玉兰债详解-中资境外债券发行“新”选择

文摘 2024-08-09 11:04 日本

序言

将时间倒回2016年，经历过811汇改，上海自贸区金融创新速度有所减缓但仍有不少亮点：2016年5月9日，上海清算所发布《自贸区跨境债券业务登记托管、清算结算实施细则》《上海自贸区跨境债券业务登记托管、清算结算业务指南》，意味着上海清算所版自贸债正式推出。同年2016年9月7日，中债登发布《中国（上海）自由贸易试验区债券业务指引》，标志着中债登版自贸债业务正式推出。

此后直至2022年7月，上海清算所多次修订更新上海清算所版自贸债的《上海自贸区跨境债券业务登记托管、清算结算业务指南》。不过，迄今为止自贸债发行人均选择在中债登进行登记托管。

上海清算所另辟蹊径，2020年12月8日，上海清算所与欧清银行Euroclear签约，通过建立金融基础设施互联互通，基于中资企业境外债业务推出“玉兰债”(Yulan bond)。玉兰债是以上海市市花白玉兰命名，维基百科：玉兰Yulania denudata别名白玉兰，因此简化为玉兰债也没错。

截至目前，玉兰债共发行5笔，发行币种有美元、欧元、人民币，发行架构有直接发行、担保发行，发行人有中资银行和中资券商。那么，玉兰债能摆脱“盆景式创新”吗？

玉兰债定义

上清所没有给出玉兰债明确的定义，仅是提到：玉兰债通过上海清算所与欧清银行Euroclear建立的金融基础设施连接，为中资发行人面向国际市场发债提供便利。上海清算所作为境内金融基础设施，直接服务中资发行人，提供债券无纸化登记服务。国际投资人直接或间接通过欧清银行持有玉兰债，并通过欧清银行开展结算。

根据现有玉兰债产品规则，试总结如下：玉兰债的本质为中资境外债，结算核心环节仍依托欧清Euroclear，玉兰债是针对传统境外债调整了发行人对接的登记托管机构并对持有人信息穿透规则等进行微调的境外债品种。

玉兰债与境外债的相同点

如前文所述，玉兰债几乎等同于境外债，主要规则与境外债相似，包括：

发行审批框架：《企业中长期外债审核登记管理办法》（国家发展和改革委员会2023年第56号令）

发行币种：美元、欧元、人民币等全币种。

发行条例：Regulation S、144A、SEC。

适用法律：由发行人决定，可采用英国法、香港法、中国法等境内外法律

上市地点：自由选择，如：HKEX, SGX等。

发行人范围：境内企业、境内企业的境外分支机构或境外子公司、以及主要资产和业务在中国境内但境内权益被离岸壳公司控制的境外母公司等各类发行人。

投资人要求：可通过直接在欧洲清算银行开户，或通过全球托管行、境外中央证券存管机构等多渠道间接参与玉兰债投资。支持债券通南向通。

流动性：依托欧清平台开展结算，纳入欧清银行三方担保品管理业务合格担保品范围。

玉兰债与境外债的差异

1、发行端对接登记托管机构的差异

在发行准备阶段，发行人需要准备：

（1）取得债券发行的监管许可（如需）。
（2）取得内部获准债券发行的文件（董事会决议）。
（3）向投行发出询价函，依据投行建议的发行方案、综合实力，确定承销团名单。
（4）选定发行人和承销团的中国法和境外法律师、支付/财务代理人等。
（5）在上海清算所开立发行人账户，若发行人在上海清算所已有发行人账户，可直接使用该账户发行“玉兰债”。
（6）提交玉兰债专用协议，发行人需与上海清算所签署《欧清合作项目发行人服务协议》
（7）召开债券发行启动大会。
（8）召开尽职调查会议。
（9）审核并确定初步发债说明书、交割备忘录、认购协议及财务代理协议等所有法律文件。
（10）准备债券发行评级相关材料；确定路演计划，准备路演材料。
（11）获取交易所初步上市允许（如需）。

