财经深一度丨增信“百宝箱”护航民营股权投资机构发行科技创新债券

Core Viewpoint - The article highlights the increasing support for private equity investment institutions in China through the issuance of technology innovation bonds, facilitated by risk-sharing tools that enhance financing opportunities in the interbank bond market [1][2]. Group 1: Technology Innovation Bonds - Four private equity investment institutions are set to issue a total of 930 million yuan in technology innovation bonds, marking the second batch to receive support from the "Technology Innovation Bond Risk Sharing Tool" [1]. - Base Capital plans to issue 400 million yuan in technology innovation bonds with a 10-year maturity and an AAA rating, benefiting from a guarantee provided by China Bond Credit Enhancement Investment Co., Ltd. [1][2]. - The "Technology Innovation Bond Risk Sharing Tool" was introduced to facilitate the issuance of these bonds, with the People's Bank of China providing low-cost re-lending funds [1][2]. Group 2: Financing Mechanisms - The risk-sharing tool allows private equity investment institutions to use equity in their invested companies as collateral, a significant shift from traditional asset-based guarantees [2]. - The tool has opened new financing pathways for private equity firms, addressing their fundraising challenges and aligning bond maturities with the R&D cycles of hard technology enterprises [2][3]. - As of November 21, 55 private enterprises have issued a total of 107.4 billion yuan in technology innovation bonds, indicating a growing trend in the market [3]. Group 3: Impact on Investment - The issuance of technology innovation bonds has significantly enhanced the investment capacity of firms, with one fund successfully investing in 36 hard technology companies following its bond issuance [3]. - The funds raised through these bonds have already seen nearly 50% deployed, leveraging over 100 billion yuan into sectors such as integrated circuits, artificial intelligence, and biomedicine [2][3].