In the first half of the year, the exchanges' debt civic enterprises financing 202.8 billion yuan

Reporter Wu Xiaolu

On July 8, Xiaomi Communication completed the issuance of short -term corporate bonds in the first period of science and technology innovation this year, with a issuance scale of 1 billion yuan. According to the reporter, at present, three private enterprises including Xiaomi Communications have issued science and technology innovation debt to achieve financing of 1.6 billion yuan. The funds are mainly invested in the forefront areas such as artificial intelligence and high -end manufacturing.

Since the beginning of this year, the CSRC and the Shanghai -Shenzhen Exchange have been widely investigated, and they have taken multiple measures to improve the financing environment of private enterprises. Data show that in the first half of the year, private enterprises issued corporate debt financing of 79.4 billion yuan in the exchanges' bond market, 123.4 billion yuan in issuing asset support securities, and a total financing of 202.8 billion yuan.

According to the reporter's understanding, the next step, the CSRC will strengthen cooperation with relevant departments, continue to promote and improve the financing support mechanism of private enterprise bonds, work together to repair the private enterprise bond financing function, and help the healthy development of the private economy.

Innovative measures to boost confidence

In recent years, private enterprises have issued high debt defaults, investors have become increasingly cautious, and bond financing scale has continued to decline.

This year's government work report proposes to "improve the financing support mechanism for private enterprise bonds." In March, the CSRC stated that it would introduce seven aspects to support private enterprise bond financing. Since then, the exchange has launched a special support plan for private enterprise bond financing; the launch of science and technology innovation corporate bonds, prioritize supporting eligible private technology enterprise bond financing; organize and carry out private enterprise bond investment and financing meetings and talks; study relaxation of bond repurchase financing financing financing financing The threshold is to improve the liquidity and investment income level of protected private enterprise bonds; reduce measures and other measures of private enterprise bond transaction settlement expenses.

As of the end of June, under the special support plan for private enterprise bond financing, eight companies including Jingke Technology issued 9 single products, financing of 6.63 billion yuan. Among them, the financing cost of some enterprises can be about 1%lower than the bonds at the same time; in the case of difficulty in financing, some enterprises obtain market exceeding expectations through special support plans.

Chen Li, chief economist of Chuancai Securities, said in an interview with the Securities Daily reporter that due to the increase in the risk of credit breach of credit in private enterprises in recent years, the risk preferences of financial institutions have also declined, which led to poor financial channels for private enterprises. The difficulty of financing is not conducive to the sustainable development of private enterprises. The exchange bond market has successively launched bonds for innovative varieties, which strongly supports the healthy development of private enterprises, increases support for the real economy, and meets the needs of real economy financing.

"Exchange bonds have always been an important channel for private enterprises' financing. In the first half of this year, the Securities Regulatory Commission and Shanghai and Shenzhen Exchange successively launched private enterprise bond financing policies to help private enterprises apply for varieties, credit protection tools, and domestic and foreign bond investors in innovative bonds. A number of key links such as scope and listing trading costs have been more effective and effective. A large number of high -quality private enterprises have successfully achieved zero breakthrough or new mileage through corporate bonds or asset securitization products, which further boosted private enterprises in the private enterprise. The confidence of issuing bonds on the exchange market. "Xiao Yifei, general manager of Caida Securities Bond Finance Department, said in an interview with the Securities Daily reporter.

According to the reporter's understanding, the regulatory authorities are currently promoting the income of private enterprise bonds into regulatory assessment, practicing evaluation and special ranking, etc., and encourage commercial banks, insurance companies, securities companies, bank wealth management, public funds and other financial institutions to increase private enterprise investment investment investment Essence

Xiao Yifei said that the credit bond financing policy of private enterprises has been well promoted, and securities companies and market investors have fully understood the importance of promoting and investing in private enterprises. Of course, private enterprises also need to continue to strengthen corporate governance and improve information disclosure, and meet the timely understanding of market investors' timely understanding of private enterprises in the first and secondary markets. If the corresponding measures are on the ground one by one, the private enterprise financing bureau will be further improved in the second half of the year.

Chen Li believes that in the future, in terms of improving the financing support mechanism of private enterprise bonds, one is to further improve the structure of the bond market and promote the reasonable pricing of bonds; the second is to guide investors to establish a correct sense of risk; the third is to optimize the bond market investor structure and promote diversified diversification The main investment entities participated in the private enterprise bond market. It is expected that the financing situation of private enterprises will be further improved in the second half of the year.

