Original title: The Shanghai Stock Exchange promotes the integration of industry and finance to help the bond market support the real economy
Yesterday, the Shanghai Stock Exchange organized the “2022 First Industrial Enterprise Bond Investment and Financing Symposium”. Nearly 20 industrial enterprises, institutional investors and representatives of securities companies participated in the meeting to discuss the main problems and solutions for the development of the industrial bond market. and in-depth discussions on future development directions.
The effect of “the exchange sets up the stage and the market plays a show” has already appeared. In the past 10 days of New Year’s Day, the bond market of the Shanghai Stock Exchange has completed the issuance of about 28 billion yuan of industrial bonds, and the issuance interest rate is generally lower than that of other products, realizing an effective decline in financing costs.
At the meeting, all parties discussed the problems existing in the development of industrial bonds.Participating companies in this symposium includeChina Railway、POWERCHINA, Baowu Steel,SMIC、SAIC,Millet Technology,Shenergy, Shuifa Group Co., Ltd. and other large industrial enterprises, as well as representatives of institutional investors and securities companies. A participating company pointed out that the financing needs of private enterprises and state-owned enterprises are quite different. Private enterprises generally still have problems such as difficulty in financing and expensive financing. Due to the weak background and qualification of shareholders, and affected by relevant credit events, the overall cost of bond issuance is relatively high. .
The participants from securities companies introduced the development of their own industrial bond business, including related resource allocation and customer reserves, and put forward their opinions and suggestions on the overall development of the industrial bond market. “With the implementation of penalties for bond defaults such as Kangmei and HNA, securities companies and institutions have been prompted to improve their core standards. In comparison, due diligence costs for industrial bonds are generally higher and more difficult, but underwriting fees have declined due to intensified market competition. .” Someone said.
The relevant person in charge of the Shanghai Stock Exchange said that industrial enterprises are the pillars and ballast of the country’s economic development. In the follow-up, the Shanghai Stock Exchange will actively implement the requirements of “three stability and three advancements”, take multiple measures, actively carry out bond product innovation, and meet the differentiated financing needs of enterprises in different industries, especially industrial enterprises, science and technology enterprises, etc.; play the role of market organizer, Enhance exchanges between the two ends of investment and financing, and unblock the financing channels of industrial enterprises; improve the efficiency of industrial bond financing review and issuance, improve duration management, and give better play to the function of the exchange bond market to support the real economy and serve national strategies. (Zhu Kai)
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Responsible editor: Guo Jian