National Interbank Funding Center, Rules for the Transfer of Matured and Defaulted Bonds on the Interbank Market

全国银行间同业拆借中心银行间市场到期违约债券转让规则

June 12, 2020 | BY

Susan Mok

Quoting of defaulted bond trading is subject to regulation

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Issued: February 13, 2020

Applicability: For the purposes of these Rules, the term "matured and defaulted" means that the principal of, or coupon on, a bond cannot be paid punctually and in full on the maturity redemption date specified in the bond offering documents, or that a bond is called early due to a statutory or contractual reason, such as bankruptcy, and the principal of, or coupon on, the bond cannot be paid punctually and in full (Article 2).

Main contents: Qualified investors that are not financial institutions shall participate in transfers of matured and defaulted bonds organized by the National Interbank Funding Center (NIFC)