债市“科技板”建设再添动能

Core Viewpoint - The launch of the "CFETS-SHCH-CBR Sci-Tech CDS Index" aims to enhance the interbank credit derivatives market, diversify product offerings, and support the development of the bond market's "Sci-Tech Board" [1] Group 1: Index Composition and Structure - The Sci-Tech CDS Index consists of 25 prominent issuers in the sci-tech bond market, focusing on sectors such as new-generation information technology, biotechnology, new energy, new materials, high-end equipment, new energy vehicles, green environmental protection, aerospace, and marine equipment [2] - Each constituent entity in the index, including companies like BYD, Geely Holding, and China Electronics, has an equal weight of 4% [2] Group 2: Functionality and Benefits - The Sci-Tech CDS Index serves as a trading vehicle, with the trading center providing services and the Shanghai Clearing House conducting bilateral clearing, using China Bond Rating's evaluations as a key reference for risk management [3] - It meets the secondary market trading needs for institutional credit risk management, allowing market makers and investment institutions to hedge against credit risks and credit spread volatility in a basket of sci-tech enterprises [3] - The index trading can enhance the quality and efficiency of financing tools for sci-tech enterprises, helping to release capital and broaden financing channels through a transmission mechanism between primary and secondary markets [3] - Approximately 20 market institutions provide daily bilateral quotes for the CDS index, with the trading center and Shanghai Clearing House compiling and publishing the index credit curve daily, serving as a pricing reference for sci-tech bonds [3] Group 3: Market Development Context - In 2021, the trading association issued guidelines for the compilation and trading of CDS indices, establishing a basic framework for CDS index operations [4] - Currently, there are four CDS index products in the interbank market, including the high-grade CDS index, private enterprise CDS index, Yangtze River Delta CDS index, and the newly launched Sci-Tech CDS index, which enrich the credit risk management tools available to market participants [4]