The issuer of the bond is responsible for paying back the principal and interest to the investors.
债券发行方需对投资者偿还本金和利息。
The issuer of the visa, usually a country's embassy or consulate, approves travel documents for foreign citizens.
签发签证的通常是国家大使馆或领事馆，他们审批外国公民的旅行文件。
The issuer of the stock certificate is the company that issued the shares to its shareholders.
股票证书的发行者是向其股东发行股票的公司。
The credit card issuer sets the terms and conditions for using their cards, including interest rates and spending limits.
信用卡发行商设定信用卡的使用条款和条件，包括利率和消费限额。
The government is the issuer of legal tender, such as paper currency and coins.
政府是法定货币（如纸币和硬币）的发行者。
In a cryptocurrency, the issuer is often referred to as the "mining pool" or "blockchain network," which validates transactions and creates new units.
在加密货币中，发行者通常被称为“矿池”或“区块链网络”，负责验证交易并创建新的货币单位。
The issuer of a loyalty program rewards customers for their repeat business or purchases.
忠诚度计划的发行者会奖励常客或购买者的重复消费。
An email newsletter issuer typically sends out regular updates to subscribers on news, promotions, or company information.
电子邮件新闻通讯发行商通常定期向订阅者发送新闻、促销或公司信息。
The issuer of a municipal bond is a local government entity, like a city or county, seeking funding for public projects.
地方政府债券的发行者通常是城市或县等地方政府实体，用于公共项目的资金筹集。
The issuer of a prepaid gift card allows the recipient to use the funds on the card at participating merchants.
预付礼品卡的发行者允许持卡人在指定商户使用卡内资金。
The PCAOB also sanctioned Shandong Haoxin Certified Public Accountants Co Ltd and four of its associated persons for violations of the US securities laws and PCAOB rules and standards in connection with the audits of the 2015-2017 financial statements of Gridsum Holding Inc. Haoxin, a public accounting firm, issued a false audit report, failed to maintain independence from their issuer client, and improperly adopted the work of another accounting firm as their own, said the PCAOB.
PCAOB还制裁了山东浩信会计师事务所有限公司及其四名关联人员，因为其在审计国网控股股份有限公司2015-2017年度财务报表时违反了美国证券法和PCAOB规则和标准，并不当地将另一家会计师事务所的工作作为自己的工作，PCAOB表示。
It is the largest IPO by a Chinese issuer in the US market since October 2021, according to global financial data provider Dealogic.
根据全球金融数据提供商Dealogic的数据，这是自2021年10月以来中国发行人在美国市场最大的IPO。
Increased international investors and issuer activity is an important step in China's capital market opening and global financial system integration.
国际投资者和发行人活动的增加是中国资本市场开放和全球金融体系一体化的重要一步。
"Deutsche Bank's panda bond issuance has demonstrated the value of accessing the onshore market for international issuers.
“德意志银行的熊猫债券发行证明了国际发行人进入在岸市场的价值。
Financing costs of panda bonds are likely to remain at a relatively low level, which will enhance the attractiveness of the panda bond market to issuers, said Wang Yifan, an analyst at China Lianhe Credit Rating.
中国联合信用评级分析师王一凡表示，熊猫债券的融资成本可能会保持在相对较低的水平，这将增强熊猫债券市场对发行人的吸引力。
In addition, China will keep enriching the types of financial derivatives and reduce panda bond issuers' exposure to foreign exchange risks.
此外，中国将不断丰富金融衍生品的种类，减少熊猫债券发行人的外汇风险敞口。
The China Securities Regulatory Commission, the country's top stock market regulator, said on Friday that it respects the decisions made by the US-listed Chinese issuers based on their own conditions.
中国最高股市监管机构中国证监会周五表示，尊重在美上市的中国发行人根据自身情况做出的决定。
The delisting decisions came amid an ongoing audit dispute between China and the US that has exposed some US-listed Chinese issuers to the risk of forced delistings.
