Hua Xia Shi Bao·2025-05-16 04:07Core Viewpoint - The People's Bank of China, along with other regulatory bodies, is preparing to launch a "Technology Board" in the bond market to support the issuance of technology innovation bonds by financial institutions, technology companies, and equity investment institutions, which has led to a surge in issuance activity in the capital market [2][3]. Group 1: Issuance Activity - From May 6 to May 15, a total of 85 technology innovation bonds were issued, amounting to approximately 135.8 billion yuan, with issuers from various sectors including new materials, information technology, finance, biomedicine, and electrical equipment [2]. - The bonds predominantly have medium to long-term maturities, with over 60 bonds having terms of 3 years or more [2]. - The issued technology innovation bonds feature low coupon rates, generally around 2%, and high subscription multiples, indicating strong investor confidence in the credit quality of the issuers [5][8]. Group 2: Market Demand and Characteristics - The issuance of technology innovation bonds is driven by both policy guidance and market demand, filling a financing gap for high-tech and strategic emerging industries [3]. - The current economic transformation and accelerated technological innovation have increased the demand for financing tools that support technology companies, making technology innovation bonds attractive to investors [3][10]. - The bonds are perceived as a new investment category with a combination of credit premium and policy support, making them appealing in a low-interest-rate environment [3][10]. Group 3: Investor Perspective - Despite the coupon rates being around 2%, technology innovation bonds are still attractive to institutional investors due to their relatively low risk and strong credit backing [8][12]. - Innovative bond terms, such as expected yield pledges and intellectual property pledges, are expected to enhance the investment value and flexibility of these bonds [8][10]. - The market for technology innovation bonds is anticipated to expand significantly, with projections suggesting annual issuance could exceed 300 billion yuan within the next 1-2 years as more entities participate [10].