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Since 2015，The National Development and Reform Commission has begun to launch innovative types of corporate bonds，While driving the growth of corporate bond issuance，Also try to promote the integration of infrastructure and different industries，Thus promoting regional economic development。
As of now，The National Development and Reform Commission has launched more than 10 innovative special varieties of corporate bonds，Involving urban infrastructure construction、Elderly Care Industry、Strategic emerging industries、Innovation and Entrepreneurship Incubation、Cooperation in the social field、Green bonds and many other aspects。Among them，October 2020，The National Development and Reform Commission issued the "Guidelines for the Issuance of Special Corporate Bonds for New Urbanization Construction in County Towns"，Officially launch of special corporate bonds for new urbanization construction in counties，This is a new innovative type of corporate bond launched by the National Development and Reform Commission。The creation of special corporate bonds for new urbanization construction，Positively responded to the “focus on supporting the construction of two new projects and one heavy construction” mentioned in the government work report in May 2020，Highly integrated with my country’s macro development plan to further promote new urbanization construction，And extend to the district seabet app downloadseabet mobileand county level，Accelerate the development of new urbanization at the grassroots level。
During seabet mythe “13th Five-Year Plan”，A total of 423 innovative corporate bonds were issued，Issue size 4475.4.9 billion yuan。Judging from the issuance trend over the years，The issuance scale of innovative corporate bonds is consistent with the trend seabet sports bettingseabet clubof the overall issuance scale of corporate bonds。Look in detail，Innovative varieties will be issued on a larger scale in 2016，reached 125.5 billion yuan。Subsequently affected by stricter supervision，The issuance scale gradually decreased to 64.6 billion yuan in 2018，And will rebound slightly from 2019。Judging from the proportion of innovative product issuance scale to the total corporate bond issuance scale，Except for the initial design of innovative varieties in 2015、Except for small issuance scale，The proportion of innovative varieties during the "Thirteenth Five-Year Plan" period was above 20%。
Comparing the issuance status of different innovative types of corporate bonds over the years can be seen，The total issuance scale of green bonds and special bonds for urban parking lot construction is the largest，reached 141.1 billion yuan and 136.6 billion yuan respectively，The issuance scale of other varieties does not exceed 100 billion yuan。The issuance scale of special bonds for underground pipeline corridors and special bonds for mass entrepreneurship and innovation incubation is more than 20 billion yuan，The remaining innovative varieties have relatively low issuance scale。
Compare the issuer level distribution of general corporate bonds and innovative corporate bonds，It can be found that the entity level center of innovative varieties is higher than that of general corporate bonds。seabet loginLook in detail，During seabet mythe “13th Five-Year Plan”，Among general corporate bond issuers，The number of issuances of AA+ and AAA entities accounts for 26%，The number of issuances of AA-level entities accounts for 55%，AA-level subjects account for 14%，The total proportion of entities below AA- and unrated entities is 5%。In terms of innovative varieties，AA+ and AAA entities account for 35% in total，Higher than 26% of general corporate bonds，AA-level entities account for 54%，AA-level subjects account for 11%，Both are lower than the proportion of AA-rated entities and AA--rated entities in general bonds。
From the perspective of the geographical distribution of the issuance of innovative corporate bonds，The largest number of issuances is still in Zhejiang、Hunan、Hubei、Regions such as Jiangsu and other regions with the highest total issuance of corporate bonds。Among them，Both Zhejiang Province and Hunan Province issued 44 innovative corporate bonds，39 issued in Hubei Province，35 issued in Jiangsu Province。If the issuance enthusiasm is judged by the ratio of the issuance of special corporate bonds to the total number of local corporate bonds issued，The two corporate bonds issued by the Tibet Autonomous Region during seabet mythe “13th Five-Year Plan” are both green bonds，100%。6 of the 13 corporate bonds issued by Shaanxi Province are innovative bonds，46%；Ranked third in Guangdong Province，40%；Beijing accounts for 30%。Considering that issuers in some economically weak areas have poor qualifications，It is difficult to directly issue ordinary corporate bonds，Innovative corporate bonds provide valuable direct financing channels。
The emergence of innovative types of corporate bonds has driven the growth seabet sports bettingseabet clubof the overall issuance scale of corporate bonds，Expand corporate bond issuance into multiple segments through different innovative varieties，For strategic emerging industries、Poverty Alleviation and Elderly Care、Urban infrastructure construction、Proactively promote the development of innovation and entrepreneurship business incubation and other fields，Achieved 447.5 billion yuan in innovative corporate debt financing，The results are worthy of recognition。But at the same time，There are also some shortcomings: First, poor conduction in some subdivisions；Second, there is insufficient support for issuers with lower entity levels。With the launch of special corporate bonds for new urbanization in counties, it will be a great benefit to district and county-level financing platforms，It is expected that this innovative product will provide certain support for bond financing of AA-rated issuers in the future。
Source: China Economic Herald
