Securities Times reporter Sun Xiangfeng
The science and technology bonds just launched by the Shanghai Stock Exchange are highly sought after by the market.
Last weekend, the first batch of science and technology innovation bonds such as SDIC Group, Three Gorges Group, Guangzhou Port Co., Ltd., Hualu Holdings, and Jiangsu Yonggang were successfully issued on the Shanghai Stock Exchange, with a total issuance of 14.6 billion yuan.The interest rates of the first batch of 2-3-year state-owned science and technology innovation bonds are all lower than 2.8%, and the issuance costs of many have broken record lows.Among them, the coupon rate of the Three Gorges Group's science and technology bonds is as low as 0.1%. Due to the total amount of bids reaching 10 trillion, the subscription volume is too large, and the overall multiple is still in the statistics.
The market has paid great attention to science and technology bonds, and many intermediaries have indicated that they are comprehensively promoting the application and issuance of science and technology bonds by various types of issuers such as science and technology enterprises, science and technology upgrading, science and technology investment and science and technology incubation.
Recently, the topic of "asset shortage" in the bond market has been raised again. Many bonds were popular in the market during the issuance stage. The subscription ratio of some urban investment bonds easily exceeded several times.10 trillion bids eye-catching
China Three Gorges Corporation's technological innovation corporate bonds, specifically refers to "China Three Gorges Corporation's public offering of green technological innovation exchangeable corporate bonds (first tranche) to professional investors in 2022".According to public information, the issuance scale of this bond is 10 billion yuan, the issuance period is 5 years, and the coupon rate is 0.1%.If calculated according to the bidding volume of 10 trillion yuan and the issuance scale of 10 billion yuan, the bid multiple of this bond is as high as 1,000 times.
However, some market participants told the Securities Times reporter that the volume of bids for the Three Gorges Group's science and technology innovation bonds was relatively large, which could not be compared with the popularity of some urban investment bonds.
Judging from the issuance materials, the Three Gorges Group's science and technology innovation bonds are exchangeable bonds.The so-called exchangeable bonds, the full name of "bonds that can be exchanged for the shares of other companies", refer to the corporate bonds issued by the holders of the shares of the listed company by pledging the shares they hold to the custodian institution.The holder of the bond can exchange the bond held by the bond issuer for the equity of the listed company mortgaged by the issuer within a certain period of time in the future according to the conditions agreed upon when the bond is issued.Convertible bonds are financial derivatives with embedded options, strictly speaking, a type of convertible bonds.
The issue of the Three Gorges Group is an exchangeable corporate bond that can be exchanged for its A-share hydropower leader Yangtze Power.The initial exchange price is 25.60 yuan per share, and the exchange period starts from the first trading day after 12 months after the end of the exchangeable corporate bond issuance to the exchangeable bond expiry date, that is, June 2, 2023 Until June 1, 2027.That is to say, investors who hold bonds can exchange bonds for Changjiang Power shares at a price of 25.60 yuan per share after one year.
Therefore, as long as the price of Yangtze Power is higher than 25.60 yuan per share in the future, investors will be profitable. The better the stock price of Yangtze Power, the higher the income for investors. This is why investors accept the 0.1% coupon rate of the Three Gorges Science and Technology Bonds. The reason is that, compared with coupons, investors are more looking forward to obtaining returns through stock swaps.The Three Gorges Science and Technology Innovation Bond is sought after, and it is more optimistic about the stock price of Yangtze Power. It is not the same as some of the city investment bonds that have been popular with investors before. It is a popular bond target.
The market is enthusiastic about science and technology bonds
On May 20, the Shanghai Stock Exchange issued the "Guidelines for the Application of the Shanghai Stock Exchange's Corporate Bond Issuance and Listing Review Rules No. 4 - Technological Innovation Corporate Bonds", officially launching technological innovation corporate bonds.Technological innovation corporate bonds include not only bonds issued by related companies in the field of technological innovation, but also corporate bonds whose raised funds are mainly used to support the development of the field of technological innovation.Compared with equity financing on the Science and Technology Innovation Board, this further expands the applicable boundaries.
Aside from the fact that the Three Gorges Group's technology innovation corporate bonds are popular due to their particularity, the overall market recognition of the first batch of science and technology innovation bonds is also very high.
