债券“科技板”见微知著：科创债新政策下的金融机构发行观察

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The new policies on science - innovation bonds aim to guide bond market funds towards early - stage, small - medium enterprises, long - term projects, and hard - tech fields, enhancing innovation vitality and nurturing new productive forces [1][14]. - The policies expand the issuer scope, optimize bond terms, streamline issuance processes, and innovate credit assessment and risk - sharing mechanisms, covering all financing needs in the science - tech industry chain [2][15]. - Compared with previous policies, the new ones broaden the issuer scope to include financial institutions and PE/VCs, and make the use of raised funds more flexible [2][17]. - Financial institutions, including banks, securities firms, and investment companies, are expected to benefit from the new policies, with different impacts on each type of institution [2][34]. - The current situation of financial institutions issuing science - innovation bonds shows characteristics such as large - scale issuance by commercial banks, high - grade bond ratings, medium - short - term maturity concentration, and low financing costs [7][38]. 3. Summary by Directory 3.1 2025 May 7 New Package of Policies on Science - Innovation Bonds Interpretation 3.1.1 Science - Innovation Bond System Launched, Science - Finance System Upgraded - On May 7, 2025, the central bank and CSRC jointly issued Announcement No. 8, which guides funds to key areas, improving the current situation of the science - innovation bond market [1][14]. - The exchanges and NAFMII issued corresponding notices to implement the policies, including expanding issuer scope, optimizing bond terms, and innovating credit assessment and risk - sharing mechanisms [1][15]. 3.1.2 Comparison between New and Previous Policies - The new policies expand the issuer scope to financial institutions and PE/VCs, and support long - term bond issuance by PE/VCs, strengthening support for the entire life cycle of tech enterprises [2][17]. - The use of raised funds is more flexible, with different requirements for different markets and issuer types [2][18]. 3.2 Trends of Financial Institutions Issuing Science - Innovation Bonds under New Policies 3.2.1 Advantages and Impacts of New Policies on Financial Institutions Issuing Science - Innovation Bonds - Advantages: Provide institutional and practical convenience in terms of issuance qualification, investment - financing methods, and supporting mechanisms [29]. - Impact on different institutions: - Securities firms are key beneficiaries, expanding underwriting business, optimizing asset allocation, and upgrading business models [2][34]. - Commercial banks can extend service chains and support the entire life cycle of tech enterprises [2][35]. - Financial asset investment institutions can shift from bad - asset management to tech investment - financing, playing a complementary role [36]. - PE/VCs gain new financing and exit channels, enhancing capital operation efficiency and project support ability [37]. 3.2.2 Current Situation of Financial Institutions Issuing Science - Innovation Bonds - Issuance scale: In May 2025, financial institutions issued 45 science - innovation bonds worth 222.4 billion yuan, pushing the market's total outstanding scale to over 2.1 trillion yuan [7][38]. - Issuer type: Commercial banks are the main issuers, with large - scale issuance by state - owned banks, followed by policy banks and securities firms [7][40]. - Bond rating: Most bonds are rated AAA, which helps attract investors and ease the financing difficulties of small - medium tech enterprises [7][43]. - Issuance term: The terms range from half - year to ten - year, mainly concentrated in the medium - short term, especially 3 - year bonds. The term may be extended as financial institutions get more involved [7][47]. - Use of raised funds: Funds are mainly used to support tech enterprises in different investment forms, with a high proportion for loans, and the "tech content" is higher than before [7][54]. - Issuance terms: Over 90% of new bonds have no special terms, with less flexibility compared to those issued by real - economy enterprises [7][56]. - Bond coupon rate: The average coupon rate is about 1.81%, over 90BP lower than the previous average, reducing the financing cost of tech enterprises [7][59].