退市决定出台之际，中美之间正在进行的审计纠纷使一些在美上市的中国发行人面临被迫退市的风险。
The Hong Kong and Macao version of the UnionPay app launched two years ago has enrolled almost all local UnionPay issuers, leading to the enablement of UnionPay QR payment in 15 issuer apps.
两年前上线的港澳版云闪付APP已接入当地几乎所有发卡银行，实现了15家银行APP的银联二维码支付功能开通。
For instance, the SaaS Card Issuing Service platform (SCIS) considerably reduces technical barriers and costs of virtual card issuance, and has taken 10 issuers on board.
例如，SaaS卡发行服务（SCIS）平台大大降低了虚拟卡发行的技术门槛和成本，并已吸引了10家发卡机构加入。
The key focus of the consultation is to support and improve issuers' governance and disclosure of ESG activities and metrics.
In the week ending Jan 17, four companies listed on the US exchanges, including three Chinese issuers and a US mortgage lender, according to IPO information platform Renaissance Capital.
In feedback provided on Nov 4, the CSRC questioned its prime operation and asked for an explanation to define the issuer as an asset management company or a high-speed train passenger transport service provider.
Hong Kong Exchanges and Clearing Limited (HKEX) announced on Wednesday that Alibaba Futures and Options are set to be introduced on Nov 26, informing issuers that they can list derivative warrants on Alibaba shares when the shares debut on HKEX's securities market.
It's possible also that the company may not need to seek a waiver, as the city's listing rules allow some Chinese issuers who have already listed on an established international bourse to keep their existing structures in a secondary listing.
"We are confident that we can play a part in moving China's economy to the next level to help issuers raise funds and investors diversify their portfolios.
More recently, we have obtained a license to underwrite Panda bonds for foreign issuers.
The system also can continuously trace issuers' credit status and asset pool status to lower investors' post-investment cost.
In addition to growing trading volumes, issuers of CDRs and GDRs can also benefit from the branding and marketing impact, said Jason Lui, head of Asia Pacific equity derivative strategy at BNP Paribas.
As the first issuer to take advantage of Hong Kong's new rules on dual-class shares, Xiaomi's IPO price is on the low end of the expected range — HK$17 to HK$22 — it had earlier set, which makes its initial aim of raising $10 billion, as earlier reported unmet.
The first issuer to take advantage of Hong Kong's new rules on dual-class shares, Xiaomi is reportedly planning to issue around 2.18 billion shares, with 65 percent of those being primary shares, at an indicative price range of HK$17 to HK$22 ($2.17 to $2.80) apiece.
On Friday, Fitch Ratings published China Fortune Land Development Co. , Ltd. 's (CFLD) long-term foreign-currency issuer default rating (IDR) as BB+ with a stable outlook.
The Industrial and Commercial Bank of China (ICBC) became the biggest bond issuer on Nasdaq Dubai after listing two new bonds Tuesday, Dubai International Financial Center (DIFC) said.
"HSBC is committed to playing its part in the development of China's capital markets and helping its clients capture opportunities as they become increasingly open to global investors and issuers.
The 2024 notes issued by Wanda Properties International, a unit of Wanda Commercial, have lost 2.9 percent this year, the worst performer among high-yield dollar bonds from Chinese issuers in Bank of America Merrill Lynch indexes.
CIMB Group is the largest issuer of ASEAN local currency bonds, and the top issuer for Malaysian Ringgit bonds , said Aziz.
American Express Co, the largest credit-card issuer based on purchases, is seeking to extend its services to young affluent consumers in China, hoping to tap into their purchasing potential in outbound tourism and international online shopping.
On Monday, the credit card issuer launched two credit cards under a partnership with Bank of China, the country's fourth largest lender by assets.
The final offering price will be negotiated, and the proceeds raised from the listing will be used to boost the development of the issuer's primary businesses, as well as optimizing the asset-liabilities structure, it said.
