张乐飞：地方城投国有资产证券化“债券融资”六大优势剖析

Core Viewpoint - The model of "bond financing" through state-owned asset securitization plays a crucial role in supporting local investment companies, providing significant advantages for their development. Group 1: Reasonable and Flexible Quota Range - The financing quota for local investment companies is set between 500 million to 1 billion, with a total scale controlled at 30% to 40% of fixed assets, ensuring that funding needs are met without excessive financing risks [2]. Group 2: Flexible Term Structure - The financing model features a flexible term design of 3 + 2 + 2 years, with a maximum duration of 7 years, allowing for annual interest payments and principal repayment at maturity, which aligns with the cash flow of various infrastructure projects [3]. Group 3: Significant Cost Advantages - Interest rates are set between 2.5% to 3.5%, with a comprehensive rate not exceeding 5%, providing a clear cost advantage over other financing methods, thereby reducing financial expenses and enhancing project profitability [4]. Group 4: Pure Credit Loans and Non-standard Asset Securitization - The model allows for pure credit loans without the need for fixed asset collateral, facilitating easier financing for local investment companies, and enables the securitization of non-standard assets, improving liquidity and value [5]. Group 5: Wide Range of Fund Uses - Funds can be used broadly as long as they align with national strategic directions, allowing local investment companies to flexibly allocate resources for both traditional infrastructure and emerging industries [6]. Group 6: Flexible Maturity Repayment Mechanism - The bond maturity can be extended, and policies allow for the issuance of new bonds to repay old ones before maturity, providing local investment companies with greater financial maneuverability and reducing liquidity risks [7].