Since the third quarter of the third quarter, the cost of speeding up the financing of securities firms has declined

Affected by multiple factors, the speed of issuance of brokerage issuance this year has slowed down; however, it has been accelerating since the third quarter.

Data show that since the since this year, the bond issuance of securities firms has reached 877.418 billion yuan. Among them, in terms of quarterly, since the first quarter, second and third quarters, brokers have raised corporate bonds (including sub -debt) and short -term financing vouchers for 293.825 billion yuan, 224.04 billion yuan, and 359.553 billion yuan, respectively. The proportion is 33%, 26%, and 41%, respectively.

The issuance of corporate bonds is still one of the main ways of financing of securities firms. In the first and second quarters, brokers issued 99 and 65 corporate debt, respectively, with the issuance scale of 200.25 billion yuan and 137.24 billion yuan, respectively. Since the third quarter, as of September 25, the brokerage firms have issued 117 corporate bonds, totaling 247.153 billion yuan, and the number and scale have exceeded the first quarter and second quarter. Among them, 7 brokerage companies' corporate bond issuance has exceeded 10 billion yuan, and the number of corporate bonds issued by Guangfa Securities is 27.3 billion yuan; Huatai Securities and China Galaxy followed closely, which issued 23 billion yuan and 19 billion yuan respectively. Yuan.

In terms of short -term financing vouchers, brokers issued 53 and 47 short -term financing vouchers in the first and second quarters, respectively, with the total issuance of 93.6 billion yuan and 86.8 billion yuan, respectively. Since the third quarter, brokers have issued 64 short -term financing vouchers, with a total issuance of more than 100 billion yuan, which is 112.4 billion yuan.

After entering the second half of the year, the demand for debt issuance of securities firms has increased. Shen Wanhongyuan, Guangfa Securities, Everbright Securities, and Galaxy China have been allowed to openly issue over 10 billion yuan corporate debt. Among them, Guangfa Securities was approved by corporate bonds with a total number of public offer values ​​of not more than 20 billion yuan and secondary corporate bonds of not more than 10 billion yuan; the Galaxy of China also received large corporate bonds with a total of not more than 30 billion yuan.

From the perspective of financing costs, the reporter found that since this year, the financing costs of securities firms have declined significantly. The interest rate of newly issued securities company debt is between 1.65%and 6%, with an average ticket interest rate of 3.13%, and 3.53%in the same period last year. And this trend has become more obvious since the third quarter. The average discounted rate of corporate bonds issued by securities firms issued in the first quarter and second quarters was 3.36%and 3.24%, respectively, and the average ticket interest rate of the ticket has been as low as 2.87%since the third quarter. Among them, the average ticket interest rate of short -term financing vouchers issued in the third quarter was as low as 1.96%, and in the first quarter and the second quarter was 2.56%and 2.23%, respectively.

In this regard, Liu Jiawei, chief analyst of Dongxing Securities non -silver financial industry, said in an interview with the Securities Daily reporter: "The current interest rate has dropped to the low point in recent years. In addition, the continuous fluctuations in the market and the increase in potential risk business will also increase the demand for funds for securities firms. "

Reporter reporter Zhou Shang 者

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