Proceeds raised from the listing will be used to boost the development of the issuer's primary businesses, as well as optimizing the asset-liabilities structure, it said.
The statement came after Moody's affirmed China's A1 long-term local and foreign-currency issuer ratings on Tuesday but changed its outlook on China's government credit ratings to negative from stable, citing lower medium-term economic growth and ongoing downsizing of the property sector.
Moody's last cut China's local and foreign-currency issuer ratings in 2017, from Aa3 to A1.
In August, it successfully issued 1.5 billion South African rand ($78.5 million) worth of bonds in the country's domestic bond market, becoming the market's highest-rated issuer since 2015.
The NDB in May also issued 8.5 billion yuan ($1.16 billion) worth of panda bonds, an onshore bond offering international borrowers a way to tap domestic renminbi investors, making it one of the largest issuers of such bonds in the Chinese interbank market.
Bond issuers looking to invest in sustainable development in those regions may benefit from this mega trend over the long run.
Also, valuation levels may recover supported by market expectations over optimizations in COVID-19 containment, adjustments in internet sector regulations and signs of mitigating delisting risks facing US-listed Chinese issuers, Lau said.
Under the current international rating system led by Western rating agencies, the relatively low sovereign ratings of emerging economies have affected the ratings of corporate bond issuers from the BRICS countries.
Issuers and intermediary organizations can also apply for online consultations.
Issuers are encouraged to hold e-road shows on the SSE's online platform.
To this end, Tu urged efforts to make ESG information disclosure a mandate first for all companies listed in the A-share market and eventually all listed companies and bond issuers in China.
Second, there's an urgent need for international coordination and the alignment of standards for climate risk-related regulation－in particular climate risk disclosure standards for corporate issuers, financial institutions and financial products.
As for listings requiring security inspections, the issuers should apply for inspections prior to the registration.
Local government special bonds have higher requirements for projects, and issuers were reluctant to issue such bonds in early stages.
It is also the largest issuer of panda bonds in China.
It is the first time the system leveled its capacities in A-share issuance to international standards, and improved predictability in favor of stock issuers, intermediaries and investors during the floating process.
"Access is no longer a problem for foreign institutions in China," Lai said, adding that as one of the first foreign banks that obtained access to underwriting onshore corporate bonds from Chinese issuers, BNP Paribas performed the first lead underwriting by a foreign bank of this kind in December 2019.
Since the time Luckin Coffee Inc owned up to its misreporting of accounts in April, Chinese issuers in the US have met with increasingly tougher regulatory environment.
The profitability and debt levels of most steel companies in China have improved significantly compared with the situation before the supply-side reforms, said a credit analysis of steel sector issuers released by S&P Global (China) Ratings.
标普全球（中国）评级发布的钢铁行业发行人信用分析报告称，与供给侧结构性改革前的情况相比，大多数中国钢铁公司的盈利能力及其负债水平已显著改善。
This means, there are huge yield differentials between onshore and offshore, even from the same issuer, which could signal a rare opportunity for investors.
We recently saw onshore/offshore differentials of around 500 basis points for a high-quality BB-rated issuer, and 1300 basis points further down the credit curve, albeit these gaps have since narrowed a bit.
Meanwhile, from an issuer's perspective, developers may use the low-cost funding environment onshore to replenish their liquidity reserves, which should ease concerns for offshore bondholders.
Several issuers have already announced bond buybacks, and more are likely to come.
These have been mostly in short-term debt, where the issuer can buy back their bonds at a discount and book a profit now, rather than repay at full value a few months later.
Small homebuilders with tight funding channels have increasingly turned to asset sales to boost liquidity, and Fitch said this could lead to issuers exiting the property development business.
The latest remarks dispel earlier rumors that the government plans to relax constraints to the real estate sector or intend to provide support to financing of private real estate projects－the latest guideline for high quality corporate bond issuance did not rule out real estate issuers.