在发行交割阶段

（1）簿记建档结果确认环节

交割行向上海清算所提交《簿记建档结果确认表》，提供投资人认购额度等信息
上海清算所将簿记建档结果提供欧清银行，欧清银行据此确认认购投资人的合资格性
投资者开始向欧清银行提交分销结算指令

（2）分销结算指令录入环节

交割日前3个工作日17:00前，交割行向上海清算所提交《结算与资金划付指令表》
交割日前2个工作日前，上海清算所根据交割行提供的指令表在欧清银行录入分销结算及资金划付指令

（3）债券登记确权申请环节

交割日前1个工作日15:00前，交割行向上海清算所提交登记确权申请材料，如有募集说明书终稿，也需一并提供

（4）分销结算&募集资金划转环节

发行交割会议后，发行人/代理人向上海清算所确认“green light”
上海清算所完成债券登记，并通知欧清银行欧清银行确认
上海清算所完成债券登记确权后完成分销DVP结算
欧清银行根据上海清算所录入资金划付指令完成向发行人的资金划转
发行人指定账户接收到募集资金
玉兰债发行交割示意图

在付息兑付阶段

付息兑付通过“发行人-支付代理人-欧清银行-投资者”的资金支付链条完成。上海清算所向发行人/支付代理人提供付息兑付金额、日期、欧清银行资金收取路径等信息通知，便利支付代理人顺利完成付息兑付。

玉兰债付息兑付示意图

2、引入投资人信息穿透识别

在玉兰债模式下，投资者参与玉兰债认购和交易需提供全球法人机构识别编码（Legal Entity Identifier，LEI）

LEI是按照国际标准化组织ISO17442标准为法人分配的唯一识别编码，旨在加强全球范围内法人及法人控制关系识别。LEI得到二十国集团（G20）的支持，并由金融稳定理事会（FSB）发起实施。有意愿申请的法人在向LEI本地系统申请并提交相关材料后均可获得LEI。

LEI编码是由20位数字和字母组成的唯一编码。我国LEI编码包括前缀码（中国为3003）、预留位、机构特定部分和校验位四部分。

首次参与“玉兰债”业务需一次性提交投资者信息披露证书

通过自身账户投资的投资人：向欧清银行提交投资者信息披露证书（RG621表格）进行信息披露
通过次级托管机构投资的投资人：向次级托管机构提供自身LEI，由次级托管机构填写RG621表格后提供欧清银行

每次提交“玉兰债”结算指令需提供LEI

投资人进行一级市场及二级市场结算时，需在向欧清提交的结算指令中，提供底层持有人的LEI

玉兰债特点

1、引入LEI机制，便利发行人

玉兰债引入投资人信息穿透识别机制（LEI），支持发行人查询底层持有人信息，提高信息透明度，提高发行人、承销服务机构信息对称性；提升发行人后续发行推介的针对性及效率；便利发行人进行投资者主动管理；便利债券存续期管理。

当然，玉兰债的LEI机制相当于债券全生命周期的投资人实名制，在某些时候也是一把双刃剑，部分类型的投资人需要进行权衡。

2、借助LEI机制，发行人税务减免更方便

利用投资人信息穿透识别机制（LEI），可以更方便的获取权威渠道证实的投资人名单，从而利用代扣代缴所得税豁免政策、降低发行人税负成本。（注：税负豁免这一点，境外债也可做到但相对麻烦）

3、降低部分发行费用

玉兰债的基础设施互联互通服务不对发行人收取额外发行费用。由于玉兰债采用无纸化电子登记，发行人及其代理人可免于授权出具、交存Global Certificate 必须出具的诸多法律函件及对应产生的文本费用。

