香港公布以首次发债人为对象的债券资助先导计划的详情

[ 本内容只备有英文及繁体版 ]

As part of the implementation of the Hong Kong government’s plans to promote bond issuances in Hong Kong and to enhance Hong Kong’s competitiveness in the international bond market, the Hong Kong Monetary Authority (HKMA) announced on 10 May 2018 further details of the three-year Pilot Bond Grant Scheme (Scheme) as promulgated in the 2018-19 Budget, being one of the initiatives to attract local, Mainland and overseas enterprises to issue bonds in Hong Kong.

The key details of the Scheme are summarised below:

1. What types of issuers are eligible for the Scheme?

Eligible issuers must be “first time” issuers, which means issuers that have not issued bonds in Hong Kong in the five-year period between 10 May 2013 and 9 May 2018. It should be noted that the term “issuer” includes the entity issuing a bond and its associates which covers the entity’s subsidiary, parent company or fellow subsidiary under the common control of the same company. 

2. What are the criteria of eligible bond issues?

Eligible issues must:

• • be issued in Hong Kong – which means a majority of arranging activities of the bond issuance (i.e., originating and structuring, legal and transaction documentation preparation, and sale and distribution) takes place in Hong Kong;
  • have an issuance size of ≥ HK$1.5 billion (or the equivalent in foreign currency);
  • be lodged with and cleared by the Central Moneymarkets Unit (CMU) or listed on The Stock Exchange of Hong Kong Limited (SEHK)
    
  • be, at issuance, issued in Hong Kong to (i) 10 or more persons or (ii) less than 10 persons none of whom is an associate of the issuer.

3. How much is the grant amount? 

The grant amount for each bond issue (up to two bond issues per issuer) is equivalent to half of the eligible issuance expenses, up to the following limits:

• HK$2.5 million – where the bond, its issuer or its guarantor(s) possess a credit rating by Fitch, Moody’s, Rating and Investment Information or Standard and Poor’s; or
• HK$1.25 million – where none of the bond, its issuer or its guarantor(s) possess a credit rating by any of the above rating agencies.

4. What kinds of expenses are eligible to be covered by the grant amount?

The following expenses are eligible issuance expenses:

• fees to Hong Kong-based arrangers;
• fees to Hong Kong-based legal advisors;
• fees to Hong Kong-based auditors and accountants;
• fees to Hong Kong-based rating agencies;
• (in the case of green bonds) fees to Hong Kong-based external green reviewers;
• SEHK listing fees; and
• CMU lodging and clearing fees.

Expenses covered by another grant scheme(s) in Hong Kong or overseas are ineligible.

5. When will the Scheme commence? How and when to apply?

The Scheme will be valid for a period of three years. The commencement date of the Scheme will be announced in due course.

Issuers and lead arrangers may request for application forms for the Scheme from the HKMA via [email protected] and provide relevant supporting documents within 3 months after a bond’s issue date.

6. What are the key differences between the Scheme and the Asian Bond Grant Scheme in Singapore?

The Monetary Authority of Singapore implemented on 9 January 2017 the Asian Bond Grant Scheme (Singapore Scheme) to promote bond issuances in Singapore.

Below is a brief comparison of the two schemes:

Conclusion

The launch of the Scheme is certainly welcomed by market participants and is expected to attract more companies to raise capital through bond issuances in Hong Kong, thereby boosting the local bond market and further enhancing Hong Kong’s position as an international financial centre.

If you want to know more about the Scheme or bond issuances in Hong Kong generally, please contact our debt capital markets partner, Kevin Tong.

[ 繁体版 ]

為了推動債券發行及提升香港於國際債權市場的競爭力，香港政府於2018至19年度《政府財政預算案》宣佈為期三年的債券資助先導計劃（該計劃），以吸引本港、中國境內及海外企業來港發債。2018年5月10日，香港金融管理局（金管局）公佈該計劃的進一步詳情。

該計劃的主要詳情概述如下：

1. 哪些類型的發債人合資格參與該計劃？

合資格發債人需是“首次”發行機構，即自2013年5月10日至2018年5月9日五年期間未曾在香港發行債券的發債人。務需注意，“發債人”一詞兼指發債實體及其相聯者，包括該實體的附屬公司、母公司或者受同一公司共同控制的同系附屬公司。

2. 合資格債券需符合哪些條件？

合資格債券：

• 需於香港發行－換言之，債券發行的大部分安排活動（即發起與組構、法律及交易文件擬備，以及出售與分銷）都在香港發生；
• 發行金額需 ≥ 15億港元（或等值外幣）；
• 需由債務工具中央結算系統（CMU）託管及結算或於香港聯合交易所有限公司（聯交所）上市；以及
• 在發行時，需在香港(i)向不少於10人發行；或(ii)向少於10人發行的，而其中並沒有發債人的相聯者。

3. 資助金額是多少？

每筆債券發行的資助金額（每個發債人最多可為兩筆債券發行申請資助）相當於合資格發行費用的一半，上限按以下設定：

• 250萬港元－如該筆債券、其發債人或其擔保人其中一方具備惠譽、穆迪、Rating and Investment Information或標準普爾所給予的信貸評級；或
• 125萬港元－如該筆債券、其發債人或其擔保人均不具備任何上述評級機構所給予的信貸評級。

4. 資助金額可償付哪些符合資格的費用？

以下費用屬合資格發行費用：

• 支付給以香港為基地的安排人的費用；
• 支付給以香港為基地的法律顧問的費用；
• 支付給以香港為基地的審計師及會計師的費用；
• 支付給以香港為基地的評級機構的費用；
• （就綠色債券而言）支付給以香港為基地的外部綠色評審員的費用；
• 聯交所上市費用；及
• CMU託管及結算費用。

以香港或海外其他資助計劃償付的費用並不符合有關資格。

5. 該計劃將於何時開始？應在何時及如何提出申請？

該計劃有效期為三年，當局會於適當時間公佈該計劃的開始日期。

發行人及牽頭安排人可寄發電郵至[email protected]，向金管局索取該計劃的申請表格，並於債券發行日期後3個月內提供有關的支持文件。

6. 該計劃與新加坡的亞洲債券資助計劃有哪些主要差異？

2017年1月9日，新加坡金融管理局實施亞洲債券資助計劃（新加坡計劃），以推動新加坡債券發行。

兩項計劃的簡略比較如下：

結語

該計劃預期會吸引更多企業來港發債籌集資金，從而推動本地債券市場，並進一步提升本港作為國際金融中心的地位；毫無疑問，市場參與者都喜見該計劃得以推行。

如果您希望更深入瞭解該計劃或在香港發債的一般情況，請與本行的債務資本市場合夥人唐禮賢律師聯繫。   

主要负责人

唐礼贤

合伙人 | 企业融资

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