债券市场“科技板”交出硬核成绩单

Core Viewpoint - The People's Bank of China emphasizes the high-quality construction and development of the bond market "Technology Board" to enhance financial support for technological innovation [1] Group 1: Performance of the Technology Board - The bond market "Technology Board" has issued a total of 1.8 trillion yuan in technology innovation bonds within 8 months, with 390 entities in the interbank bond market contributing over 1 trillion yuan [2] - 264 enterprises have issued approximately 660 billion yuan in technology innovation bonds, covering 28 provinces and cities, with an average issuance interest rate of 2.10%, which is a decrease of 17 basis points compared to the period before the board's implementation [2] - 60% of the enterprises have issued bonds with a maturity of over 3 years, indicating a high participation rate from private enterprises, which account for over 20% [2] Group 2: Support for Early-stage Enterprises - The Technology Board has innovative mechanisms to support early-stage technology enterprises by allowing equity investment institutions to issue bonds, thus attracting more social capital for early, small, long-term, and hard technology investments [3] - 53 equity investment institutions have issued 45.2 billion yuan in technology innovation bonds, while 73 financial institutions have issued 305.4 billion yuan, enhancing the liquidity and activity of the Technology Board [3] Group 3: Cost and Market Maturity - The median issuance interest rate for technology bonds is 1.99%, significantly lower than the average weighted interest rate for current loans, effectively reducing financing costs in the technology sector [4] - The average maturity of non-financial enterprise technology bonds has increased from 3.37 years in Q2 2025 to 3.53 years in the second half of 2025, reflecting a trend towards longer-term financing [4] - The diversity of issuers has increased, with a steady rise in the proportion of non-state-owned enterprises participating in the bond market [4] Group 4: Institutional Design and Future Development - The successful performance of the Technology Board is attributed to a series of institutional arrangements, including the inclusion of commercial banks, securities firms, and equity investment institutions as issuers, along with simplified disclosure and tax incentives [5] - The People's Bank of China has created a risk-sharing tool for technology innovation bonds to support equity investment institutions in issuing long-term bonds, with 22.5 billion yuan issued and an average interest rate of 2.20% [6] - Future developments of the Technology Board will focus on expanding the range of issuers, issuance scale, and types of bonds to effectively support high-quality development of the real economy [6]