The scale of issuance is expanded, and the variety is constantly innovating——

Increased corporate debt boosts corporate financing

  Our reporter Li Hualin

  Since the beginning of this year, as the economy continues to recover steadily, the confidence of market entities continues to increase, and corporate bond issuance has taken steady steps.

  At the same time, corporate bond defaults still occur, and the bond issuance structure needs to be optimized. In the future, it is necessary to further improve the quality and efficiency of corporate bond issuance and better serve entities in terms of stimulating the vitality of the exchange bond market and accelerating the promotion of unified market supervision. economy.

  Scale growth, interest rate decline

  According to statistics from Flush iFinD, as of July 28, 2,202 corporate bonds were issued, with a scale of 1.95 trillion yuan, a year-on-year increase of nearly 4%. The number and scale of issuance increased significantly, and the overall growth was steady.

  "This is mainly due to the favorable market-oriented reform system, and it is also an indication of the prospects for corporate growth." Tian Lihui, Dean of the Financial Development Research Institute of Nankai University, said that the increase in the scale of corporate bond issuance can enrich corporate financing channels and increase the proportion of direct financing. , To enhance the ability to serve the real economy.

Compared with equity financing such as stock issuance, debt financing is often a reflection of the company's controlling shareholder's optimistic outlook on corporate profitability.

  From the perspective of the issuance area, this year, the issuance of corporate bonds showed the characteristics of regional differentiation, and the economically developed provinces such as Guangdong, Jiangsu and Shandong performed better.

"At the same time, the credit rating of bond issuing companies in the first half of the year was relatively high, making it more difficult to issue low-credit corporate bonds," said Tian Lihui.

  From the perspective of issuance interest rates, the overall corporate bond issuance interest rate has declined.

"Especially the average issuance rate of 5-year 3A corporate bonds is around 3.8%, which is lower than the average level of the past three years." According to Zhou Maohua, an analyst at China Everbright Bank, this is mainly due to the steady monetary policy this year and reasonable market liquidity. .

  It is worth noting that this year's corporate bond issuance ushered in new varieties.

In June, Guangdong Guangxin Holding Group Co., Ltd. and Jiangxi Province Transportation Investment Group Co., Ltd. respectively 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.

At the same time, the Shanghai and Shenzhen Stock Exchanges have successively launched carbon neutral corporate bonds.

  “Green development and rural revitalization are related to my country’s industrial transformation and upgrading and high-quality economic development. The bond market introduces two new varieties and actively responds to the national strategy. It not only expands corporate financing channels, promotes economic green transformation and the healthy development of rural industries, but also It also enriches the investment choices of investors." Zhou Maohua said.

  Dong Dengxin, director of the Institute of Financial Securities, Wuhan University of Science and Technology, said that as the carbon peak and the target time for carbon neutrality advance, carbon neutral bonds will usher in a period of development opportunities. In the future, supporting incentive and restraint policies will be further improved, which will affect the market. , It will have a significant impact on investors and investment behavior.

For example, it is possible to restrict the issuance of bonds by companies with high energy consumption and high pollution, and at the same time increase support for financing energy conservation, emission reduction, and green environmental protection enterprises. The financing structure of the bond market will also undergo major changes, and companies should pay close attention to it.

  Increase the scale of exchange bond financing

  Experts believe that corporate bond issuance will continue to grow steadily in the future.

"With the continuous and stable recovery of my country's economy, the improvement of corporate profits and the advancement of the construction of the corporate bond market system, corporate bond issuance in the second half of the year will steadily increase, scale steadily, and achieve high-quality development." Tian Lihui said.

  "The scale of corporate bond issuance through exchanges will continue to grow." Dong Dengxin said that the exchange bond market is one of the important platforms for corporate financing, with a relatively standardized trading mechanism and strong liquidity. Corporate bonds increased by more than 10% year-on-year, and corporate interest in issuing bonds through exchanges increased significantly.

  In order to enrich the financing channels for small and medium-sized enterprises, my country has actively promoted the reform and development of the exchange bond market in recent years, continuously improved the establishment of the exchange bond market system, and actively explored ways of relaxing issuance conditions, improving investment convenience, and expanding the scope of investors.

