Yunnan finance department became the first crab eating brave:
The Yunnan provincial public universities and colleges special bonds issued with a scale of 1 billion yuan will be open for public bidding in August 10th.
The funds raised will be used for the construction of Yunnan University of Finance and Economicss Anning campus and the Career Academy of Yunnan finance and economics.
It is interesting that the university tuition, accommodation, and even the paid income of the state-owned assets are listed in the mortgages in these two colleges and universities, and are calculated according to the number of students in the school. It is sufficient to ensure that the debt paying funds are fully covered by the bond.
Every little editor noted that the Rating firm gave the highest AAA rating to the bond, and DDT, a famous accounting firm, also had a positive opinion on the issue in the feasibility report.
A stable and sufficient fund to pay the debt
According to the information disclosure document of the China bond information network, the total issuance of special bonds (first phase) of the provincial public higher schools in Yunnan Province in 2018 was 1 billion yuan, and the variety was the fixed interest rate debt with fixed interest rate, and the term of the bond was 5 years.
The interest of the special bonds of the government of the Yunnan provincial government in the 5 year period is paid annually. After the issuance, it can be listed in the national interbank bond market and the stock exchange bond market, and the principal will be paid once after the maturity of the bond.
The special bond was issued through tender, and the tender body was a member of the Yunnan provincial government bond underwriting group in 2018.
The proposed 1 billion yuan fund will be used for the construction of two colleges and universities respectively.
The main construction content of the first phase of the Anning campus of Yunnan University of Finance and Economics, which has invested 840 million yuan, is the school teaching comprehensive room, the library, the sports room, the student dormitory, the dining hall and so on. The income of the project mainly comes from the tuition, the income of the accommodation, the income of the canteen and the paid benefit of the state-owned assets.
The project construction of Yunnan Caijing Career Academy, which has invested 160 million yuan, is the teaching building, the library, the student dormitory, the supporting table and chair and so on, the outdoor road lighting and the monitoring and so on.
Every time, Xiao Bian notes that the Ministry of finance requires local governments to issue special bonds, so that the balance between project income and financing must be achieved.
According to the Deloitte report, the tuition and accommodation income of the two universities will constitute a stable and sufficient cash flow to ensure the repayment of principal and interest.
Yunnan strict control of local debt risk
With the expansion of Chinas local debt scale, preventing and eliminating debt risk has become the focus of local governments.
According to the latest data from the Ministry of Finance, a total of 1410.9 billion yuan of local government bonds were issued nationwide from January to June 2018. Among them, 1043.6 billion yuan in general bonds and 367.3 billion yuan in special bonds, 332.9 billion yuan in new bonds and 1078 billion yuan in replacement bonds or refinancing bonds were added according to their uses. ?
After the NPCs deliberation and approval, the debt limit of the local government in 2018 was 20 trillion and 997 billion 430 million yuan. Among them, the general debt limit is 12 trillion and 378 billion 922 million yuan, and the special debt limit is 8 trillion and 618 billion 508 million yuan. ?
By the end of 6 2018, the balance of local government debts was 167997 billion yuan, which was controlled within the limits approved by the NPC. This shows that the scale of local debt in China is generally controlled.
In accordance with the Provisional Regulations for the management of the special bonds of the public higher schools in Yunnan, the special bond income, expenditure, repayment of interest and interest, and the cost of issuance are all included in the budget management of the government fund.
At the same time, the main issuer of Yunnan University Special Debt is the Yunnan Provincial Government. If the city and state governments need to issue special debts, the provincial government will issue them and transfer them to the loan. Special debt funds can only be used for the development and construction of colleges and universities, not for recurrent expenditure, and no unit or individual can intercept special funds.
In November 2017, Yunnan Province promulgated the Government Debt Management Measures to standardize the borrowing, using, managing and repaying of debt. It is noteworthy that the Measures clearly defines the principle of graded responsibility, provincial governments will not be the city, state and county government debt bottom line.
The measures stipulates that the provincial government debt is borrowed by the provincial government to issue the local government bonds, and the public welfare undertakings without income are financing through the issuance of general bonds; the public welfare undertakings with certain benefits are financing through the issuance of special bonds. Government debt funds can only be used for public welfare capital expenditures and moderate repayment of stock debt, not for recurrent expenditure.
In addition, according to the bond market observation statistics, in 1-5 months of 2018, Yunnan province with 40 billion 580 million yuan of debt scale temporarily ranked third in the country; with the balance of 621 billion yuan in debt, the stock of local government debt in Yunnan was ranked ninth in the country. Source: Daily Economic News Editor: He Yufang _NN5632