Core Viewpoint - The second batch of technology innovation bonds (科创债) supported by risk-sharing tools has been launched, indicating a shift from pilot programs to a more normalized expansion of policy support for private venture capital institutions [1][5]. Summary by Sections Innovation in Risk-Enhancement Mechanism - The second batch of technology innovation bonds features an upgraded risk-enhancement mechanism that is more tool-oriented and collaborative compared to the first batch [3]. - Among the four issuing companies in the second batch, three received risk enhancement from risk-sharing tools, while one received market-based enhancement from China Bond Credit Enhancement Co [3]. - The new risk-sharing model allows for a multi-party risk-sharing mechanism, effectively lowering financing costs and extending financing cycles [3][4]. Financing Cost and Duration - The interest rates for private venture capital institutions' bonds are generally high, often exceeding 6%, due to lower credit ratings compared to traditional financial institutions [4]. - The innovative risk-enhancement model has led to a significant decrease in interest rates for the first batch of bonds, with rates as low as 1.85% for some institutions [4]. - The second batch of bonds has a longer duration, with terms such as "5+3+2" for a total of 10 years, aligning well with the long investment cycles of hard technology [7][8]. Market Response and Participation - The successful issuance of the first batch of technology innovation bonds has prompted more private venture capital institutions to plan for their own bond issuances [10]. - The innovative risk-enhancement model aims to support private venture capital institutions in addressing long-standing fundraising challenges [10]. - Institutional investors are increasingly attracted to technology innovation bonds, focusing on the stability and repayment capacity of the issuing entities [11].

证券时报记者留意到，与首批创投机构科创债相比，第二批发行机构的增信机制更趋工具化与协同性。 从增信机制来看，在第二批4家发行企业中，3家由科创债风险分担工具提供增信，通过所投企业股权或 自身股权提供反担保，构建多方风险共担机制；1家由中债信用增进公司提供市场化增信。此次拟发行 的4家民营股权投资机构分别为基石资本、同创伟业、盛景嘉成和道禾长期。Wind统计显示，盛景嘉成 和道禾长期已发行完毕。 "相比于之前主要由地方提供担保，中债增公司的风险分担工具给予发行人信用增进，提高发行规模， 延长融资周期，降低融资成本，有效补充科创投资资金。"基石资本财务总监巫双宁接受证券时报记者 采访时表示。 事实上，在此次债市科技板推出之前，创投机构尤其是民营机构发债普遍面临成本高、周期短的问题。 据证券时报记者梳理，自2017年以来，部分私募股权投资机构都尝试发行"双创债"、科创债来拓展募资 渠道，其中包括部分头部民营创投机构，如东方富海、天图投资、松禾资本、基石资本等均在不同阶段 发行过债券。 但从债券的票面利率来看，民营创投机构的利率普遍高达6%及以上。根本原因在于，债券市场对民营 企业发债主体信用评级往往比照传统金融机构 ...