玉兰债存在的问题

1、玉兰债相较于境外债投资人范围有限制

玉兰债投资人可通过直接在欧洲清算银行Euroclear开户，或通过全球托管行、境外中央证券存管机构等多渠道间接参与玉兰债投资，玉兰债同时支持债券通南向通。但如果投资人仅在明讯银行Clearstream开户，无法参与玉兰债投资。

2、投资人需接受并习惯玉兰债LEI穿透机制

如前文所述，玉兰债的LEI机制使得投资人信息在持有债券期间对发行人来说是透明的，这一机制满足了境内监管要求但与部分境外投资人需要匿名的需求相悖。

3、发行玉兰债的流程效率是一项挑战

发行玉兰债意味着需要对原有境外债发行流程进行调整，需与上清所进行沟通申请。当前玉兰债发行案例较少，业务流程能否畅顺是一大挑战。

4、从境外债转为发行玉兰债业务的市场化诱因不足

玉兰债与境外债相比，优缺点五五开，如何说服各市场主体接受并尝试常态发行投资玉兰债似乎还需要更多的市场化诱因。

玉兰债发行案例

1、首单玉兰债

发行人：中国银行(香港)有限公司

定价日：2021-01-28

起息日：2021-02-04

到期日：2024-02-04

期限：3年

发行金额：5亿美元

票面利率：0.75%

收益率：0.859%（折价发行，发行价99.678）

ISIN:CND100042M14

2、首单非银金融玉兰债

发行人：Guotai Junan Holdings Limited

担保人：国泰君安证券股份有限公司

发行结构：担保发行

定价日：2021-11-17

起息日：2021-11-24

到期日：2024-11-24

期限：3年

发行金额：3亿美元

票面利率：1.6%

收益率：1.619%（折价发行，发行价99.945）

ISIN:CND10004NX66

3、首单欧元玉兰债

发行人：东方证券股份有限公司

定价日：2022-04-26

起息日：2022-05-05

到期日：2025-05-05

期限：3年

发行金额：1亿欧元

票面利率：1.75%

收益率：1.76%（折价发行，发行价99.97）

ISIN:CND10004TFG7

4、首单人民币玉兰债

发行人：中国银行股份有限公司澳门分行

定价日：2023-05-22

起息日：2023-05-30

到期日：2025-05-30

期限：2年

发行金额：20亿人民币

票面利率：2.85%

收益率：2.85%

ISIN:CND10006G534

5、首单非银金融人民币玉兰债

发行人：Haitong International Finance Holdings Limited

担保人：海通证券股份有限公司

发行结构：担保发行

定价日：2024-02-22

起息日：2024-03-01

到期日：2027-03-01

期限：3年

发行金额：35亿人民币

票面利率：3.3%

收益率：3.3%

ISIN:CND10007C5K5

玉兰债模式在他国的复制推广

2020年，欧清Euroclear在日本推出Origami Bond（折纸债）。

https://www.euroclear.com/newsandinsights/en/press/2020/2020-mr-17-origami-bonds-launch.html

2021年，新交所SGX与欧清Euroclear推出Orchid bond（兰花债）。https://www.sgxgroup.com/media-centre/20210218-sgx-and-euroclear-bank-launch-orchid-bond-structure

玉兰债OC特别条款节选

以下特别摘录近期某笔玉兰债OC中关于玉兰债的部分特别条款，其中中文为Google翻译而成仅供参考。

RISKS RELATING TO THE NOTES BEING ISSUED AS YULAN BONDS

The below shall be added to the Offering Circular and describes certain additional risk factors relating to the Notes being issued as Yulan bonds.
与作为玉兰债券发行的票据相关的风险
以下内容应添加到发行说明书中，并描述了与作为玉兰债券发行的票据相关的某些其他风险因素。

New Yulan bond initiative provided by SHCH and Euroclear.

