9月25日，新城控股(601155.SH)成功发行2025年度第二期中期票据，发行规模9亿元，认购倍数1.5倍， 期限为5年，票面利率为3.29％。中诚信国际给予发行人主体和本期债项双AAA评级。主承销商为中信 证券，联席主承销商为邮储银行和招商银行。 中债信用增进投资股份有限公司(简称"中债增")为该笔中票提供全额无条件不可撤销连带责任保证担 保。这也是自2022年9月发行首笔中债增全额担保中票后，新城控股成功发行的第八笔中期票据，连续 四年持续获得民企债券融资支持工具的政策支持。而此次中期票据的成功发行，进一步巩固了 "中债增 增信 + 民营房企融资" 的良性循环模式，成为"第二支箭"政策以来中票到期后的首单续发。这一 "继往 开来" 的实践，印证了优质民营房企通过规范经营与政策支持相结合，能够持续获得资本市场青睐。 自 政策落地以来，"第二支箭" 始终聚焦民营企业合理融资需求，政策效能持续释放，助力修复市场对民 营企业的信用预期，为民营企业拓宽融资渠道、降低融资成本搭建了核心桥梁。 而这一切成果的背后，离不开人民银行与监管机构的持续支持。人民银行始终将民营房企融资环境改善 作为重要工作方向；同时，监管层 ...

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].

Core Viewpoint - The first projects utilizing the technology innovation bond risk-sharing tool have officially launched, with a total issuance scale of 1.35 billion yuan by five private equity investment institutions [1][3]. Group 1: Policy and Implementation - The People's Bank of China, in collaboration with the China Securities Regulatory Commission, has established the risk-sharing tool to support private equity institutions in issuing long-term bonds on the "Technology Board" [2]. - The risk-sharing tool is designed to provide low-cost refinancing funds and involves various credit enhancement measures in cooperation with local governments and market-based credit enhancement institutions [2]. Group 2: Financial 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 acts as a cornerstone investor, purchasing technology innovation bonds to facilitate access to long-term, low-cost funding for private equity institutions [3]. Group 3: Market Impact and Future Outlook - The introduction of the "Technology Board" opens new avenues for low-cost, long-term financing for private equity institutions, enhancing their ability to support technology innovation companies [4]. - The risk-sharing tool and product innovations are expected to improve the financing accessibility for private enterprises and technology innovation companies with weaker credit profiles [4][5].