Orderly promote the risk clearing

Since the beginning of this year, the exchanges have increased the financing policy of housing enterprises to meet the needs of reasonable financing. Actively promote eligible housing companies to issue mergers and purchase bonds, support the financing of housing enterprises through measures such as private enterprise bond financing special support plans, and improve the marginal improvement of housing enterprises' financing environment. In the first half of the year, a total of 99.7 billion yuan of housing bonds issued a total of 15.1 billion yuan in net financing.

Xiao Yifei said that in the first half of this year, the company's company's corporate debt and ABS net financing volume exceeded 10 billion yuan, providing a stable and smooth financing channel for real estate companies. Especially since May, China Securities Financial United Securities Co., Ltd. has helped private real estate companies such as Longhu and Midea Real Estate issued corporate bonds by creating credit protection tools. It can be seen that the housing company issuers accelerate the pace of debt issuance. The gradual improvement of debt -issuing financing environment.

"The recovery of the financing of housing enterprise bonds indicates that the fundamentals of the real estate industry have changed positive, and the regulatory authorities are focusing on maintaining the smooth channels for the financing channels of housing enterprises to actively meet the reasonable financing needs of real estate companies." Chen Li said that with the domestic economy and real estate market restoration In the second half of the year, the financing environment of the real estate industry will further improve.

Xiao Yifei believes that in addition to the policy in the second half of the year, it still needs to pay attention to how to properly handle the lack of credit caused by some real estate enterprises 'risk bonds, which will directly affect the credit of the entire real estate industry, and ultimately affect the risk of investors' financing of housing enterprises to financing of real estate enterprises. Evaluation and risk pricing. In the next one or two years, it will still be the peak period of debt repayment of housing companies. The overall debt repayment of the industry's debt repayment still exists. Whether the credit risk can be repaired, the introduction of credit protection tools, and whether the bonds of real estate mergers and acquisitions can further expand the scope. All will continue to affect the overall financing scale and financing cost of real estate companies. According to the reporter's understanding, in recent years, the CSRC has done a good job of monitoring and early warning of bond default risks in accordance with the work ideas of "strengthening overall planning, classification resolution, compacting responsibilities, and improving joint efforts". Essence In the next step, the CSRC will further improve its political standing, strengthen responsibility, speed up work speed, and respond quickly, effectively carry out the responsibility for the prevention and disposal of bond risk, steadily and orderly promote the clearing of bonds. The bottom line.

Rich varieties to support the real economy

In fact, the exchange bond market has become an important place for real economy financing. Data show that in the first half of this year, the exchange market issued 2.58 trillion yuan (excluding convertible bonds) of various types of bonds, of which corporate bonds issued 1.88 trillion yuan, asset -supported securities issued 495.7 billion yuan, local government bond issuance was 2042 2042 100 million yuan.

As of the end of June this year, the company's bond custody of the company's bond market was 12.64 trillion yuan. From the perspective of the issuer, non -financial corporate bond host values ​​were 10.48 trillion yuan, accounting for 40%in the entire market; private enterprise corporate bond custody face value was 1.1 trillion yuan, accounting for about 64%in the entire market.

In addition, the exchange continues to enrich and improve the rules of specific varieties of bonds, and actively implement national strategies such as green development, rural revitalization, and scientific and technological innovation. In the first half of this year, the exchange bond market supported enterprises to issue 46.8 billion yuan of green corporate bonds, issued 8.4 billion yuan of rural revitalization corporate bonds; launched scientific and technological innovation corporate bonds, and issued a total of 32.9 billion yuan.

In the first half of the year, the epidemic situation was repeated. In order to further play the function of the capital market, support the affected areas of serious areas and industry companies to accelerate the recovery and development, and the exchange bond market has increased the support of corporate bonds and asset securitization products, including the implementation of special personnel docking The report is the report; the feedback time limit, the time limit, etc. of the feedback in the review and review phase.

Chen Li said that due to the influence of the epidemic in the first half of this year, the issuance of bonds showed a shock. In March and April, the central bank increased the adjustment of monetary policy, and the amount of bond financing increased. In the second half of the year, with the gradual efforts of the steady growth policy, corporate financing needs will also recover.

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