After the promulgation of Measures for Administration of Short-term Financing Bonds, China Everbright became one of the first few banks to be authorized as the lead manager for short-term Financing Bonds.Since then, CEB had managed bonds on behalf of China Minmetals Corporation; the primary offering of the bonds successfully took place in the first quarter of 2005; and on May 30th 2005, the bonds were officially listed, with an issue size of RMB 1.7 billion.

On May 25th 2005, CEB was officially authorized as the lead manager for managing short-term financing bonds.After China Minmetals Corporation received the approval to issue short-term financing bonds in 2005, CEB immediately established a managing team. From May 25th to May 27th, the managing team successful completed the task of issuing short-term financing bonds for China Minmetals Corporation in the first quarter of 2005.In addition, all of the funds raised were transferred to China Minmetals Corporation’s account in accordance with the agreement reached.

Through issuing short-term financing bonds, China Minmetals Corporation was able to conduct direct financing in the National Inter-bank Bond Market, and successfully raised the capital needed; the process as a whole lowered financing cost. Meanwhile, by issuing both the 180-day and the 365-day short-term financing bonds, China Minmetals effectively realized the matching of term structure, refined fiscal and capital managements, better meeting the needs of the development of the Corporation.

The issuance of short-term financing bonds is of great significance.From a macroscopic point of view, it is conducive to the promotion of restructuring and deepening of the financing system, further nurturing and perfecting the domestic credit system; from a middle-scopic standpoint, it is conducive to the establishment and perfection of yield curve and credit curve, further promoting corporate information disclosure; from a microscopic perspective, it is conducive to promoting the successful transformation of domestic commercial banks, facilitating the healthy development of joint-stock commercial banks.Acting as the agency bank in managing short-term financing bonds presents a good opportunity for the Bank; CEB will seize this opportunity and strive to boost the Bank’s image in the realm of consignment, continuously explore the development path of perfecting the financial market by using innovative products and promoting a successful transformation of the domestic banking sector.