1. China Corporate Bonds (CCBs)

Issuer	Local State Owned Enterprises
Tenors	1 – 20 years
Currency	Chinese renminbi
Interest Payment	Generally, issues are fixed-rate, paid annually at maturity according to the actual number of days in an interest period on the basis of a 365-day year.
Average Issue Size	None specified.
Minimum Amount of Tender	Varies, depending on issue.
Method of Sale in the Primary Market	Underwritten basis through public offering.
Who may apply	Domestic individuals and institutional investors. Restricted to foreign investments with the exception by Qualified Foreign Institutional Investors.
Redemption	CGBs are redeemed at par upon maturity. Notes are not redeemable prior to maturity.
Taxation
Secondary Market Trading	Traded at the Securities Trading Center of the Shanghai and Shenzhen stock exchanges.

Only top trade enterprises are permitted to issue corporate bonds in the People’s Republic of China. These enterprises are generally owned directly by the State Council on behalf of the central government. Given their relationship with the central government, strict procedure govern their issuances.

Some of the top corporate bond issuers in PRC are: Baosteel, China Mobile (Chinese language website.), Three Gorges, Wuhan Steel (Chinese language website.), Jinmao, CITIC, PetroChina, Guandong Nuclear, Suzhou Industrial Zone and Chongquin City Construction.