What is the definition of non-public corporate bonds?

Legal Analysis: Non-public issuance of corporate bonds is also called private placement, and private placement bond is also called high-yield bonds. Bonds issued by companies or municipal institutions with low credit ratings are usually below Ba or BB.

Legal basis: Article 5 of the Pilot Measures of Shenzhen Stock Exchange for private placement bond Business of Small and Medium-sized Enterprises shall be underwritten by securities companies. Securities companies and related intermediaries should follow the principles of equality, voluntariness, honesty and trustworthiness, strictly abide by professional norms and ethics, and perform their obligations in accordance with regulations and agreements.