During the year, the issuance of corporate bonds reached 1.80 trillion yuan to focus on supporting private enterprise financing

Experts suggest to accelerate the creation of credit protection for low -database private enterprises

Since the beginning of this year, the company's bond market has been running smoothly, and the scale of issuance has continued to expand. On August 8, 12 corporate bonds were officially issued, and the scale of issuance was 13 billion yuan, and more than half of the 3 -year products.

Wind information data shows that based on the start date, as of August 7, the number of corporate bonds was 2098 within the year, and the issuance scale reached 1.80 trillion yuan, which continued to maintain a high level. Among them, the issuance scale of general corporate bonds was 895.9 billion yuan, and the issuance scale of private equity bonds was 903.7 billion yuan.

The reporter noticed that the company's bonds focused on supporting private enterprise bond financing this year, and continued to innovate varieties, focusing on providing financing support for science and technology innovation and low -carbon transformation. At the same time, the company's bond registration system supporting system has been further optimized and improved, and the reform of the registration system has achieved positive results.

Innovative bond variety

Support private enterprise bond financing

Since the beginning of this year, the exchange bond market has continued to innovate corporate bonds, and technology innovation corporate bonds and low -carbon transformation company bonds have been launched one after another, broadening the corporate financing channels and adding vitality to the market.

At the end of March, the CSRC stated that it would introduce a series of policy measures including the launch of bonds such as science and technology innovation companies to promote the improvement of private enterprise bond financing support mechanisms. On May 20, the Securities Regulatory Commission stated that the Shanghai and Shenzhen Stock Exchange officially launched a scientific and technological innovation corporate bond based on the early pilot pilot. On the same day, the Shanghai and Shenzhen Exchange issued the guidelines for bonds of science and technology innovation company, which was officially launched.

It is reported that the Shanghai and Shenzhen Exchange has carried out the pilot work of scientific and technological innovation companies in the early stage, issued a total of 31 products, raised 25.3 billion yuan, and the funds were mainly invested in the forefront of integrated circuits, artificial intelligence, and high -end manufacturing. Wind information data shows that a total of 36 scientific and technological innovation corporate bonds were issued during the year (the full name of the bond contains "scientific and technological innovation" or "science and technology innovation"), and the issuance scale reached 36.6 billion yuan.

In early June, the Shanghai Stock Exchange revised the guidelines for bonds of specific varieties of corporate companies, and newly launched low -carbon transformation corporate bonds, low -carbon transformation and linked corporate bonds, clarifying bond definition, use of funds, special terms arrangement, etc., and deepening financing support for low -carbon transformation. Wind information data shows that a total of 14 low -carbon transformation company bonds/low -carbon transformation linking corporate bonds were issued during the year (the full name of the bond contains "low -carbon transformation"), with a issuance scale of 12.6 billion yuan.

Regardless of whether it is technology innovation corporate bonds or low -carbon transformation company bonds, private enterprises are actively participating. In fact, supporting private enterprise bond financing has always been an important direction for corporate bonds and even the entire exchange bond market this year. Driven by the regulatory authorities, measures such as special support plans and credit protection tools for private enterprise bond financing have been continuously launched, which has strongly supported private enterprise bond financing. The reporter learned from the Shenzhen Stock Exchange that the exchanges have now landed on the special support plan of the Single Civil Enterprise Bond Financing, and have made the establishment of the special support plan for subsequent private enterprise bond financing. The Shenzhen Stock Exchange is promoting the first batch of pilots in the combined credit protection contract business.

In addition, at the end of June, the CSRC stated that it guided the Shanghai -Shenzhen Exchange and China Settlement to temporarily avoid collecting bond transactions, settlement fees, and service fees for private enterprise bond issuers. After the implementation of the expense reduction policy, the business links of the exchange market will not charge related costs related to private enterprise bonds, and the average annual reduction amount will be 160 million yuan.

For how to better support the financing of private enterprise bonds, Wu Lina, Assistant to the General Manager of Fed Securities and General Manager of Bond Business Division, told the reporter of the Securities Daily that "it is recommended to provide high -quality private enterprises with more flexible and efficient and flexible supervision services. Factors such as industry status are moderately expanded to the scope of the application of high -quality issuance subjects; at the same time, accelerate the creation of credit protection tools for low -database private enterprises, form a relatively mature private enterprise debt issuance mechanism, and solve the problem of bond financing of weak qualified private enterprises. "

Optimize the registered supporting system

Active changes in the market

At the same time, the Shanghai -Shenzhen Exchange further optimizes the company's bond registration system supporting system, stimulates market vitality, and protects the legitimate rights and interests of investors.

In late April, the Shanghai and Shenzhen Exchange issued four basic business rules, including corporate bond issuance and listing review rules, corporate bond listing rules, non -public issuance rules for corporate bonds, and bond market investors. After the relevant rules were released, the Shanghai -Shenzhen Exchange's bond market basically formed a complete independent rules system that issued the full coverage of business band lines such as listing, issuance underwriting, listing, listing, trading operation, and investor protection.

It has been more than two years since the implementation of the company's public bonds. With the continuous improvement of the registration system reform system, the market has also shown positive changes. Wind资讯数据显示，注册制实施后的第一年度(2020年3月1日至2021年2月28日，以下按此类推)，公开发行的一般公司债券发行规模达1.56万亿元，同比增长38%; the second year, the scale of the issuance of corporate bonds reached 1.79 trillion yuan, an increase of 15%year -on -year.

"The registration system not only drives the efficiency of corporate bond issuance, but also effectively improves the transparency and timeliness of the disclosure of corporate bond information, so that corporate bonds gradually turn to market -oriented management of information disclosure as the core." Tan Chang, deputy director of China Integrity International Research Institute Said to the Securities Daily reporter.

In addition, at the end of July, a mid -year supervision work conference held by the CSRC pointed out that "deepening the reform of corporate bond registration system."Tan Chang suggested that the current corporate bond -related system is gradually improved under the unified framework of credit bonds. In the next step, the regulatory authorities should be strengthened. With the advancement of the registration system, supporting upgrade information disclosure and investor protection system, promoting the development of corporate bond marketizationEssenceThe regulatory authorities should continue to cooperate with the unified supervision framework of credit bonds, optimize the management and connection of the basic system of different trading venues, and strengthen information sharing between departments, and improve supervision efficiency.(Editor in charge: Wang Qingyu)

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