High quality companies, referring to corporate issuers with a 'AAA' credit rating or feature financial indicators and with no bond defaults in the past three years, will receive priority from the commission in their application for corporate debt issuance, according to the guideline issued by the commission on Wednesday.
Issuers do not need to provide documents for specific projects in order to get approval, but only need to propose the area expected to be invested in.
Zhang Xu, a fixed income analyst with Everbright Securities, said the guideline has set high standards for qualified issuers, and most of them are expected to be State-owned companies with promising revenue gains.
For instance, in 2016, labelled green bonds issued in China reached a whopping 205.2 billion yuan ($29.6 billion), making China the world's largest issuer of green bonds, which accounted for 40 percent of green bonds issued globally.
Earlier this year, China became the first country to make it compulsory for all listed companies and bond issuers to disclose environmental, social and governance risks associated with their operations by 2020.
今年早些时候，中国成为首个要求所有上市公司和债券发行者在2020年前必须披露其运营相关的环境、社会及治理风险的国家。
Their comments came as the US-based ratings agency on Wednesday changed to negative from stable its outlook on the banks, following the agency's affirmation of the government of China's issuer rating at A1 and changing the sovereign ratings outlook to negative from stable on Tuesday.
Sun Lijun, co-head of global banking of UBS Securities, said IPOs on the BSE are likely to significantly increase next year as the exchange enriches the channels for companies to go public while improving market liquidity allows issuers to receive higher valuations.
When panda bonds mature, the issuers will have refinancing needs.
Widely used in overseas markets, the registration-based system features more inclusive listing requirements for innovation-oriented companies and is designed to give the market a decisive role in IPOs on the basis of transparent information disclosures of issuers.
The lender has assisted Poland, Portugal, the Emirate of Sharjah and many international financial institutions to issue panda bonds — renminbi-denominated bonds sold by a non-Chinese issuer within the Chinese mainland.
It is worth mentioning that BOC Hong Kong and BOC's Macao branch are the issuers of local bank notes.
Panda Bonds are reminbi-denominated debts sold by overseas issuers in China.
In March, the Export-Import Bank of China announced that it had achieved its first renminbi loan cooperation with the Saudi National Bank, while Egypt is poised to be the first African country to issue panda bonds, renminbi-denominated bonds sold by a non-Chinese issuer within the Chinese mainland.
Commercial banks are also suggested to improve the valuation and settlement functions of the renminbi in stocks, bonds, foreign exchange and other financial markets; attract overseas issuers to participate in the domestic bond market; expand cross-border financial cooperation; and continuously enhance their cross-border business development and risk prevention and control capabilities.
Schwimmer said the LSE is having productive discussions with potential Chinese issuers and is looking forward to welcoming listings from a broader range of Chinese enterprises as the Shenzhen Stock Exchange — home to innovative, high-growth Chinese firms — joined the connect program last year.
Sui Qiang, general manager of BSE, said the support for issuers to list in the Beijing and Hong Kong markets underscores BSE's commitment to deepening reforms and further opening up its market, allowing more companies to leverage both markets in the acceleration of their development.
Hong Kong Exchanges and Clearing Chief Executive Officer Nicolas Aguzin said the bourse will continue to negotiate with Hong Kong and mainland regulators to incorporate the dual counter model into the southbound trading of Hong Kong Stock Connect, thus improving capital flows of southbound connect, and attracting international issuers to trade using the arrangement.
Panda bonds are yuan-denominated debts sold by overseas issuers in China.
NDB is able to price the bond with a negative issuer premium thanks to strong demand from onshore and offshore investors.
The link also facilitates greater collaboration opportunities between issuers in both markets, enhancing investment options for investors.