Investors should be aware of that the Notes are Yulan bonds to be issued pursuant to the initiative established by SHCH and Euroclear in December 2020 and that there are limited instances in the past where Yulan bonds have been issued. In particular, the Notes are different in certain respects from typical eurobonds including the issue, registration, transfer, settlement and clearing of, and payment under, the Notes which are subject to the procedures of SHCH and Euroclear. Prospective investors should consult their own independent advisers and make their own assessment of any potential risks in making any investment decision with the Notes. Please refer to other Schedules in this Pricing Supplement for additional disclosure relating to the Notes as Yulan bonds.
上海清算所和欧洲清算所提供新的玉兰债券计划。投资者应注意，本票据是根据上海清算所和欧洲清算所于 2020 年 12 月制定的计划发行的玉兰债券，过去发行玉兰债券的情况有限。特别是，本票据在某些方面与典型的欧洲债券不同，包括本票据的发行、登记、转让、结算和清算以及根据本票据的支付均受上海清算所和欧洲清算所的程序约束。潜在投资者在对本票据做出任何投资决策时，应咨询自己的独立顾问并自行评估任何潜在风险。有关作为玉兰债券发行的票据的更多披露，请参阅本定价补充文件中的其他附表。

The requirement to provide LEI Code.

It is a mandatory requirement of the Yulan bond initiative that each accountholder of Euroclear who holds an interest in the Notes shall provide the LEI code(s) of such accountholder (if such accountholder is also the underlying investor) or the underlying investor(s) (to the extent the relevant investor is a legal entity where a LEI code is applicable to it) who holds a beneficial interest in the Notes through such accountholder, to Euroclear in order to purchase the Notes. Similarly, subsequent transfers of the Notes can only be made to holders with accounts (either by themselves or through their custodians) registered with Euroclear, and who provide their respective LEI codes (to the extent the relevant holder is a legal entity where a LEI code is applicable to it). None of the Issuer, the Guarantor or the Managers shall be responsible for filling out any investor disclosure certificate or submitting any investor’s LEI code on its behalf to Euroclear.

Additionally, there is no bridge settlement between Euroclear and other clearing systems in respect of the Notes. For example, an investor holding an interest in the Notes through an account with CMU in respect of the Notes held in Euroclear will hold that interest through the account that CMU has with Euroclear. Therefore, the number of potential transferees is limited. As such, the liquidity and tradability of the Notes may be limited.
提供 LEI 代码的要求。玉兰债券计划的一项强制性要求是，每个持有票据权益的 Euroclear 账户持有人应向 Euroclear 提供该账户持有人的 LEI 代码（如果该账户持有人也是基础投资者）或通过该账户持有票据受益权的基础投资者（如果相关投资者是法人实体，则 LEI 代码适用于该投资者）的 LEI 代码，以便购买票据。同样，票据的后续转让只能向在 Euroclear 注册账户（自行或通过其托管人）并提供其各自 LEI 代码（如果相关持有人是法人实体，则 LEI 代码适用于该持有人）的持有人进行。发行人、担保人或管理人均不负责填写任何投资者披露证书或代表其向 Euroclear 提交任何投资者的 LEI 代码。此外，Euroclear 与其他清算系统之间没有关于票据的过渡结算。例如，通过 CMU 账户持有票据权益的投资者将通过 CMU 在 Euroclear 开设的账户持有该权益。因此，潜在受让人的数量有限。因此，票据的流动性和可交易性可能有限。

Notes in dematerialised form with no definitive certificates.

