中国石化发行国际美元债券的实践与启示

结合中国石化成功完成国际美元债券发行的案例,简要分析国际债券融资市场的发展趋势和国际石油公司利用债券市场的情况,从发行信用评级和债券发行两方面阐述了基本运作流程,并从精心组织公司国际信用评级、合理安排债券发行结构、结合宏观经济形势选择债券发行窗口、精细做好债券发行准备,以及科学确定债券发行的组织实施策略等八个方面分析了成功发行的基本要素。最后,就适应国际资本市场的需要,进一步加强和提升公司治理、增强现金流创造能力、统筹融资管理、优化资本结构、加强国际化财务管理团队建设等方面提出了若干思考和启示。

SINOPEC Group’s Successful Issuance of Dollar-denominated Bond and Some Reflections

Based on SINOPEC Group＇ s successful issuance of Dollar denominated bond, the paper makes a brief analysis of the development trends of the international bond financing market and the exploitation of the bond market by international oil companies. It describes the basic procedures from the two aspects of credit rating and bond issu ance, and analyzes the eight basic elements for the success, which include well organized international credit rat ing, rational bond issuance structure, selecting the appropriate issuance window in light of macro economic situ ations, getting well prepaid! for bond issuance, scientifically determining the strategies for the organization and imple mentation of bond issuance, etc. In the last part, the paper offers some reflections regarding the need to adapt to the international capital market, further strengthening and improving corporate governance, improving the ability to create cash flow, making an overall plan for financing management, optimizing capital structure and strengthening the build ing of an international financial management team.