截至 11 月 21 日，共有 230 家科技型企业和 46 家股权投资机构在银行间市场发行科创债，发行规模总 计超 5300 亿元（不含银行）。 11 月 24 日，基石资本、同创伟业、盛景嘉成和道禾长期 4 家民营股权投资机构集中开展发行路演， 拟发行科创债合计 9.3 亿元，标志着更多民营股权投资机构在政策支持下通过银行间债券市场融资。 本次科创债有效破解了规模小、期限短、增信难等困局，为创投行业注入了稳定、长期且具备足够 耐心的关键资本 自5月7日科技创新债券（以下简称"科创债"）推出以来，市场活力持续激发，产品创新与科创企业 融资实现良性互动。 中国银行间市场交易商协会（以下简称"交易商协会"）最新披露的数据显示，截至11月21日，共有 230家科技型企业和46家股权投资机构在银行间市场发行科创债，发行规模总计超5300亿元（不含银 行）。其中，君联资本、中科创星、金雨茂物、东方富海、毅达资本5家民营股权投资机构通过运用科 技创新债券风险分担工具（以下简称"风险分担工具"），顺利完成13.5亿元的科创债发行。 11月24日，基石资本、同创伟业、盛景嘉成和道禾长期4家民营股权投资机构集中开展发行路演， ...

在增信支持方面，本次风险分担工具为基石资本、同创伟业、盛景嘉成3家民营股权投资机构提供担保 增信，显著提升债券信用水平，3家机构分别以所投企业股权或自身股权提供反担保，联合构建风险共 担机制；道禾长期则由中债增进公司以市场化方式提供担保，依托信用风险缓释合约实现风险分担，体 现出政策工具与市场化增信协同发力。投资支持方面，风险分担工具将作为基石投资人积极参与4家民 营股权投资机构的科创债发行。 此前，君联资本、中科创星、金雨茂物、东方富海、毅达资本5家企业自6月18日完成科创债发行以来， 截至目前已将近50%的募集资金实际使用，撬动资金规模上百亿元，投向集成电路、人工智能、生物医 药、新材料等关键领域，有效发挥了"以债促投"的杠杆效应，风险分担工具对科技创新的支持成效持续 显现。 据悉，交易商协会下一步将继续用好风险分担工具，大力发展债券市场"科技板"，助力耐心资本、长期 资本发展壮大，引导更多金融资源投早、投小、投长期、投硬科技，以高质量科技金融服务助力实现高 水平科技自立自强。(完) （文章来源：中国新闻网） 中新网北京11月25日电 (记者夏宾)近日，第二批科创债风险分担工具支持的科创债在北京金融资产交 ...

交易商协会相关负责人表示，将继续用好风险分担工具，大力发展债券市场"科技板"，助力耐心资本、 长期资本发展壮大，引导更多金融资源投早、投小、投长期、投硬科技，以高质量科技金融服务助力实 现高水平科技自立自强。 （文章来源：新华财经） 增信支持方面，本次风险分担工具为基石资本、同创伟业、盛景嘉成3家民营股权投资机构提供担保增 信，显著提升债券信用水平，3家机构分别以所投企业股权或自身股权提供反担保，联合构建风险共担 机制；道禾长期则由中债增进公司以市场化方式提供担保，依托信用风险缓释合约实现风险分担，体现 出政策工具与市场化增信协同发力。投资支持方面，风险分担工具将作为"基石投资人"积极参与4家民 营股权投资机构的科创债发行。 此前，君联资本、中科创星、金雨茂物、东方富海、毅达资本5家企业自6月18日完成科创债发行以来， 截至目前已将近50%的募集资金实际使用，撬动资金规模上百亿元，投向集成电路、人工智能、生物医 药、新材料等关键领域，有效发挥了"以债促投"的杠杆效应，风险分担工具对科技创新的支持成效持续 显现。 新华财经北京11月24日电（王菁）新华财经24日在北京金融资产交易所路演现场获悉，继6月18日5家 ...

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].

Core Insights - The bond market's "Technology Board" is progressing with policy details emerging, indicating strong market interest and readiness for issuing technology innovation bonds [2][3][4] - Nearly 100 market institutions plan to issue over 300 billion yuan in technology innovation bonds, with expectations for more participants [2][5] - The initiative aims to enhance financial support for technology enterprises, particularly encouraging private technology firms to access financing through bond issuance [2][4][8] Policy Developments - The People's Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC) have released announcements detailing measures to support the issuance of technology innovation bonds [5][6] - The new policies include improved systems for issuance, trading, information disclosure, and credit rating tailored to the characteristics of technology enterprises [4][5] Risk Management and Credit Enhancement - The initiative addresses the diverse risk profiles of technology enterprises, particularly smaller firms, by encouraging financial institutions to develop credit protection tools [6][8] - The PBOC plans to create risk-sharing tools and provide low-cost refinancing to support the issuance of technology innovation bonds, thereby reducing default risk [6][8] Market Dynamics - The "Technology Board" is expected to attract more institutional investors to focus on "hard technology," fostering a positive funding cycle [8][9] - The initiative will prioritize financing for key technology sectors such as artificial intelligence, big data, integrated circuits, and biotechnology [8] Credit Rating Innovations - The bond market's "Technology Board" will introduce a new credit rating system tailored to the characteristics of technology firms and private equity institutions [9] - Rating agencies are encouraged to develop specialized rating methodologies that reflect the unique aspects of technology enterprises, moving away from traditional asset-based metrics [9]