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【走进科创债】这次不是大行!四川银行抢得首单商业银行浮息科创债
Jing Ji Guan Cha Wang·2025-08-06 08:45

Core Viewpoint - Small and medium-sized banks are becoming significant players in the issuance of technology innovation bonds (referred to as "Sci-Tech Bonds") in China, with a notable contribution from Sichuan Bank, which issued the first floating-rate commercial bank Sci-Tech Bond in the country [2][4]. Group 1: Issuance Overview - As of July 30, 2023, a total of 33 banks have issued Sci-Tech Bonds, with a cumulative issuance scale of 235.8 billion yuan, where small and medium-sized banks account for over half of the issuances [2]. - Sichuan Bank issued the first floating-rate Sci-Tech Bond with a scale of 1.1 billion yuan and an interest rate of 1.85% for a 5-year term [2]. Group 2: Floating Rate Design Considerations - Sichuan Bank's first bond issuance occurred on December 10, 2024, with a scale of 5.4 billion yuan and a coupon rate of 2.20%, attracting over 100 institutional investors and achieving a subscription multiple of 6.6 times [3]. - The floating-rate Sci-Tech Bond issued by Sichuan Bank is based on benchmark rates like DR007 and LPR, allowing for quarterly adjustments, which can help reduce interest costs in a declining interest rate environment [4][5]. Group 3: Strategic Considerations for Issuance - Sichuan Bank's decision to issue floating-rate bonds is driven by three main considerations: exploring innovative products, reducing financing costs, and mitigating interest rate risks [5]. - The bank aims to support the development of technology innovation by raising lower-cost funds through floating-rate bonds, which can help reduce financing costs for Sci-Tech enterprises [5]. Group 4: Funding Allocation and Support - The funds raised from the Sci-Tech Bonds will be allocated to support five technology-oriented SMEs and high-tech enterprises in Sichuan, totaling approximately 500 million yuan, and to assist seven state-owned enterprises with their Sci-Tech Bond issuance plans [7]. - Sichuan Bank has supported 13 Sci-Tech Bond issuers in Sichuan, covering over 80% of the province's issuers, with a total investment of 8.46 billion yuan in 30 Sci-Tech Bonds [8]. Group 5: Comprehensive Financial Services - Sichuan Bank has established a collaborative system to promote comprehensive development in technology finance, combining bond issuance with credit services [9]. - The bank is focused on creating a product matrix that covers the entire lifecycle of Sci-Tech enterprises, including specialized loan products and innovative financing solutions based on intellectual property [10]. Group 6: Future Goals and Innovations - Sichuan Bank aims to achieve a growth of over 2 billion yuan in Sci-Tech loans in 2025 and maintain its position as a key player in direct financing in Sichuan [10]. - The bank is developing a data risk control engine and optimizing post-loan management to enhance its service capabilities for Sci-Tech enterprises [11].