Original title: Deepening the reform of the bond market to stimulate new momentum to serve the real economy
(Continued from version A01) “It can be expected that in the near future, more information disclosure systems for corporate credit bonds and policies for the disposal of default bonds will be implemented one after another. The policies may focus on unifying information disclosure rules and increasing the disclosure of illegal information. Punishment intensity, development of default bond trading market, etc.” Yu Lu analysis.
Improve bond market infrastructure
Analysts pointed out that in the future, the bond market infrastructure should be further improved, and the bond market should be promoted to be more market-oriented, rule-of-law and international, and further stimulate the bond market to serve the real economy.
In recent years, the bond market has become an important channel for direct financing and financial asset allocation. As of the end of October 2020, the face value of my country’s bond market under custody reached 114 trillion yuan, making it the world’s second largest bond market in terms of total volume. The expansion of the market scale effectively supports the financing and development of the real economy.
Yu Lu introduced that the exchange bond market has formed a variety system covering treasury bonds, convertible bonds, corporate bonds, asset-backed securities and other bonds, and has successively launched innovative and entrepreneurial bonds, green bonds, panda bonds, “Belt and Road” bonds, and renewable bonds. Innovative bond varieties such as futures bonds, poverty alleviation bonds, and short-term corporate bonds, and recently launched pilot public REITs in the infrastructure sector to revitalize existing assets and enhance the quality and efficiency of capital markets in serving the real economy.
The data shows that as of October 2020, the exchange bond market custody balance is 15.5 trillion yuan, and the accumulated financing amount in the exchange bond market from January to October 2020 is 7.2 trillion yuan, and the net financing exceeds 5 trillion yuan. Issued corporate bonds of 3.7 trillion yuan, corporate asset-backed securities of 1 trillion yuan, and local government bonds of 2.4 trillion yuan, with balances of 11 trillion yuan, 2.2 trillion yuan, and 570 billion yuan, respectively. This has provided strong support for the fight against the epidemic and sustainable economic and social development.
As of October 2020, the stock of non-financial private corporate bonds nationwide is about 1.8 trillion yuan, and the stock of non-financial private corporate bonds in the exchange bond market exceeds two-thirds. The exchange bond market has become the “main battlefield” for private corporate bond financing. .
“In the future, the bond market will provide differentiated services for companies of different scales, types, and growth stages on the basis of adapting to the development needs of the real economy. In particular, it is expected to introduce more types of bond financing for small and medium-sized private enterprises and improve low-level enterprises. The proportion of issuance and the development of a high-yield bond market. On this basis, it is necessary to consider innovations in the use and term design of the issuance and product structure. At the same time, it is necessary to actively develop interest rate and credit derivative products to provide investors with the necessary risk management Financial instruments.” Yu Lu said.