“增信+投资”助力耐心资本 科创债精准滴灌硬科技

Core Viewpoint - The People's Bank of China and the China Interbank Market Dealers Association are promoting the use of risk-sharing tools for technology innovation bonds, facilitating financing for private equity investment institutions through the interbank bond market [1][2]. Group 1: Technology Innovation Bonds - A total of 9.3 billion yuan in technology innovation bonds is planned for issuance by four private equity investment institutions, marking the second batch supported by risk-sharing tools this year [1]. - As of November 21, the Dealers Association has supported 276 enterprises in issuing technology innovation bonds exceeding 530 billion yuan, with the issuance scale surpassing 10% of the total debt financing tools in the interbank market for the first time [1]. Group 2: Risk-Sharing Tools - The risk-sharing tools, created by the central bank and the securities regulatory commission, aim to lower financing costs for private equity institutions and support the issuance of longer-term bonds, such as 8-year and 10-year bonds [2]. - The risk-sharing tools have provided guarantees for three enterprises, significantly enhancing the credit level of the bonds, with collateral provided by the equity of the invested enterprises or the institutions themselves [2]. Group 3: Impact on Private Equity Institutions - The issuance of technology innovation bonds has improved the capital acquisition capabilities of private equity institutions, allowing for a significant reduction in financing costs [3]. - The risk-sharing tools have ensured the safety of bond issuance and supported the extension of bond terms, aligning with the long investment cycles typical in early-stage equity investments [3]. Group 4: Regional Distribution and Future Plans - The issuance of technology innovation bonds has reached 29 provinces, autonomous regions, and municipalities, with the top five issuance scales located in Beijing, Guangdong, Zhejiang, Shandong, and Jiangsu [4]. - The Dealers Association plans to continuously improve the supporting mechanisms for technology innovation bonds, enhance registration efficiency, and increase financial support for technological innovation [4].