The Notes will be initially issued in dematerialised form and a holder of a beneficial interest in the Notes must rely on the arrangement between SHCH and Euroclear in which the records relating to its beneficial interests in the Notes will be maintained. No certificate or other evidence of title, other than the Deed of Covenant, will be issued by, or on behalf of, the Issuer to evidence title to a Note unless the Issuer determines that certificates should be made available or it is required to do so pursuant to any applicable law or regulation. No successor to Euroclear has been specified under the cooperation agreement between Euroclear and SHCH, as such there is no certainty as to which successor clearing system will hold the Notes in the event that Euroclear terminates the cooperation agreement. In the event of closure of Euroclear or SHCH, an investor may not be able to obtain a record of its beneficial interest in the Notes, which could cause a delay or make it impossible for the Issuer or the Guarantor to make payment to the relevant investor.
无确定证书的非实物化票据。票据将最初以非实物化形式发行，票据受益权持有人必须依赖上海清算所和 Euroclear 之间的安排，在该安排中将保留与其票据受益权相关的记录。除契约契约外，发行人或其代表不会发行任何证书或其他所有权证据来证明票据所有权，除非发行人确定应提供证书或根据任何适用法律或法规要求提供证书。根据欧洲清算银行和上海清算所之间的合作协议，欧洲清算银行没有指定继任者，因此，如果欧洲清算银行终止合作协议，无法确定哪个继任清算系统将持有本票据。如果欧洲清算银行或上海清算所关闭，投资者可能无法获得其在本票据中的受益权记录，这可能会导致发行人或担保人延迟或无法向相关投资者付款。
Holders of beneficial interests in the Notes must rely on the procedures and cooperation agreement between Euroclear and SHCH.

Prospective investors and accountholders of Euroclear who hold beneficial interests in the Notes must rely on the procedures of Euroclear and SHCH with respect to the issue, registration, transfer, settlement and clearing of, and payment under, the Notes, as well as the enforcement of the Noteholders’ rights against the Issuer and/or the Guarantor. Investors will acquire direct rights against the Issuer in limited circumstances specified in the Deed of Covenant and against the Guarantor as set out in the Deed of Guarantee. Each accountholder of Euroclear who hold an interest in the Notes must rely on the arrangement between SHCH and Euroclear for the records relating to beneficial interests in the Notes. The number of potential holders of the Notes could be limited and there can be no assurance that the liquidity of the Notes would not be affected.

As at the date of this Pricing Supplement, the rules and operational procedures of Yulan bonds are still under development, and there are limitations on certain aspects such as collection of instructions from the accountholders and investors. Please also see “Notices and provisions relating to meetings of Noteholders” below. Before investing in the Notes, prospective investors should understand thoroughly (either alone or with the help of their advisers) all the potential risks of holding the Notes.
债券受益权持有人必须依赖欧洲清算银行和上海清算所之间的程序和合作协议。持有债券受益权的潜在投资者和欧洲清算银行账户持有人必须依赖欧洲清算银行和上海清算所关于债券发行、登记、转让、结算和清算以及债券支付以及债券持有人对发行人和/或担保人行使权利的程序。投资者将在契约中规定的有限情况下获得对发行人的直接权利，并在担保契约中规定对担保人的权利。持有债券权益的每位欧洲清算银行账户持有人必须依赖上海清算所和欧洲清算所之间的安排来记录与债券受益权相关的信息。债券的潜在持有人数量可能有限，并且不能保证债券的流动性不会受到影响。截至本定价补充文件日期，玉兰债券的规则和操作程序仍在制定中，在某些方面存在限制，例如从账户持有人和投资者处收集指令。另请参阅下文“与票据持有人会议有关的通知和规定”。在投资票据之前，潜在投资者应彻底了解（单独或在其顾问的帮助下）持有票据的所有潜在风险。

Notices and provisions relating to meetings of Noteholders.

The Fiscal Agency Agreement contains provisions for convening meetings of Noteholders to consider matters relating to the Notes, including the modification of any provision of the Conditions. Any such modification may be made if sanctioned by the passing of certain resolutions by Noteholders.

