Core Viewpoint - The first batch of private equity venture capital technology innovation bonds has been successfully issued, with a total scale of 1.35 billion yuan, featuring significantly extended maturities and lower interest rates compared to state-owned enterprise bonds [1] Group 1: Bond Characteristics - The bonds have a significantly extended maturity period, with the longest term reaching up to 10 years, compared to the typical 3 to 5 years for medium-term notes [1] - The issuance interest rates are notably lower than the coupon rates of similar state-owned enterprise bonds [1] Group 2: Market Impact - This issuance marks the first financing subject to the risk-sharing tools created by the central bank since the establishment of the "technology board" in the bond market [1] - The introduction of risk-sharing mechanisms and optimization of the funding transmission chain has initially achieved a linkage between equity, bonds, and loans [1] - The further expansion of issuing entities is expected to attract more participants to the bond market's "technology board," enriching the market ecosystem [1]

Core Viewpoint - The issuance of the first batch of technology innovation bonds (referred to as "Sci-Tech Bonds") by private equity investment institutions has garnered significant market attention, with a total scale of 1.35 billion yuan and a minimum interest rate of 1.8% [2][3]. Group 1: Characteristics of Sci-Tech Bonds - The first batch of Sci-Tech Bonds features two main characteristics: extended bond terms of up to 10 years, significantly longer than the typical 3 to 5 years for medium-term notes, and lower issuance interest rates compared to similar state-owned enterprise bonds [2][3]. - The issuance of these bonds marks the first successful financing using the risk-sharing tool created by the central bank, indicating a preliminary realization of "equity-debt-loan" linkage in the bond market's "technology board" [2][4]. Group 2: Market Dynamics and Trends - The issuance of Sci-Tech Bonds has seen a significant increase, with May setting a historical high for issuance volume, and the trend continuing into June [3]. - Currently, the market structure for Sci-Tech Bonds is predominantly occupied by central and state-owned enterprises, with private enterprises having relatively low participation [3][8]. Group 3: Financial Implications - The issuance rates of the bonds serve as a significant indicator of market trends, with Oriental Fortune's 1.85% rate setting a new record for private enterprise bonds, while other issuers like Zhongke Chuangxing and Yida Capital also achieved competitive rates [4][7]. - The introduction of a counter-guarantee mechanism by some issuers enhances the reliability of the credit chain but also increases overall financing costs by approximately 0.5% [7][8]. Group 4: Challenges for Smaller Institutions - Many private equity investment institutions face challenges in issuing Sci-Tech Bonds due to their light asset operating model and lack of traditional collateral, placing them at a disadvantage in the current credit rating system [8][10]. - The average term of Sci-Tech Bonds is about 4.88 years, while the core business exit cycle for investment institutions often extends to 7-10 years, creating a mismatch [9][10]. Group 5: Recommendations for Improvement - Industry experts suggest enhancing the risk-sharing mechanism and promoting a "central-local collaboration" credit enhancement model to lower the issuance threshold for smaller investment institutions [10]. - Recommendations also include developing liquidity tools like Sci-Tech Bond ETFs and optimizing the term structure and funding usage to better align with the operational needs of investment institutions [10].

金十数据6月19日讯，6月19日，据中国银行间市场交易商协会消息，首批运用科技创新债券风险分担工 具的项目正式落地。业内人士看来，配套创设科技创新债券风险分担工具，能够缓解股权投资市场社会 化募资难的问题，增强头部创投机构筹集长期稳定资金的能力。风险分担工具的创设，可显著提升民营 企业，信用资质较弱的初创期、成长期科创企业以及股权投资机构发债融资的可得性和便利性。债 市"科技板"已通过风险分担、资金传导链设计等机制初步打通"股债贷"联动。未来可能的深化措施包括 股债联动工具创新、设计含特殊条款的债券，既缓解企业短期偿债压力，又为投资者提供增值机会。 （中国基金报） 业内：创设科创债风险分担工具，可缓解股权投资市场募资难 ...

衍生品研究 兴业转债投资价值分析 稀缺性凸显，冲击强赎有望 2025 年 6 月 11 日 衍生品研究/转债分析报告 个券近一年走势 投资要点： 兴业转债（113052.SH）： AAA，截止 2025/6/9 债券余额 413.53 亿元，剩余期限 2.55 年，收盘价 122.62 元，转股溢价率 14.63%，纯债溢价率 13.73%。 正股：兴业银行（601166.SH）： 资料来源：最闻 最新总市值 4944 亿元，PE TTM 6.45x，PB LF 0.63x。兴业银行成立于 1988 年，福建省财政厅旗下核心企业，是我国首批股份行之一，拥有信托、金租、 基金、资管等金融牌照。 植根增长行业，值得长期关注-韵达转债 兴业转债主要看点： 投资价值分析 2025.3.7 高评级新券，稀缺性凸显-南药转债投资 价值分析 2025.3.7 危化品物流龙头，仓储区位和资质壁垒 凸显-密卫转债投资价值分析 2025.3.5 机制灵活，稳健扩张。兴业银行机制灵活，围绕"商行+投行"布局， 构建"股债贷"综合金融服务体系，表内外业务均衡，ROE 始终处股份行前 列。近年来，公司通过优化存款结构和控制高成本负债， ...