券商年内发行科创债近600亿 3年期成主力票面利率最低1.64%

Core Viewpoint - Recently, China International Capital Corporation (CICC) announced the approval of its application to publicly issue technology innovation corporate bonds with a total face value of no more than 10 billion yuan [1] Group 1: Bond Issuance - Financial Street Securities successfully issued the first technology innovation subordinated bond with a 3-year term and a coupon rate of 2.39% [1] - Since the new policy was introduced in May, securities firms have become active players in issuing technology innovation bonds, with 43 firms having issued bonds totaling nearly 60 billion yuan as of October 20 [1] - Additionally, 6 listed securities firms have announced the approval to issue technology innovation bonds, with a total quota of 114.8 billion yuan [1] Group 2: Market Characteristics - The issuance of technology innovation bonds is characterized by large-scale offerings from leading securities firms, a predominance of short to medium-term products, and relatively low coupon rates [1] - According to Tian Lihui, Director of the Financial Development Research Institute at Nankai University, these phenomena reflect a precise resonance between policy dividends and market rules [1] - It is anticipated that the duration of technology innovation bonds may extend to 5-10 years in the future to better align with the research and development cycles of hard technology [1]