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 emergence of private equity investment institutions utilizing technology innovation bonds, supported by risk-sharing tools, to enhance financing opportunities in the 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 term and an AAA rating, benefiting from a guarantee provided by Zhongdai 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]. Group 2: Impact on Private Equity Investment Institutions - 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 challenges in fundraising and aligning bond terms with the long development cycles of hard technology enterprises [2][3]. - The first batch of the risk-sharing tool has already helped five private equity institutions raise 1.35 billion yuan in technology innovation bonds, with nearly 50% of the funds already deployed in various sectors [2]. Group 3: Market Trends and Future Outlook - 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]. - The China Interbank Market Dealers Association aims to enhance the efficiency of bond registration and issuance processes to further support financial backing for technological innovation [3].