The IEC will review the expansion of the two separate bond warrants market

Sina Finance News From the website of China Securities Regulatory Commission (CSRC) today evening, the IEC will hold the 47th IEC working meeting in 2006 on October 20 to review Maanshan Iron and Steel Co., Ltd（ Masteel ( information quotation forum ) , code: 600808), Panzhihua New steel vanadium ( information quotation forum ) Separated debt project of joint-stock company limited by shares (New Steel Vanadium, code: 000629).

    Steel companies favor separation bonds

Including Tangshan Iron and Steel Group, Wuhan Iron and Steel Group, Xingang Vanadium Steel Group and Maanshan Iron and Steel Group, there are currently four steel stocks planning to issue separate bonds.

Among them, New Steel Vanadium plans to issue 3.2 billion yuan of separate bonds, and subscribers of each bond can obtain no more than 25 warrants distributed by the company for free.

Ma Steel intends to issue no more than 5.5 billion yuan of separate bonds. It is reported that the subscribers of each bond can obtain no more than 23 warrants distributed by the company.

　　 Tangshan Iron and Steel Co., Ltd ( information quotation forum ) In May, it launched the first separate bond issuance plan, which is planned to issue no more than 3 billion yuan. Subscribers of each bond can receive no more than 15 warrants issued by the company.

In addition, Wuhan Iron & Steel ( information quotation forum ) (600005) At the end of July, the Extraordinary General Meeting of Shareholders approved the proposal to issue no more than 8 billion yuan of separate bonds.

The full name of separation bond is "separation transaction convertible bond", which actually includes corporate bonds and equity warrants.

Zhao Zhicheng, an analyst in the steel industry of Everbright Securities, said that the scale of fixed asset investment of steel listed companies is very large, and the requirements for the amount and efficiency of financing are relatively high.

Analysts believe that segregated bonds can satisfy investors with different risk preferences, attract more investors to participate and broaden financing channels.

    The expansion of warrant market is in sight

Compliance with the national industrial policy is a prerequisite for issuing corporate bonds, so the issuance of corporate bonds should be "checked" by the National Development and Reform Commission.

However, some insiders believe that the cycle from the submission of the plan to the final issuance of corporate bonds is too long.

According to the Economic Observer, in the newly revised Regulations on the Administration of Corporate Bonds, the issuance of corporate bonds will be changed from the approval system to the approval system. "The National Development and Reform Commission will no longer have the power to approve the issuance of corporate bonds.".

In addition, China Business Daily reported that the SSE is planning to expand its warrant capacity. The current plan is to "first determine a stock pool, within which brokers will select individual stock targets and apply to the management for issuing equipment warrants".

At present, the 26 warrants still being traded in the market are all born from the share reform. These warrants are gradually facing expiration.

It can be seen that with the introduction of relevant regulations and innovation policies, covered warrants issued by securities companies and equity warrants attached to the issuance of separation bonds by listed companies will be launched in large quantities, which is expected to usher in a large expansion of warrants. (Guangguang)