2025年券商发债规模激增近四成！科创债崛起、境外融资升温

Core Viewpoint - The bond financing by securities firms remains robust entering 2026, with significant growth observed in 2025, driven by policy guidance and declining interest rates, making bond financing a key method for firms to supplement operating funds and refinance debts [1][3]. Group 1: Bond Financing Scale and Growth - In 2025, 77 securities firms issued a total of 1,004 domestic bonds, amounting to 1.89 trillion yuan, representing a year-on-year increase of nearly 40% [3]. - Major players in bond issuance included China Galaxy Securities, Guotai Junan, Huatai Securities, CITIC Securities, and others, with each issuing over 100 billion yuan [3]. - The increase in bond financing is attributed to the need for refinancing existing debts and supplementing operating funds amid a favorable policy and market environment [3]. Group 2: Types of Bonds and Financing Costs - In 2025, the issuance of short-term financing bonds totaled 326, amounting to 574.17 billion yuan, while regular corporate bonds accounted for 678 issues totaling 1.32 trillion yuan [4]. - The average coupon rate for outstanding securities company bonds was 1.97%, with some high-rated firms achieving rates as low as 1.54% [4]. - The average financing cost for short-term bonds was 1.76%, with a minimum of 1.52% and a maximum of 2.25% [4]. Group 3: Emerging Trends in Bond Issuance - The demand for perpetual subordinated bonds continued to grow, with 14 securities firms issuing a total of 66.8 billion yuan in 2025, marking an increase of over 40% from 2024 [7]. - The issuance of sci-tech bonds also saw rapid growth, totaling 83.44 billion yuan in 2025, reflecting a rising share of overall bond issuance [7]. - The average spread for bonds issued by securities firms was 43.27 basis points, while sci-tech bonds had a lower spread of 35.18 basis points, indicating a potential advantage for these types of bonds [7]. Group 4: International Financing Activities - In 2025, seven securities firms issued 30 offshore bonds, raising 4.703 billion USD, with growth exceeding 30% compared to 2024 [8]. - Notable examples include Tianfeng Securities planning to issue up to 960 million USD in offshore bonds to refinance existing debts [8]. - The trend of increasing offshore bond issuance is expected to continue as Chinese securities firms expand their international business [9].