Procedures for the accountholders to give any instructions for the purposes of any meeting of Noteholders or any resolutions to be voted by Noteholders will be subject to the rules of Euroclear in effect from time to time. As at the date of this Pricing Supplement, the infrastructure to facilitate the procedures relating to provision of information to Noteholders via Euroclear and vice versa under the Yulan bond initiative is not yet available. Prior to such procedures being made available, any notices to the Noteholders shall be given by publication on the website of the relevant stock exchange or relevant authority in respect of which the Notes are being listed or admitted to trading.
与票据持有人会议有关的通知和规定。财政代理协议载有召开票据持有人会议以考虑与票据有关的事项的条款，包括修改条件的任何规定。任何此类修改均可在票据持有人通过某些决议批准的情况下进行。账户持有人为任何票据持有人会议或任何票据持有人将投票表决的决议发出任何指令的程序将受欧洲清算银行不时生效的规则约束。截至本定价补充文件发布之日，尚未建立基础设施来促进玉兰债券计划下通过 Euroclear 向票据持有人提供信息以及反之亦然的程序。在提供此类程序之前，任何向票据持有人发出的通知均应在相关证券交易所或相关机构的网站上发布，这些票据将在该等交易所或相关机构上市或获准交易。

INTRODUCTION TO YULAN BONDS玉兰债券简介

The following summary describes certain key features of Yulan bonds. In considering whether to invest in the Notes, which will be Yulan bonds to be issued pursuant to the initiative established by SHCH and Euroclear in December 2020, prospective investors should consider all the information in this Pricing Supplement, including but not limited to the risks and uncertainties described in the Offering Circular as amended and supplemented by this Pricing Supplement. In particular, there are certain key differences between Yulan bonds and eurobonds including procedures and requirements of SHCH and Euroclear which are unique to Yulan bonds, some of which are described in this Schedule. Prospective investors should consult their own independent advisers and make their own assessment of any potential risks in making any investment decision with the Notes.
以下摘要描述了玉兰债券的一些主要特征。在考虑是否投资本票据（本票据将是根据上海清算所和欧洲清算银行于 2020 年 12 月建立的计划发行的玉兰债券）时，潜在投资者应考虑本定价补充文件中的所有信息，包括但不限于经本定价补充文件修订和补充的《发行说明书》中所述的风险和不确定性。特别是，玉兰债券与欧元债券之间存在一些关键差异，包括上海清算所和欧洲清算银行针对玉兰债券独有的程序和要求，其中一些在本附表中进行了描述。潜在投资者在对本票据做出任何投资决策时，应咨询自己的独立顾问并自行评估任何潜在风险。

Yulan bonds玉兰债券

Yulan bonds (including the Notes) are issued pursuant to an initiative established by SHCH and Euroclear in December 2020, through which Yulan bonds are issued, registered, settled and cleared. Yulan bonds are offshore bonds denominated in Euroclear eligible currencies issued by PRC incorporated entities (including offshore entities or branches under their control) pursuant to the cooperation between SHCH and Euroclear.
玉兰债券（包括本票据）是根据上海清算所和欧洲清算银行于 2020 年 12 月建立的计划发行的，玉兰债券通过该计划发行、登记、结算和清算。玉兰债是上海清算所与欧洲清算银行合作发行的以欧洲清算银行合格货币计价的离岸债券，由中国境内注册实体（包括其控制的离岸实体或分支机构）发行。

Provision of LEI code提供LEI代码

In order to be an eligible investor for the Notes, an investor needs to have an account registered with Euroclear or participate indirectly through a custodian who has an account registered with Euroclear and such accountholder of Euroclear who holds an interest in the Notes is required to submit an investor disclosure certificate indicating the LEI code(s) of itself (if such accountholder is also the underlying investor) or the underlying investor(s) (to the extent the relevant investor is a legal entity whereas a LEI code is applicable to it) who holds a beneficial interest in the Notes through such accountholder, to Euroclear pursuant to the requirement of the Yulan bond initiative in order to subscribe for any Notes. For further details, see Schedule 4 (Clearing and Settlement) of this Pricing Supplement. Investors who have an existing Euroclear account may obtain the form of such investor disclosure certificate directly from Euroclear. Prospective investors who are not registered with Euroclear may participate in the purchase of the Notes via a custodian who has an account registered with Euroclear, and the relevant custodian may obtain the form of such investor disclosure certificate directly from Euroclear. None of the Issuer, the Guarantor or the Managers shall be responsible for filling out such investor disclosure certificate or submitting any investor’s LEI code on its behalf to Euroclear.

