulatory Commission issued the Implementation Measures for the Issuance of Convertible Corporate Bonds by Listed Companies, which greatly standardized and promoted the development of convertible bonds. Convertible bonds have the characteristics of double options. On the one hand, investors can choose whether to convert shares and bear the opportunity cost of lower interest rate of convertible bonds; On the other hand, the issuer of convertible bonds has the right to choose whether to implement the redemption clause, so it has to pay a higher interest rate than convertible bonds without redemption clause. Double option is the most important financial feature of convertible corporate bonds, which limits the risks and returns of investors and issuers to a certain range and can be used to hedge stocks and obtain more certain returns. To sum up, the qualification examination of corporate bond underwriters is strict. For those who want to gain something in the bond market, it is difficult to be a good bond underwriter, but there is no way at all. As long as they want to make a difference in this field, they can all obtain qualifications under the legal premise. But the risk of operating bonds should not be underestimated, just as the saying in the stock market says, the stock market is risky, investment needs to be cautious, and bonds are equally suitable.