Conditions for registration and issuance of Dfi

Dfi is issued by registration system, and debt financing instruments issued by enterprises should be registered with China Association of Interbank Market Dealers. Dealers Association reviews the completeness of enterprise registration documents according to the Measures for the Administration of Debt Financing Instruments for Non-financial Enterprises in the Inter-bank Bond Market of the People's Bank of China and the relevant self-discipline rules of China Association of Dealers in the Inter-bank Market, and does not require enterprises to provide detailed capital use, so its capital use is more flexible than that of corporate bonds. The initial registration of public offering is generally 1 month; The initial registration of private directional issuance is generally 1 week.

I. Debt financing instruments

1, DFI is the English abbreviation of debt financing instruments, and it is an innovative tool for dealers' association to classify, register and issue all kinds of corporate public debt financing instruments, which has unique significance and value. Dfi distribution adopts hierarchical and classified management, which simplifies business processes by opening preferential green channels for specific groups and makes dfi market share grow rapidly. At the same time, dfi adopts the principles of marketization, standardization and transparency, and carries out differentiated management according to the main qualifications of enterprises.

2. Debt financing instruments are all called non-financial corporate debt financing instruments in the inter-bank bond market. They are issued by market-oriented standardized issuance procedures and in various ways. The flexible operation of funds, the ability to reduce the financing interest rate, improve the utilization rate of funds and exercise the opportunities of listed companies play a decisive role in the survival of enterprises. Debt financing instruments include corporate bonds, project income bonds, corporate bonds, exchangeable corporate bonds, medium-term notes, non-public directional debt financing instruments and project income notes.

Second, the advantages of debt financing instruments

1, market-oriented issuance, reducing the financing interest rate

Debt financing instruments are issued in a market-oriented way, and bond risks are judged and borne by investors themselves. Due to the high degree of marketization, the issuance rate of debt financing instruments is lower than that of traditional bank loans.

2. Recyclable, with high capital utilization rate.

After the maturity of debt financing instruments, the issuing enterprises can choose to renew the issuance to realize the rolling circulation issuance of debt financing instruments, thus prolonging the use time of funds and improving the utilization rate of funds.

3. Standardize issuance and cultivate listed companies.

Debt financing instruments adopt market-oriented operation and standardized issuance process, which requires many intermediaries to participate in the evaluation and audit of issuing enterprises and issue relevant professional reports. These evaluations and audits will help enterprises to improve their own system construction, improve their credit awareness, and promote the formation of a modern enterprise management system with clear property rights and standardized management, which is of far-reaching significance to the incubation and cultivation of high-quality listed enterprises.