Similarly, subsequent transfers of the Notes can only be made to holders through accounts (either by themselves or through their custodians) with Euroclear, and who provide their respective LEI codes (to the extent the relevant holder is a legal entity whereas a LEI code is applicable to it). Additionally, there is no bridge settlement between Euroclear and other clearing systems in respect of the Notes. For example, an investor holding an interest in the Notes through an account with CMU in respect of the Notes held in Euroclear will hold that interest through the account which CMU has with Euroclear.
要成为本期债券的合格投资者，投资者需在欧清银行注册账户或通过在欧清银行注册账户的托管人间接参与，且持有本期债券权益的欧清银行账户持有人需要根据玉兰债计划的要求向欧清银行提交一份投资者披露证书，其中注明其自身（如果该账户持有人也是基础投资者）或通过该账户持有人持有本期债券受益权的基础投资者（如果相关投资者是法人实体，且适用LEI代码）的LEI代码，以便认购任何债券。有关详细信息，请参阅本定价补充文件的附表4（清算和结算）。拥有现有欧清银行账户的投资者可直接从欧清银行获取此类投资者披露证书的表格。未在 Euroclear 注册的潜在投资者可通过在 Euroclear 注册账户的托管人参与购买票据，相关托管人可直接从 Euroclear 获取此类投资者披露证书的表格。发行人、担保人或管理人均不负责填写此类投资者披露证书或代表其向 Euroclear 提交任何投资者的 LEI 代码。同样，票据的后续转让只能通过 Euroclear 的账户（由其本人或通过其托管人）进行，并提供其各自的 LEI 代码（如果相关持有人是法人实体，而 LEI 代码适用于其）。此外，Euroclear 与其他清算系统之间没有关于票据的过渡结算。例如，通过 CMU 账户持有票据权益的投资者将通过 CMU 在 Euroclear 开设的账户持有该权益。

Holders of beneficial interests in the Notes must rely on the procedures and cooperation agreement between Euroclear and SHCH债券受益权持有人必须依赖欧洲清算银行和上海清算所之间的程序和合作协议

Distributions of principal, premium (if any) or interest with respect to the Notes held through Euroclear will be credited to the accounts of Euroclear participants in accordance with its rules and procedures. Neither the Issuer

nor the Guarantor will be responsible or liable for the records relating to, or payments made in respect of, beneficial interests in the Notes held through the facilities of any clearing system.

