私募债券

本文以GF证券为例，对甘肃省中小企业私募债券承销业务的发展进行了研究。

GF Securities , for example , the development of small and medium enterprises in Gansu Province , private bond underwriting business .

2011年将正式推出中国私募债券。

China to trial SME bond placements in2011 .

这些私募债券许多都很难或无法交易，但它们却给煎熬中的债券基金提供了美妙前景。

Many of those privately placed bonds are difficult or impossible to trade but offer great prospects for distressed debt funds .

2012年，中国证券监管机构启动了垃圾债市场，官方把垃圾债称为中小企业私募债券。

China 's securities regulator launched a junk bond market in 2012 , officially called small and medium-sized enterprise private-placement bonds .

首先，对私募债券的定义作了界定，然后详细论述了私募债相较于公募债的三个特点即定向发行、有限转让、内部披露。

First , the definition of private bonds to be defined , and then discusses the Private debt compared with Public debt three characteristics that is targeted issuance , limited transfer , internal disclosure .

而国内的相关配套政策还有待于进一步完善，尤其在法律法规方面，可依据的较少，在目前经济放缓的大背景下，中小企业私募债券的发行还存在不少的阻力。

Domestic distribution yet to be further improved , especially in the laws and regulations , can be based on less the SME private bond issues , in the context of the current economic slowdown , there are still a lot of resistance .

因此，非金融企业私募发行债券的相关制度应运而生。

Therefore , private equity issue bonds of non-financial enterprises related system came into being .

因此我国迫切需要出台非金融企业私募发行债券的相关法律及制度，建立与公开发行相对应的私募发行体制，并从根本上改变债券一级市场一条腿发展的现状。

Our country urgent need to be private non-financial enterprises issue bonds related system , establish the public photograph echo with private equity release system , thus fundamentally changing the primary market bonds " a leg of the present situation of development " .