Core Viewpoint - The first projects utilizing the technology innovation bond risk-sharing tool have officially launched, aimed at supporting private equity investment institutions in issuing long-term bonds for technology innovation financing [1][2]. Group 1: Implementation of Risk-Sharing Tools - The China Interbank Market Dealers Association has organized the first projects using the risk-sharing tool under the guidance of the People's Bank of China, with a total issuance scale of 1.35 billion yuan [1]. - Five private equity investment institutions, including Yida Capital and Junlian Capital, have received credit enhancement and investment support through the risk-sharing tool [1][2]. - The newly created technology innovation bond risk-sharing tool is designed primarily for private equity investment institutions, while the previous "second arrow" policy tool was aimed at private technology enterprises [1][2]. Group 2: Bond Issuance Details - The bonds issued by the five private equity investment institutions have maturities of either 5 or 10 years, with coupon rates ranging from 1.85% to 2.69% [3]. - The risk-sharing tool collaborates with financial institutions to create credit risk mitigation certificates, enhancing the bonds' creditworthiness [3]. - Local guarantee companies from Beijing, Shaanxi, and Shenzhen are involved in providing counter-guarantees, reinforcing the "central-local cooperation" model for risk control [3]. Group 3: Broader Implications for the Industry - The introduction of diversified credit enhancement tools is seen as a means to effectively control risks, while private equity investment institutions must strengthen internal controls to ensure proper use of raised funds [4]. - The launch of the "technology board" opens new avenues for low-cost, long-term financing for private equity investment institutions [4]. - The overall effectiveness of the bond market in supporting technology innovation is expected to improve, enhancing the financing accessibility for weaker credit-rated enterprises and private equity investment institutions [4][5].