2024年河南省债券市场发展白皮书

Economic and Fiscal Overview - Henan Province has a large economic scale with ongoing optimization of its industrial structure and rapid development of emerging industries, but its economic growth rate and urbanization level need improvement compared to other provinces in Central China [1][29] - The province has a relatively high comprehensive financial capacity and significant central government support, but the quality of general public budget revenue and fiscal self-sufficiency require enhancement, with a growing trend in debt scale and pressure [1][29] - The bond issuance scale in Henan Province increased from 2022 to 2023, with a slight decline in the first half of 2024 but an optimized structure [1][30] Bond Financing Analysis - Within the province, state-owned enterprises, urban investment enterprises, and industrial state-owned enterprises have distinct characteristics in domestic bond financing, with innovative bonds and asset-backed securities showing an upward trend [2] - Compared to other provinces in Central China, Henan's domestic bond issuance scale and costs differ, with urban investment bonds being dominant and industrial state-owned enterprises' bond issuance relatively weak [2] - In the offshore bond financing sector, the issuance of Chinese dollar bonds and dim sum bonds varies, with Henan's offshore labeled bond issuance becoming active again in the first half of 2024 [2] Credit Rating Situation - The credit ratings of bond issuers in Henan Province are primarily concentrated in the AAA, AA+, AA, and AA- categories, with state-owned enterprises generally having higher credit ratings compared to private enterprises [3] - State-owned enterprises are mostly rated AAA, while urban investment state-owned enterprises predominantly fall within the AA+ and AA categories [3] - Compared to other provinces in Central China, Henan's urban investment bond issuers have relatively better credit quality, with a strong willingness among urban investment entities to issue offshore bonds or obtain ratings [3] ESG Rating Analysis - Henan Province actively implements ESG-related policies to promote sustainable development among enterprises, with an increasing disclosure rate of ESG reports among listed companies [3] - The overall ESG ratings of bond-issuing enterprises are higher than those of listed companies, but there is still room for improvement [3] - The disclosure rate of ESG reports among listed companies in Henan is relatively high compared to other provinces in Central China, although local state-owned listed enterprises need to enhance their disclosure practices [3] Development Recommendations - It is recommended to optimize the debt structure of urban investment enterprises and promote their market-oriented transformation [3] - Strengthening corporate credit rating cultivation and supporting private enterprise financing are suggested to enhance the overall financing environment [3] - Increasing the issuance of innovative bonds and enhancing corporate ESG performance are also recommended to boost sustainable development capabilities [3]