From the credit protection tools that escort the financing of private enterprises, to the "scientific and technological innovation bonds" and scientific and technological innovation bills that accurately support science and technology enterprises, to the transformation bonds specially designed to help the transformation and development of traditional industries... Since the beginning of this year, as an important component of direct financing In some bond markets, innovations are frequent, with more tricks, greater intensity and more accurate precision.
Institutional sources predict that in the second half of the year, the bond market will further gather financial synergy to keep the economy stable and healthy, and promote economic transformation, upgrading and high-quality development.
New Tool: Leveraging Private Enterprise Financing
Data shows that as of June 24, more than 70 real estate companies have issued debt financing instruments of 160.6 billion yuan in the inter-bank market this year, achieving a net financing of 43.3 billion yuan; more than 300 real estate industry bonds have been issued on the Shanghai and Shenzhen Stock Exchanges. , with a scale of more than 270 billion yuan.This is a microcosm of the bond market's increased support for private enterprise financing.
In recent years, affected by some private enterprise risk events, the proportion of private enterprises financing in the bond market has declined.In May this year, the National Association of Financial Market Institutional Investors joined hands with China Bond Credit Enhancement Investment Co., Ltd. to establish and launch the "China Bond Private Enterprise Bond Financing Support Tool (CSIPB)", and the Shanghai and Shenzhen Stock Exchanges launched a special support plan for private enterprise bond financing , marking the "new start" of the optimized and improved bond financing support mechanism for private enterprises.
This is an innovative move for bond issuance, and it is undoubtedly a relief for private companies that want to raise funds through bond issuance.
Zhou Guannan, chief fixed income analyst of Huachuang Securities, said that the new round of support plans will provide credit enhancement support for private enterprise bond financing through the introduction of credit protection tools, credit risk mitigation tools and other credit derivatives and a market-oriented credit risk sharing mechanism. .
"The issuance model of 'bond + credit protection tool' is equivalent to the creation of an institution to enhance the credit of bonds with its own credit." Feng Lin, senior analyst at the research and development department of Oriental Jincheng, said that this innovative measure will improve investors' recognition. , so as to improve the success rate of bond issuance, and also help guide more market forces to use the market-oriented credit enhancement model to serve private enterprises for bond issuance and financing.
More importantly, the bond market is open and transparent, with high transmission efficiency and strong market expectation guidance.Implementing a new round of private enterprise bond financing support plan can improve the overall financing atmosphere of private enterprises.
Since May, Jinko Technology, Country Garden, Longfor, Seazen Holdings and many other private enterprises have successfully issued bonds under the escort of credit protection tools.
"As a private listed company mainly engaged in the investment and operation of photovoltaic power plants, we have enjoyed the benefits of this innovative bond issuance model and gained more attention from bond investors." said the relevant person in charge of Jinko Technology, "We have I feel the care of the policy even more!”
"The implementation of the new round of private enterprise bond financing support plan is just in time!" The general manager of the fixed income division of a securities firm in South China told the China Securities Journal reporter that the number of bond issuers currently supported is still limited, but the signal is of strong significance. More Eligible companies can be expected to enter the support list.
Zhou Guannan expects that more private enterprises will be included in the support plan in the future to promote the stable and healthy development of the economy.
New varieties: helping innovation and development
In addition to creating new tools to precisely support the financing of private enterprises, the bond market has also launched a number of new varieties such as technological innovation corporate bonds (referred to as "Science and Technology Bonds"), science and technology bills, and transformation bonds to increase financial support for technological innovation.
In late May, the China Securities Regulatory Commission instructed the Shanghai and Shenzhen Stock Exchanges to officially launch technological innovation corporate bonds on the basis of the previous pilot; the NAFMII announced that the toolbox of technological innovation financing products would be upgraded to technological innovation notes. The market's precise support for the field of technological innovation enables direct access to funds.
According to the data, during the pilot phase of "Science and Technology Bonds", China Chengtong, Guoxin Holdings and other companies issued a total of 31 products, raising 25.3 billion yuan, and the funds were mainly invested in cutting-edge fields such as integrated circuits, artificial intelligence, and high-end manufacturing.Since the official launch of "Science and Technology Bonds" in late May, many companies such as Guangzhou Port and Shaanxi Financial Holdings have successfully issued "Science and Technology Bonds".In addition, in the inter-bank market, the first batch of 8 subject-type science and technology innovation bills and the first batch of utility-type science and technology innovation bill projects have been successfully implemented.
Transformation bonds are innovative bonds specially designed to support economic transformation and upgrading.On June 22, the first batch of 5 transformation bond projects in the inter-bank market were successfully issued, and the raised funds were mainly used in transformation fields such as energy-saving technological transformation and kinetic energy transformation and upgrading.During the same period, the Shanghai Stock Exchange launched low-carbon transition corporate bonds and low-carbon transition-linked bonds, and the NAFMII also launched transition bonds, with funds earmarked for supporting the green and low-carbon transition of traditional industries.
"Compared with the green bond market that has begun to take shape, low-carbon transition bonds can more widely support the transformation of traditional industries with high energy consumption and high emissions." said Meng Xiangjuan, chief bond analyst at Shenwan Hongyuan Securities. It has a wider scope and is suitable for bond issuers who are not directly engaged in green project development; on the other hand, the use of funds raised by low-carbon transition-linked bonds is more flexible.
"Whether it is a 'science and technology bond', a science and technology bill, or a transformation bond, the common feature is that special bond products are used to accurately introduce funds for specific areas. It's a good move." said the investment director of the fixed income department of a securities firm in Beijing.
Cohesion: Supporting the Real Economy
Whether it is the precise development of new tools and new varieties, or the increased support of ordinary bonds, the bond market's support for the steady and healthy development of the real economy has been significantly strengthened this year.
According to data released by the People's Bank of China recently, in the first five months of this year, corporate bond financing under the scale of social financing was 1,680.3 billion yuan, and government bond financing was 3,031.6 billion yuan, 564.2 billion yuan and 1,329.2 billion yuan more than the same period last year, respectively.
The innovative varieties are aimed at precise "blood transfusion" in specific fields, while ordinary bonds pay more attention to play a fundamental supporting role in the real economy.As of June 24, the scale of local bond issuance in June is expected to exceed 1.9 trillion yuan, much higher than the historical high of 1,302.5 billion yuan set in May 2020.In the first half of this year, the scale of local bond issuance is expected to exceed 5.2 trillion yuan, which is expected to be about 1.9 trillion yuan more than the same period last year.
Industry insiders have noticed that this year, the issuance of local bonds is ahead of the curve and has a fast pace, playing an important role in expanding effective investment, driving consumption, expanding domestic demand, and promoting stable employment growth.
Recently, the State Council issued the "Package of Policy Measures for Solidly Stabilizing the Economy", further proposing to speed up the issuance and use of local government special bonds and expand the scope of support. The 3.45 trillion yuan special bonds issued this year will be basically issued by the end of June. It will be used up by the end of the month.
"At present, the bond market, as an important channel for social financing, is forming a synergy with credit issuance to better exert its financing function and improve the quality and efficiency of serving the real economy." A person from a financial institution told reporters, "Under a complex situation, more It is necessary to strengthen the original intention of financial service entities.”
The market expects that under the background of relatively abundant liquidity, policy support and greater product innovation, bond market financing will continue to maintain a reasonable growth in the second half of the year, providing continuous strong support for the real economy.
