China's main corporate bond regulator has revamped its securitisation framework, extending the boom in asset-backed issuance to the country's vast interbank bond market. The National Association of Financial Market Institutional Investors (NAFMII), which regulates corporate bonds in the interbank market, last week published widely expected revisions to rules on asset-backed notes (ABN). The new guidelines will allow companies to securitise a more diverse range of assets and issue through special-purpose vehicles, bringing the format much closer to the fast-growing stock-exchange market.
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