During the year, corporate bond issuance of 1.65 trillion yuan may maintain regional differentiation in the second half of the year
Moderator Yu Nan: In May of this year, the scale of corporate bond issuance declined. Market analysis believes that this was affected to a certain extent by the implementation of the "Administrative Measures for Information Disclosure of Corporate Credit Bonds" on May 1.
Since June, corporate bond issuance has stabilized and rebounded.
The industry believes that my country's bond market has strengthened information disclosure requirements, clarified the investment direction of raised funds, and implemented the responsibilities of market intermediaries, which is conducive to the high-quality development of the bond market.
Today this newspaper launched a report on this.
Our reporter Wu Xiaolu
Since June, corporate bond issuance has stabilized and rebounded.
According to data from Flush Shun iFinD, as of June 27, 1901 corporate bonds were issued this year, an increase of 9.82% year-on-year, and the total issuance was 1.65 trillion yuan, an increase of 2% year-on-year.
During the year, corporate bond issuance showed characteristics such as regional differentiation, concentration on high-level entities, and an increase in short-duration bonds. Market participants believe that corporate bond issuance will continue the above trend in the second half of the year, but the pace of issuance will stabilize.
Corporate bonds "welcome new"
Since the beginning of this year, corporate bonds have ushered in new varieties.
On June 16th and June 24th, Guangdong Guangxin Holding Group Co., Ltd. and Jiangxi Province Transportation Investment Group Co., Ltd. issued special corporate bonds for rural revitalization on the Shenzhen Stock Exchange and the Shanghai Stock Exchange, each with a scale of 500 million yuan.
In addition, since this year, the Shanghai and Shenzhen Stock Exchanges have also launched carbon neutral corporate bonds.
According to data from Flushing iFinD, as of June 27, a total of 27 carbon-neutral corporate bonds were issued on the Shanghai and Shenzhen Stock Exchanges during the year, with an issuance scale of 29.25 billion yuan.
"Carbon neutral bonds are undoubtedly the biggest highlight of this year's green bond market." Li Huijie, director of research and development of China Securities Pengyuan, said in an interview with a reporter from the Securities Daily that the Shanghai and Shenzhen Stock Exchange launched carbon neutral corporate bonds and rural revitalization corporate bonds. In the implementation of relevant national policies, as these policies continue to be implemented in the future, related bonds will see greater development.
"The bond market actively responds to the national strategy, promoting green and sustainable development through carbon-neutral corporate bonds, and promoting new rural construction and common prosperity through rural revitalization corporate bonds. It is of great significance." Tian Lihui, Dean of the Institute of Financial Development of Nankai University Said in an interview with a reporter from Securities Daily.
From the perspective of bond issuance period, since the beginning of this year, corporate bonds with maturities of one year and less have increased significantly.
According to a reporter from the Securities Daily, among the 1901 corporate bonds issued during the year, 162 bonds had a maturity of one year or less, accounting for 8.52%, an increase of 3.21 percentage points from the same period last year.
"In addition, since the beginning of this year, corporate bond issuance has shown regional differentiation. Eastern economically developed provinces such as Guangdong, Jiangsu, and Shandong, and some provinces in the central region have performed better in net financing, while Tianjin, Hebei, Yunnan and other places have shown net repayment." Tan And the characteristics of corporate bond issuance during the year, Li Huijie said.
"On the whole, in the first half of this year, corporate bond issuance became more standardized, and the performance of credit bonds diverged." Tian Lihui said that with the implementation of the new bond market regulations, corporate bond issuance has become more market-oriented and legalized.
Since the beginning of this year, my country’s bond market has strengthened information disclosure requirements, controlled the investment of raised funds, and implemented the responsibilities of market intermediaries, which not only guaranteed the normal continuity of bonds, but also better controlled the risk of default.
Regulators emphasized supporting the strengths and limiting the weaknesses, and controlled the bond importation, which promoted the high-quality development of the bond market.
Corporate bond issuance picks up in June
In May of this year, the scale of corporate bond issuance plummeted, causing heated discussions in the market.
According to the data of Flushing iFinD, in March, April and May, the number of corporate bonds issued was 431, 402 and 161 respectively, and the issuance scale was 39.058 billion yuan, 366.782 billion yuan and 149.795 billion yuan. Among them, issued in May. The scale decreased by 17.57% year-on-year.
"The scale of the issuance of urban investment bonds fell sharply in May, resulting in a sharp drop in the overall issuance scale of the credit bond market." Li Huijie said that since this year, preventing the hidden debt risks of local governments has become a regulatory focus, and the supervision of urban investment bonds has also been further strengthened.
The "Administrative Measures for the Issuance and Trading of Corporate Bonds" issued at the end of February specifically mentioned that the issuance of corporate bonds should comply with the relevant regulations on the management of local government debts, and no new government debts should be added.
"The slowdown in the issuance of corporate bonds is highly correlated with the payment defaults of some companies in the early period. The market prefers bonds with 3A ratings." Chen Li, chief economist of Sichuan Securities and director of the research institute, was interviewed by a reporter from the Securities Daily时 said.
"In May of this year, the scale of corporate bond issuance plummeted for many reasons." Tian Lihui said. First, with the official implementation of the "Administrative Measures for the Disclosure of Corporate Credit Bond Information" on May 1, some bond issuers need to add more information. Postponement or cancellation of the issuance of credit bonds.
Second, under the influence of the epidemic, credit risk events have occurred from time to time, resulting in low valuations in the bond market.
Finally, the scale of corporate bond issuance was also affected by the reduction in working days during the May 1st holiday.
Since June, corporate bond issuance has picked up.
As of June 27, 342 corporate bonds were issued that month, with a total issuance size of 285.306 billion yuan, a year-on-year increase of 19.27%.
"Corporate bond issuance in June has stabilized and rebounded, both chain-on-quarter and year-on-year." Li Huijie believes that the size of bonds due in the second half of the year will be about 961.4 billion yuan, and the monthly maturity will be about 150 billion yuan, compared with last year. The same period was basically the same.
As the main force of exchange corporate bonds, the issuance of urban investment bonds will greatly affect the trend of the entire market.
This year, the macroeconomic growth pressure is relatively small, which is manifested as high before and low afterwards. In the second half of the year, the government may tilt towards stable growth in terms of risk prevention and stable growth balance.
The overall financing environment will tend to improve, supporting the issuance of corporate bonds.
In the second half of the year, corporate bonds are likely to maintain the trend of regional differentiation in the first half of the year.
(Securities Daily)