The Notes will be issued in dematerialised form entered by entry in a register maintained by SHCH, with Euroclear initially being entered in the register as the sole registered holder. Pursuant to the cooperation agreement entered into between Euroclear and SHCH (the “Cooperation Agreement”), if Euroclear notifies SHCH that the Cooperation Agreement is to be terminated, Euroclear has agreed to transfer the Notes to one or more participant(s) of SHCH (as the successor clearing platform) and, upon the instructions of Euroclear, SHCH will enter the name of such participant(s) as the registered holder(s) of the Notes. The Cooperation Agreement is a bilateral agreement between Euroclear and SHCH entered into pursuant to the abovementioned initiative and is not available to third parties for inspection. Unlike traditional eurobonds, the Notes will be issued in dematerialised form, and definitive certificates may not be issued in respect of the Notes if (i) Euroclear is closed for business for a prescribed period or announces an intention to permanently cease business, or (ii) any circumstances described in Condition 9 (Events of Default) occurs. In the circumstance described in (i), pursuant to the Cooperation Agreement, Euroclear has agreed that the Notes shall be transferred to one or more participant(s) of SHCH (as the successor clearing platform) by Euroclear and the registration of such successor clearing platform as the registered holder and a holder of a beneficial interest in the Notes must rely on such arrangement for the records relating to beneficial interests in the Notes. At the date of this Pricing Supplement, a named successor to Euroclear has not been specified under the Cooperation Agreement nor the Conditions.
持有债券受益权的潜在投资者和欧洲清算银行账户持有人必须依赖欧洲清算银行和上海清算所关于债券发行、登记、转让、结算和清算、债券支付以及债券持有人对发行人和/或担保人行使权利的程序。投资者将在契约中规定的有限情况下获得对发行人的直接权利，并在担保契约中规定对担保人的权利。通过欧洲清算银行持有的债券的本金、溢价（如有）或利息的分配将根据其规则和程序记入欧洲清算银行参与者的账户。发行人和担保人均不对通过任何清算系统设施持有的债券受益权的记录或付款负责或承担责任。本期债券将以非实物形式发行，并登记在上海清算所保存的登记册中，欧洲清算所最初将作为唯一登记持有人登记在登记册中。根据欧洲清算所与上海清算所签订的合作协议（“合作协议”），如果欧洲清算所通知上海清算所将终止合作协议，欧洲清算所同意将本期债券转让给上海清算所（作为继任清算平台）的一个或多个参与者，上海清算所将根据欧洲清算所的指示，将这些参与者的姓名登记为本期债券的登记持有人。合作协议是欧洲清算所与上海清算所根据上述举措签订的双边协议，第三方不得查阅。与传统欧元债券不同，本票据将以非实物形式发行，如果 (i) Euroclear 停业一段时间或宣布永久停止营业，或 (ii) 发生条件 9（违约事件）中所述的任何情况，则不得就本票据发行确定性证书。在 (i) 所述情况下，根据《合作协议》，Euroclear 已同意本票据由 Euroclear 转让给上海清算所（作为继任清算平台）的一个或多个参与者，并且该继任清算平台作为本票据的登记持有人和受益权持有人的登记必须依赖此类安排来记录与本票据的受益权相关的记录。截至本定价补充文件之日，《合作协议》和《条件》中均未指定 Euroclear 的指定继任者。

Notices and provisions relating to meetings of Noteholders与票据持有人会议有关的通知和规定

Procedures for the accountholders to give any instructions for the purposes of any meeting of Noteholders or any resolutions to be voted by Noteholders will be subject to the rules of Euroclear in effect from time to time. As at the date of this Pricing Supplement, the infrastructure to facilitate the procedures relating to provision of information to Noteholders via Euroclear and vice versa under the Yulan bond initiative is not yet available. Prior to such procedures being made available, any notices to the Noteholders shall be given by publication on the website of the relevant stock exchange or relevant authority in respect of which the Notes are being listed or admitted to trading.
财政代理协议载有召开票据持有人会议以审议与票据有关的事项的条款，包括修改条件的任何规定。任何此类修改均可在票据持有人通过某些决议批准的情况下进行。账户持有人为任何票据持有人会议或任何票据持有人投票的决议发出任何指示的程序将受欧洲清算银行不时生效的规则约束。截至本定价补充文件之日，根据玉兰债券计划，尚未提供通过欧洲清算银行向票据持有人提供信息以及反之亦然的程序基础设施。在提供此类程序之前，任何向票据持有人发出的通知均应在票据上市或获准交易的相关证券交易所或相关机构的网站上发布。

玉兰债展望

根据上清所新闻稿，非金融企业玉兰债有望落地。当市场逐渐开始熟悉，玉兰债能否迎来属于自己的璀璨绽放？

“玉兰债”方面，上海清算所与浙江省分行、浙江省发改委成立联合专班，基于优质白名单企业，会同有关承销机构，针对有意愿的发行人，线上线下点对点开展业务宣介，积极推动非金融企业“玉兰债”尽快落地。
公众号：上海清算所上海清算所积极与人民银行分支机构探索建立政策落实协同机制

无用研究

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