HKEX Chief Executive Officer Nicolas Aguzin said the new dual counter model is another key milestone in the development of Hong Kong's capital markets, which will give issuers and investors more choices, will enrich Hong Kong's RMB products ecosystem, cementing its role as the world's leading offshore RMB hub, and will support the ongoing internationalization of the RMB.
"We have launched a range of important new strategic initiatives, such as our new specialist technology company listing regime and Stock Connect eligible stocks and trading calendar enhancements, and we welcomed a host of new issuers and products to our markets," says HKEX CEO Nicolas Aguzin.
In the long run, building a specialist technology financing ecosystem will diversify Hong Kong's capital markets and create a more appealing environment for both issuers and investors," says KPMG China New Economy and Life Sciences Partner Irene Chu Ngar-yee.
As of the end of February, up to 1,080 overseas institutions had entered the country's interbank bond market, holding 3.2 trillion yuan in bonds, while overseas issuers had issued bonds worth 479.6 billion yuan.
The overseas issuers include international development institutions, foreign governments, financial institutions and non-financial enterprises.
Overseas issuers have issued 630 billion yuan worth of panda bonds, which are RMB-denominated bonds sold by foreign issuers on the Chinese mainland.
"Central banks like gold because it is expected to hold its value through turbulent times and, unlike currencies and bonds, it does not rely on any issuer or government.
HONG KONG - Hong Kong Exchanges and Clearing Limited (HKEX) announced on Thursday that it will open an office in London in the first half of 2023 to further expand the group's international reach, promoting greater global connectivity and facilitating opportunities for HKEX's customers and issuers around the world.
Companies from new energy, chemicals, medicine, consumption, technology, media and telecommunications have been the major GDR issuers, said Sun.
We look forward to continuing our work with SZSE and issuers to further enhance market connectivity and create a vibrant ETF ecosystem between the two countries.
Except for Mingyang Smart Energy, which opted for the London Stock Exchange, all the other eight GDR issuers chose to float on the SIX Swiss Exchange.
Together with the proposed initiative of allowing mainland investors to trade renminbi-denominated securities through southbound Stock Connect, this should further enhance trading liquidity of relevant stocks, which should be most welcomed by relevant listed issuers and investors," said Cliff Ip, CPA Australia Greater China deputy president 2022.
Feng Lin, a researcher of Golden Credit Rating, said the market regulation will be more transparent and the bond issuance will be more convenient, which will be conducive for the market to continue growth and attract more diverse issuers.
The issuer base for universal registration was expanded, and repetitive disclosure was reduced.
The account registration for the bond issuer should be done at the bank before official issuance of any product.
For issuance in installments, the issuer is allowed to register and open an account for the first phase, and to submit issuance information one by one for subsequent issuances.
Samuel Fischer, head of China onshore debt capital markets at the bank, said: "For international issuers, China's onshore markets offer a stable and attractive funding environment via panda bonds.
Foreign issuers increasingly look to panda bonds as a financing channel to support their business operations in China while meeting the goal of financing and risk management globally.
Panda bonds are yuan-denominated debts sold by overseas issuers to meet financing demand.
The company said the issuance further expanded the depth and width of Macao's bond market development, attracting quality issuers and international investors to Macao's bond market and boosting market confidence.
The new rules are expected to provide clear and specified requirements for the auditing and data management of overseas-listed, China-based issuers, and with this, Chinese companies will be able to make financing decisions more easily, Ren said.
It is an all-win choice to promote cooperation in cross-border audit oversight in accordance with the law and ensure unimpeded channels for companies to list overseas, which benefits the two countries' capital markets, issuers as well as global investors, according to sources with authorities.
Information in the public domain showed that all the 13 GDR issuers this year are from the manufacturing sector.
Under the previous rating model where bond issuers pay for the rating services, issuers often interfere with credit rating decisions and encourage rating agencies to give them high ratings since they have common interests.
Data showed that in 2020, issuers with high ratings accounted for 82 percent of bond defaults in the country's bond market.