With the recent implementation of a series of support measures, private enterprise bond financing in the inter-bank market has picked up. A reporter from the Economic Daily learned that from January to May 2022, a total of 152 billion yuan of private enterprise bonds were issued in the inter-bank market, accounting for about 62% of the issuance ratio of private enterprises in the entire market, with net financing of 41 billion yuan. The financing of private enterprises in the inter-bank bond market has generally remained stable. Smooth flow has played an important supporting role in stabilizing bond financing of private enterprises.
The financing environment for real estate companies in the inter-bank bond market is continuing to improve. Last year, affected by risk events, bond financing for real estate companies was once in trouble. However, in recent times, with the support of relevant policies, the financing situation of real estate companies has improved. Since November 2021, private real estate companies such as Midea Real Estate, Longfor, Xuhui, and Country Garden have registered a total of approximately 41 billion yuan in debt financing instruments in the inter-bank market. The reporter learned that the National Association of Financial Market Institutional Investors actively stabilizes real estate market confidence, maintains smooth access to bonds for real estate companies, appropriately expands the use of raised funds, and encourages priority use in project construction, equity acquisition of real estate projects or assets, etc.
In order to serve private enterprise bond financing, the inter-bank bond market has recently launched an upgraded version of "support tools". In May of this year, as an important measure to support private enterprise bond financing, the National Association of Financial Market Institutional Investors organized ChinaBond Promotion Company to establish and launch the ChinaBond Private Enterprise Bond Financing Support Tool (CSIPB) based on summarizing previous experience, and jointly with market institutions to issue bonds for private enterprises. Provide market-oriented credit enhancement support and quickly implement it with the support of all parties in the market. Liu Shui, head of research at the corporate division of
Zhongzhi Research Institute, believes that the bond issuance by leading private housing companies has been supported by credit protection tools, which means that measures to support the financing of private housing companies are accelerating. The financing difficulties of private housing companies will be resolved, which will provide a good foundation for the subsequent market. It has a good demonstration and driving effect, and more real estate companies will follow similar credit enhancement measures to issue bond financing.
data shows that from January to May 2022, a total of 68 real estate companies issued debt financing instruments of 138.7 billion yuan in the inter-bank market. Among them, 6 private real estate companies issued debt financing instruments of 9.8 billion yuan. The net financing of private real estate companies remained positive. Value, the inter-bank bond market plays an important role in meeting the reasonable financing needs of private housing companies and maintaining smooth and stable financing in the bond market of private housing companies.
product innovation is also an important part of the inter-bank bond market's precise efforts to support private enterprise financing. Since May this year, the toolbox of science and technology innovation products has been upgraded to science and technology innovation bills. The first batch of 8 single-subject science and innovation bill projects have been launched in May 2022, including Sany Group and Sany Heavy Industry shares. , Chint Group three private enterprises, the issuance amount reached 2.5 billion yuan, accounting for about 40% of the first batch of pilot projects.
Zheng Xinying, general manager of the Investment Banking Department of China Merchants Bank, said that the upgrade of the inter-bank market and the introduction of science and technology innovation notes have further broadened the direct financing channels for science and technology innovation enterprises, reduced financing costs, and strengthened the role of the financial market in serving real enterprises. At the same time, it will also help increase the breadth of the bond market, guide market funds to participate more actively and effectively in national industrial upgrading and industry innovation, and improve the resource allocation capabilities of the bond market.
reporters also learned that since the inter-bank bond market launched debt financing tools for high-growth enterprises in March 2021, a total of more than 20 billion yuan has been issued so far, covering 61 scientific and technological innovation companies in 12 provinces, of which private enterprises account for the proportion of issuances Over 70%. In addition, the interbank market continues to support core supply chain enterprises and private small and micro enterprises through financing through structured products such as asset-backed notes (ABN) and asset-backed commercial paper (ABCP). As of the end of May 2022, ABN has issued a total of nearly 2 trillion yuan, directly or indirectly supporting about 26,000 private small and micro enterprises to achieve financing; ABCP has issued a total of 254.164 billion yuan, supporting core supply chain enterprises and leasing companies to issue ABCP, "to The “core-supporting small and micro enterprises” approach has supported more than 2,900 small and micro enterprises.
Since the beginning of this year, the inter-bank market has continued to maintain its strength and enthusiasm in supporting private enterprise financing. Next, the inter-bank bond market will continue to optimize and improve the registration and issuance mechanism of debt financing instruments, increase product innovation that meets the needs of private enterprises, and support the high-quality development of the real economy. (Economic Daily reporter Chen Guojing)
