Xin Hua Cai Jing·2025-09-17 13:56Core Viewpoint - The collaboration between Pudong Development Bank, China International Capital Corporation, and Dongfang Securities to establish a contract-based credit derivative trading linked to floating-rate sci-tech bonds aims to enhance the pricing fairness of these bonds and support financing for real enterprises in the technology innovation sector [1]. Group 1: Market Development - The agreement on floating-rate sci-tech bonds as the underlying asset for contract-based credit derivatives will promote reasonable pricing in the bond market and improve risk management efficiency [1]. - The initiative is expected to stimulate innovation in financial products related to floating-rate bonds and support the issuance and trading of sci-tech bonds [1]. Group 2: Clearing Services - Shanghai Clearing House has established a comprehensive credit derivative clearing service system to provide various services for contract-based credit derivative trading, including bilateral clearing and central counterparty clearing [1]. - The services cover cash flow calculations, fund settlement, credit event settlement, valuation management, and counterparty credit risk management, enhancing market operational efficiency [1]. Group 3: Market Participants - Pudong Development Bank, China International Capital Corporation, and Dongfang Securities are active participants in the interbank credit derivative market, leveraging their professional advantages to innovate and expand the application scenarios of credit derivatives [1].