In May of this year, the Shanghai and Shenzhen Stock Exchanges separately solicited opinions from the public on four rules including the "Corporate Bond Issuance and Listing Rules" and the "Corporate Bond Listing Rules" to establish more concise and friendly self-discipline rules and further improve the efficiency of listing and listing.

  On the whole, the current exchange bond market continues to expand in scale, liquidity continues to improve, and investors are more diverse and diverse.

"But at present, most of my country's bond issuance is done in the inter-bank bond market, and the scale of exchange bond issuance is still not large enough." Dong Dengxin analyzed that this was mainly due to the lack of perfection of the exchange bond market system and the relatively single transaction variety. Influence.

  Regarding how to further increase the scale of exchange bond financing, Zhou Maohua believes that we can start with enriching investment entities, strengthening information disclosure, and innovating bond varieties.

First, it is necessary to accelerate the interconnection of infrastructure between banks and the exchange bond market, expand the scope of participation in exchange bonds, and promote the steady growth and expansion of the market.

Secondly, it is necessary to standardize the behavior of bond issuers, further improve information disclosure, and increase the investigation and punishment of financial fraud and illegal credit disclosure to protect the rights and interests of investors.

It is also possible to continue product innovation, enrich the fixed-income product system, and enhance the attractiveness of the exchange bond market.

  “For the bond financing of high-quality companies, the policy has always been supportive and encouraging. I believe that with the continuous advancement of the registration system for public issuance of corporate bonds, relevant departments will guide more bonds, including corporate bonds, to be issued and traded on exchanges in order to be more effective. To support the financing needs of entity enterprises." Dong Dengxin said.

  Promote unified market supervision

  While the scale of issuance has been significantly expanded and the variety of issuances has continued to be enriched, incidents of corporate bond defaults still occur.

According to statistics from Flush Shun iFinD, as of July 29, a total of 67 corporate bonds have defaulted this year, with the default amount exceeding 61.1 billion yuan.

  "The default of corporate credit bonds is a relatively large potential risk to the entire bond market, which may be related to the inconsistent supervision of the bond market." All dealers’ associations can approve the issuance of bonds, and there are differences in entry thresholds. This may cause some flawed bonds to enter the market, and some entities that should not be funded obtain financing, which brings potential risks of default.

Therefore, the unified supervision of the bond market is extremely important.

  Promoting unified supervision of the bond market has also been a key task of the regulatory authorities in recent years.

In December last year, the People’s Bank of China, the National Development and Reform Commission, and the China Securities Regulatory Commission jointly issued the "Administrative Measures for the Information Disclosure of Corporate Credit Bonds", which unified supervision and management of the information disclosure of corporate credit bonds, and it was formally implemented on May 1 this year. Substantial progress has been made in the unified supervision of the bond market.

  This year's CSRC system work conference further emphasized that the risk of bond defaults should be resolved steadily, the bond market's basic system and the rule of law should be increased, the market-based handling mechanism for bond defaults should be optimized, and unified law enforcement should be strengthened.

  "To further improve the quality and efficiency of corporate bond issuance, in addition to unifying the bond market enforcement, we should also strengthen the crackdown on the existing false information disclosure, fraudulent issuance, and even malicious'evasion of debt' and other illegal activities, so as to safeguard the bond market. Order.” Tian Lihui said, at the same time, it is necessary to urge companies to improve corporate governance capabilities, strengthen internal risk control, enhance the quality of information disclosure, and avoid the formation of systemic risks.

In addition, credit rating agencies should build a rating quality verification mechanism centered on default rates, and form a rating standard system with clear distinctions.

  Zhou Maohua believes that to promote the high-quality development of corporate bonds, it is necessary to smooth market investment and financing and the market price mechanism to fully play its role. The main focus is to maintain normal market order, strengthen investor protection and release market innovation vitality.

For example, further improve the bond market supervision system, establish and improve a hierarchical review system that supports the advantages and limits the disadvantages, strictly restricts the financing of untrustworthy companies, and vigorously supports the issuance of bonds by high-quality companies.

Strengthen the construction of bond market infrastructure, promote the continuous increase of transaction scale and activity, and continue to increase the breadth and depth of the bond market.

  Li Hualin