This year, the exchange bond market has entered a new stage of high-quality development: the official implementation of the new regulations for bond trading on the Shanghai and Shenzhen Stock Exchanges, the launch of a special support plan for private enterprise bond financing, and the launch of technologically innovative corporate bonds...
"The reform of the exchange bond market has achieved remarkable results, with more and more varieties, continuous improvement in the level of opening to the outside world, and increasingly perfect market functions. It has played an important role in optimizing resource allocation and supporting the development of the real economy." Yan Yan, Chairman and President of China Chengxin International At the same time, it is necessary to further consolidate the legal foundation of the bond market, continue to improve various basic systems, and promote the stable and healthy development of the bond market.
Continuous optimization and innovation of corporate bonds
Facilitate private enterprise bond financing
Corporate bonds continued to be optimized and innovated, and private enterprises became key targets.
On May 20, the Shanghai and Shenzhen Stock Exchanges released relevant guidelines for technological innovation corporate bonds, marking the official launch of technological innovation corporate bonds and further expansion of corporate bond varieties.
"The introduction of technology innovation bonds and their supporting measures will help stimulate the enthusiasm of qualified private enterprises to issue bonds and raise their financing success rate, thereby enhancing the pertinence and effectiveness of the bond market in serving technology and innovation private enterprises, strengthening the The bond market provides precise support for the field of technological innovation." Feng Lin, a senior analyst at the Research and Development Department of Oriental Jincheng, told the "Securities Daily" reporter.
At the same time, the exchange bond market launched a special support plan for private enterprise bond financing, and relevant institutions supported eligible private enterprise bond financing by creating credit protection tools and other means. In mid-May, the first special support plan for private enterprise bond financing was launched. The special support plan and financial institutions jointly provided 100 million yuan of credit enhancement support for "GC Crystal Power 01" and helped enterprises to raise 500 million yuan in bond financing. "GC Jingdian 01" is a carbon-neutral green corporate bond issued by private listed company Jinko Technology.
On May 23, the reporter learned from the Shenzhen Stock Exchange that up to now, the Shenzhen Stock Exchange has reached more than 80 contract transactions and 10 voucher projects, including leveraging private enterprises. Financing 21.2 billion yuan to help multi-industry and tens of thousands of small and medium-sized enterprises in the upstream supply chain to achieve low-cost financing.
Yan Yan analyzed that the special support plan and financial institutions jointly provide credit enhancement support for private enterprise bond financing, which is conducive to market-oriented risk sharing and credit enhancement functions; providing credit enhancement support to private enterprises through market institutions and policy institutions can improve private enterprises Enterprise bond financing capability; innovative private enterprise bond financing support tools can provide credit "insurance" function for private enterprise financing.
At the same time, the stable development of corporate bonds is inseparable from the continuous optimization and improvement of relevant systems. At the end of April this year, in order to optimize the supporting system for the corporate bond registration system, the Shanghai and Shenzhen Stock Exchanges issued four bond business rules, including the corporate bond issuance and listing review rules, and then issued related business guidelines to effectively connect with the business rules.
"The regulatory authorities continue to optimize the supporting system for the corporate bond registration system, optimize the approval process for corporate bond financing, and provide convenience for corporate financing, which can effectively alleviate the problems of difficult and expensive financing for enterprises, and strengthen the virtuous circle between the financial market and the real economy. Promote the development of high-tech enterprises and realize the innovation and upgrading of my country's industrial chain." Chen Li, chief economist of Chuancai Securities and director of the research institute, told the "Securities Daily" reporter.
The trading system realizes "separation of stock and debt"
Conducive to bond market interconnection
On May 16, the bond trading rules and supporting guidelines of the Shanghai and Shenzhen Stock Exchanges were officially implemented.
Data from Shanghai and Shenzhen Stock Exchanges show that in the first week of the implementation of the new bond trading regulations, the average daily turnover of spot bonds in the Shanghai Stock Exchange trading system was 110.069 billion yuan, and the average daily turnover of general pledged repurchases was 1.34 trillion yuan. There were 21,300 declarations and 7,184,600 general-purpose pledge-style repurchase declarations, reaching 44.081 billion yuan in spot bond transactions and 859.777 billion yuan in repurchase transactions.
"The official implementation of the new bond trading rules and trading system marks that Shanghai and Shenzhen stock exchanges have independent trading rules and trading systems, which have a positive effect on the development of the bond market on the exchange." Senior Research and Development Department of Oriental Jincheng Analyst Yu Lifeng told the "Securities Daily" reporter that an independent trading system is one of the important infrastructures for the further development of the exchange bond market. The "separation of stocks and bonds" in the trading system can prevent the two trading systems from interfering with each other. In order to improve the operational security of the exchange bond market, it is conducive to the interconnection of the bond market.
Yu Lifeng further stated that the new regulations for bond trading have broadened the market participants, and the introduction of market makers has enriched the liquidity support mechanism, which is conducive to improving the liquidity of the exchange bond market, further exerting the price discovery function of the market, and improving the risk control mechanism. Effectiveness, and further promote the high-quality development of the exchange bond market.
Chen Li believes that the new bond trading regulations realize the "separation of stock and debt" in bond trading rules and systems, avoid mutual interference between the two trading systems of stock and debt, escort the safe operation of the trading system, and help the exchange bond market price. Discovery functions, increase the liquidity of various bond types, enrich the types of bond products, and provide basic support for the follow-up reform and innovation measures of the bond market.