The interest rates of the first batch of 2-3-year state-owned science and technology innovation bonds were all lower than 2.8%, and the issuance costs of many even broke record lows.SDIC Group's first issuance of dual-type technology innovation bonds was actively subscribed, with a 10-year coupon rate as low as 3.62%; the "22 Hualu K1" issued by Hualu Holdings reached an audience multiple of 6.79 times.
The first batch of sci-tech bond issuers were satisfied with the issuance results and considered continuing the issuance in the future.Guoxin Holdings and Shanghai State-owned Assets have respectively submitted pre-issuance filings for 2.5 billion yuan and 1 billion yuan of science and technology innovation bonds, which are planned to be issued in the near future.
Private enterprises that issue sci-tech innovation bonds have also benefited from financing.Jiangsu Yonggang, as the "vanguard" of private enterprises, successfully issued 100 million yuan of technological innovation corporate bonds on May 25, which to a certain extent also reflects the improvement of the financing environment of private enterprises.Judging from the results of this issuance, investors recognized the issuer's good development prospects based on the scientific and technological attributes of the fundraising project. The issue coupon rate was 5%, and the issuer's direct financing cost hit a record low.
"In the future, we look forward to more private enterprises that can finance through the issuance of science and technology innovation bonds, and make breakthroughs on the road of industrial transformation and upgrading. It is also foreseeable that science and technology innovation bonds will inject a strong impetus to maintain the good momentum of private economic development." A market person express.
Facilitate industrial transformation and upgrading
The first batch of sci-tech innovation bond projects are mostly sci-tech upgrade issuers, and the funds raised are used to boost the upgrade of the existing industrial structure and promote the industrialization and large-scale application of new technologies.From the perspective of actual investment, most of them are frontier fields of scientific and technological innovation, involving a number of invention patents, with high-quality innovation to help science and technology become self-reliant and promote industrial transformation and upgrading.
SDIC's science and technology innovation bonds invest in high-tech industries and strategic emerging industries, focusing on the development of advanced manufacturing, new materials, medicine and medical industries, etc. Through the "two-wheel linkage" of holding investment and fund investment, it has invested in a number of unicorns, Gazelle enterprises, give full play to the role of optimizing the layout of state-owned capital; Shanghai State-owned Assets Technology and Innovation Bond will invest in the new generation of enterprises in the field of information technology and biomedicine through its subsidiaries Guoxin Investment and Guoxin Venture Capital, and some of the target companies have been selected. List of new "little giants" enterprises; Guoxin Holding's science and technology innovation bonds are mainly invested in the equity of enterprises in the cloud computing industry to support the field of digital economy science and technology innovation.
The transmission line project of the offshore wind power project mainly invested by the Three Gorges Corporation's science and innovation bond uses the world's most advanced flexible DC transmission technology and digital and intelligent technology for wind turbines and wind farms. This technology has been included in the National Energy Administration and the Ministry of Science and Technology. The key tasks of the "14th Five-Year Plan for Scientific and Technological Innovation in the Energy Sector"; the Jinsha River Baihetan Hydropower Station project invested in has many of the world's best, the project has overcome the temperature control crack prevention of the 300-meter ultra-high arch dam, the whole dam section Using low-heat cement concrete, excavation of giant underground caverns to stabilize surrounding rock and other world-class technical problems, a series of core technologies with independent intellectual property rights have been formed, and 100% localization of millions of units has been achieved.
The projects invested by Hualu Holding's science and innovation bonds adopt the internationally advanced multi-nozzle coal-water slurry gasification technology with my country's independent intellectual property rights, including more than ten invention patents and more than ten utility model patents.
It is worth noting that most of the first batch of science and technology bond projects have "double standards", such as the issuance of green science and technology innovation bonds by China Three Gorges Group, the issuance of "One Belt and One Road" bonds for scientific and technological innovation by Guangzhou Port, and the issuance of low-carbon scientific and technological innovation by Hualu Holdings. Transformation bonds, Jiangsu Yonggang issued carbon-neutral science and technology bonds, and Guoxin Holdings plans to issue science and technology bonds in the digital economy.It can be seen that technological innovation can drive green, low-carbon transformation, the Belt and Road Initiative, and the coordinated development of the digital economy, and demonstrate corporate responsibility in serving the national strategy.
【Editor: Shao Wanyun】
