债市“科技板”壮大耐心资本

Core Points - The second batch of Sci-Tech bonds supported by risk-sharing tools will be issued from November 26 to 28, following a successful roadshow on November 24 [1] - Four private equity investment institutions are set to issue a total of 930 million yuan in Sci-Tech bonds, aimed at financing technology innovation activities [1] - The issuance of these bonds marks an increase in participation from private equity firms in the interbank bond market under policy support [1] Group 1 - The four private equity institutions involved are: Basis Asset Management Co., Ltd., Shenzhen Tongchuang Weiye Asset Management Co., Ltd., Shengjing Jiacheng Investment Management Co., Ltd., and Shanghai Daohua Long-term Investment Management Co., Ltd. [1] - Basis Capital, one of the earliest venture capital and private equity firms in China, plans to issue 400 million yuan in bonds, with a total registered quota of 1.5 billion yuan over two years [1][2] - The bonds have a term of up to 10 years, aligning with the investment horizon of the managed Sci-Tech funds, providing stable long-term funding [2] Group 2 - The risk-sharing tools have significantly enhanced the issuance capacity of Basis Capital's Sci-Tech bonds, ensuring basic funding for their planned funds over the next two years [2] - Three of the four participating companies received credit enhancement from the risk-sharing tools, while one received market-based credit enhancement [2] - The "Technology Board" in the bond market has seen positive progress, with 276 companies issuing a total of 534.6 billion yuan in Sci-Tech bonds, representing over 10% of the total bond issuance in the interbank market [3] Group 3 - The participation of private enterprises in the bond market has notably increased, with 55 private companies issuing 107.4 billion yuan in Sci-Tech bonds, accounting for 20% of the total issuance [3] - The risk-sharing tools have effectively leveraged funds into key sectors such as integrated circuits, artificial intelligence, biomedicine, and new materials, demonstrating the "debt-to-investment" effect [3] - The trading association plans to continue utilizing risk-sharing tools to develop the "Technology Board" and attract more financial resources for early-stage, small-scale, long-term investments in hard technology [3]