The Scheme Design Of S Company Non-public Offering Exchangeable Bonds

In recent years,exchangeable bonds have been booming in China's bond market,and the amount of financing and issuance has been rising steadily.The traditional equity or debt financing instruments issued condition threshold is too high,the corresponding limit stricter laws and regulations,or do not match with the company's own needs,and many other defects,so the exchangeable bonds are popular in the market.And exchangeable bonds as a kind of innovative bonds varieties,on the basis of pure debt embedded in the subsidiary calls on stocks.It have the advantages of low cost financing,high premium reduction,flexible provision design and short issuance audit time,which can meet the financing needs of enterprises.Firstly,this paper summarizes the design of exchangeable bond scheme.This paper briefly introduces the concept of exchangeable bonds,its development in China.Then,it analyzes the issuing qualification of S company and its N company which pledge the underlying stocks,and makes clear that S company has the qualification and feasibility to issue the exchangeable bond's rights.Moreover,in accordance with the market conditions and regulatory requirements,and in combination with the theory of exchangeable bonds and the actual situation of S company,the scheme of non-public issuance of exchangeable bonds was designed for S company.At last,the author analyzes the expected impact of the scheme from the perspective of issuer,investor and market,and summarizes the scheme.In this paper,the design of the exchangeable bond scheme for S company is issued.The paper combs the laws and regulations of non-public issuing and issuing exchangeable bonds,issuer's qualification and so on.The terms of the design are not based on the previous cases,but are tailored to the needs of S company and the actual market conditions.The scheme balances the interests of issuers,investors and market regulators.It is hoped that this paper can provide some references for other enterprises trying to exchange bond financing through non-public offering.