Foreign debt refers to debt instruments borrowed from overseas by domestic enterprises and their controlled overseas enterprises or branches for more than 65,438+0 years, denominated in local currency or foreign currency, and repaid the principal and interest as agreed, including bonds issued overseas, medium and long-term international commercial loans, etc. After September 14, 2065438+05, the National Development and Reform Commission changed the approval mechanism for overseas bond issuance by Chinese-funded enterprises into a filing and registration system. Overseas bonds overlap with dim sum bonds, but they are completely different from panda bonds. Overseas bonds can be issued directly, indirectly and in a red-chip structure. The red-chip structure does not belong to the foreign debt issuance method stipulated in No.2044 document, and whether it needs to be filed with the National Development and Reform Commission is still controversial.
Legal objectivity:
Article 15 of the Securities Law of People's Republic of China (PRC) The public offering of corporate bonds shall meet the following conditions: (1) It has a sound organizational structure; (2) The average distributable profit in the last three years is enough to pay the interest of corporate bonds for one year; (3) Other conditions stipulated by the State Council. The funds raised by the public offering of corporate bonds must be used for the purposes listed in the Measures for Raising Corporate Bonds; Any change in the use of funds must be decided by the bondholders' meeting. The funds raised from the public offering of corporate bonds shall not be used to cover losses and unproductive expenditures. When a listed company issues corporate bonds that can be converted into shares, it shall comply with the provisions of the second paragraph of Article 12 of this Law in addition to the conditions stipulated in the first paragraph. However, according to the way of raising corporate bonds, unless a listed company converts corporate bonds by buying its own shares.