Different meanings of corporate bonds in the market

In the past five years, China's bond market has grown greatly in both variety and scale, just because the traditional investors in the bond market are mainly large institutions, and the attention of ordinary people is low.

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Corporate bonds have different meanings in the bond market:

1. The "corporate bonds" in the bond market mainly refer to the bonds of listed companies approved by the China Securities Regulatory Commission. This bond was issued in 2007 and can only be issued by listed companies registered in Chinese mainland. Because there are many financing channels for listed companies, the number and scale of bonds of listed companies are not large. 20 187 bond was issued in 2002.

2. Corporate bonds approved by the National Development and Reform Commission are also marked as "corporate bonds" in their prospectus. These bonds were officially issued by 1993, and the issuers were mainly large unlisted companies. In 2008, corporate bonds changed from "quota system" to "approval system", which ushered in great development. The issuance scale soared from 90 billion yuan in 2007 to 20 12 years 1 100 million yuan.

3. From the broadest definition, all non-government bonds issued by companies can be collectively referred to as corporate bonds, which we generally call "credit bonds", including listed corporate bonds, corporate bonds, medium-term notes, collective notes, financial bonds of commercial banks, short-term financing and targeted financing instruments of non-financial enterprises. In 20 12, China * * * issued one trillion yuan of credit bonds.