金融机构发行科创债研究

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - The launch of the "Technology Board" in the bond market in May 2025 included financial institutions in the issuers of science - innovation bonds. Financial institutions have become one of the main issuers. Their issuance of science - innovation bonds can guide funds to the innovation field, build a "technology - industry - finance" cycle, and also bring benefits to themselves [2][4]. - With the implementation of supporting policies, the scale of financial institutions' issuance of science - innovation bonds is expected to increase. The proportion of medium - and long - term bonds needs to be further increased to match the long - cycle characteristics of the technology field [4][54]. 3. Summary According to Related Catalogs Background - Technology finance has developed rapidly under policy, technology, and market demand. In 2025, the central bank and the CSRC launched the "Technology Board" in the bond market, allowing financial institutions to issue science - innovation bonds. The move aims to improve the financing channels for scientific and technological innovation and promote the development of technology finance [2][6][7]. - Since the release of the relevant announcement, financial institutions have actively responded. From May 7th to August 25th, they issued 89 science - innovation bonds with a total face value of 293.27 billion yuan, accounting for 11.14% and 29.36% of the total number and face value of science - innovation bonds issued during the same period [8]. Financial Institutions' Issuance of Science - Innovation Bonds Overview - Issuance Structure: Commercial banks dominate in terms of issuance scale, with 226.3 billion yuan (77.16% of the total). Securities companies lead in the number of issuances, with 48 (53.93% of the total). Policy banks have the highest average single - issue amount, at 550 million yuan per bond [3][12]. - Issuance Term/Rating: The term structure is mainly medium - and short - term, with 2 - 5 - year bonds accounting for 94.24% of the total issuance amount. The bond ratings are mainly AAA, accounting for 92.11% [16][18]. - Issuance Interest Rate/Spread: The weighted average issuance interest rate of financial institutions' science - innovation bonds is 1.68%, significantly lower than that of non - financial institutions (1.92%). The average issuance spread of financial institutions' science - innovation bonds is also lower than that of non - financial enterprises [3][19]. - Fund - Raising Use: The funds are mainly used in the scientific and technological innovation field. Commercial banks mainly use the funds for "issuing loans" and "issuing loans + investing in bonds". Securities companies mainly use them for "investment in the science - innovation field" and "replacing relevant investments in the science - innovation field" [24]. - Regional Distribution: The issuance is concentrated in economically developed and innovation - rich regions, such as Beijing, the Yangtze River Delta, and Guangdong [28]. - Issuing Subjects: The issuing financial institutions generally have high credit ratings, large asset sizes, and strong operating capabilities. The issuers are gradually expanding from large - scale to medium - and small - sized financial institutions [30]. Understanding Financial Institutions' Issuance of Science - Innovation Bonds - From the Perspective of Industrial Development: Financial institutions can raise low - cost funds through science - innovation bonds and direct them to the science - innovation field, mainly to science - and technology - based enterprises and equity investment funds. The technology loans of commercial banks are increasing in both balance and growth rate [35][40]. - From the Perspective of Business Development: For commercial banks, issuing science - innovation bonds can balance asset - liability pressure, promote loans, and improve the product and service system. For securities companies, it can optimize the debt structure, expand business, and disperse risks [41][45]. - From the Perspective of Asset Allocation: The risk - return characteristics of science - innovation bonds are between those of interest - rate bonds and traditional financial bonds, providing a target for optimizing the risk - return structure of investment portfolios. The bond spreads of financial institutions' science - innovation bonds are lower than those of non - financial bonds, and there are differences in the spread fluctuations among different types of financial institutions [47][49]. Summary - Since May 2025, financial institutions have become one of the main issuers of science - innovation bonds. Their issuance has characteristics in terms of structure, term, rating, interest rate, and fund - raising use [51]. - The issuance of science - innovation bonds by financial institutions can promote the development of the science - innovation field and bring benefits to themselves. The scale of issuance is expected to increase, and the proportion of medium - and long - term bonds needs to be further improved [52][54].