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- 09 / 12 / 2018 -
Regulation on issuance of corporate bonds

On 04/12/2018, The Government issued Decree No. 163/2018/NĐ-CP regulation on the issuance of corporate bonds. This Decree shall take effect from 01/02/2019.
Accordingly, Decree No. 163/2018/NĐ-CP has new and noticeable content as follows:
Supplement to the definition of “Green corporate bonds”:
Corporate bonds are corporate bonds issued to invest in environmental protection projects in accordance with the Law on Environmental Protection.
Abolish some conditions when issuing bonds:
The conditions for issuing non-convertible bonds in the country no longer require the results of production and business activities of the year preceding the issuance year to be profitable (according to financial reports).
The specific procedure for issuance of bonds:
+ Step 1: The Enterprise releasing bonds prepares the bond issuance dossier;
+ Step 2: The issuing enterprise announces the information before the issuance;
+ Step 3: The issuing enterprise issue bonds;
+ Step 4: Issuing enterprises shall publicize information on bond issuance results and issuance result reports;
+ Step 5: The issuing enterprise shall conduct bond custody;
+ Step 6: The issuing enterprise carries out payment of bond principal and interest;
+ Bước 7: Issuing enterprises shall disclose information and make periodical reports from the completion of the bond issuance to the maturity of bonds.
In addition, this decree stipulates that bonds must be registered and deposited at authorized custody organizations and no longer be deposited at credit institutions as currently prescribed.
From day 01/02/2019, Enterprises issuing bonds under Decree No. 90/2011/NĐ-CP must be disclosed information in accordance with Article 24, 25, 26 and custody in accordance with Article 16 of Decree No. 163/2018/NĐ-CP.
Can be seen that Decree No. 163/2018/NĐ-CP has detailed process of procedures for issuing corporate bonds compare with the Decree 90/2011/NĐ-CP, this helps to make the process of implementation of the enterprise more specific and clear while contributing to the management process of the State in this field is more synchronous and accurate.

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