Credit protection tools help the financing effect of private enterprise bonds gradually appear

Reporter Xing Meng

In recent years, in order to support the financing of private enterprise bonds, the regulatory authorities have taken multiple measures to promote the development of credit protection tools, and continue to enhance the quality and efficiency of the private economy.

Chen Li, chief economist of Chuancai Securities and director of the Institute of Research, told a reporter from the Securities Daily that in recent years, the risk of default in market bonds has increased, which has led to unscrupulous financing channels for private enterprises and rising financing costs. The introduction of various types of credit protection tools is conducive to increasing credit for private enterprises, unblocking private enterprise financing channels, and helping enterprises with high -quality development. Credit protection tools separate credit risks and market risks, further reduce the overall systemic risk of the market, promote the stable and good operation of my country's capital market, and help finance to continue to inject vitality into my country's private economy.

At the end of March this year, the CSRC stated that it played a role in market -oriented credit increase and encouraged market institutions and policy institutions to provide credit increase support for private enterprise bond financing by creating credit protection tools, and launched a combined credit protection contract business as soon as possible. Since then, the Shanghai and Shenzhen Exchange has successively held meetings such as credit protection tools for the exchange market to support private enterprise bond financing symposiums and credit protection tool buyers' seminar and other meetings to continue to explore research and improvement of policy measures for the quality and efficiency of credit protection tools to serve the quality and efficiency of private economy.

At present, with the support of the regulatory authorities, credit protection tools have achieved positive results in helping private enterprises, especially private real estate bond financing, and strongly support the development of relevant enterprises.

In May of this year, the exchange bond market launched a special support plan for private enterprise bond financing to support Sino -CSI Finance to help private enterprise bond financing by jointly creating credit protection tools with market institutions. Financial institutions jointly provide 100 million yuan in credit support for "GC Crystal Power 01", helping corporate bonds to raise 500 million yuan. A few days ago, the reporter learned from the Shenzhen Stock Exchange that the exchange market has landed on 9 Single Civil Enterprise Bond Financing Special Support Program, and has made the establishment of the special support plan for subsequent private enterprise bond financing.

On May 16, the first single private housing enterprise credit protection tool on the market landed. The Shenzhen Stock Exchange launched a credit protection voucher jointly created by CSI Finance and Special Plan Manager CITIC Securities, and successfully completed the bookkeeping with Longhu supply chain ABS. Longhu supply chain ABS issued a total scale of 402 million yuan, and priority assets support securities interest rates of 3.50%. Corresponding to the nominal principal of the credit protection voucher, 40 million yuan, and the issuance scale of the protected standard is 400 million yuan. Subsequently, private housing companies such as Country Garden and Midea's property followed up, and the financing model of "bond issuance + credit protection tools" was trials. The financing environment of private housing enterprises gradually recovered. In addition, the reporter learned from the Shanghai Stock Exchange that as of mid -July, the Shanghai Stock Exchange created 4.8 billion yuan in credit protection tools for private enterprises and supported private enterprise bond financing of 25 billion yuan.

Feng Lin, a senior analyst at the Ministry of East Jincheng Research and Development Department, analyzed the "Securities Daily" reporter that the role of the "bond issuance+credit protection tool" model is mainly reflected in the following aspects of helping private enterprise bond financing It plays a risk transfer role. If the bond defaults occurs, the creation agency will repay on behalf of the creation agency, which is equivalent to the creation agency to directly increase the credit to bonds by its own credit. The degree of recognition will increase the success rate of the issuance of bonds in private enterprises and help reduce the bond issuance interest rate.

Chen Li said that at present, after the introduction of private enterprise bonds for credit protection tools, the problem of financial difficulties in private enterprises has been improved. Channel reduces financing costs.

In addition, the reporter learned that the Shanghai and Shenzhen Exchange's orderly promoting combined credit protection contract (hereinafter referred to as "CDX") business pilot work.

In July, the Shanghai and Shenzhen Exchange successively amended and issued a credit protection tool trading business guidance, and it was clear that the CDX business pilot was carried out on the basis of the early credit protection contract pilot.

On July 18, the first two CDX pilot product transactions and quotation functions of the first two CDX pilot products were implemented. On the first day of the transaction, China Merchants Securities and other institutions actively participated in the transactions and quotations. A total of 9 institutions reached 29 transactions, with a total nominal principal of 650 million yuan; the Shenzhen Stock Exchange released the "CDX Combination of the Main issuer of the Shenzhen Stock Exchange" on July 29 The CDX Group of the CDX of the Guangdong -Hong Kong -Macao Greater Bay Area is currently actively organizing the market to do the first batch of pilot landing.

For how to better play the role of credit protection tools, Chen Li recommends starting from the following three aspects: First, continue to support the innovation of credit protection tool business, explore new models, solve the problem of private enterprise financing, and promote the better development of finance to help the real economy development; the second is to continue Strengthen the construction of the supervision system of credit protection tool business to effectively resolve market risks; the third is to increase the cultivation of the credit derivative market and promote the construction of multi -level capital markets.

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