This year the NDRC supports special bonds expanding – Sohu news 519697

This year the NDRC supports special bonds "expanding" – Sohu news daily economic news reporter Wang Xinyi since last year, in the expansion of the proportion of direct financing in this direction, all kinds of bonds in the increasingly fierce competition, the enterprise debt as the national development and Reform Commission’s flagship product, has been significant policy support. In February 24th, the national development and Reform Commission issued the article, again behind corporate debt, said 2016 will continue to expand the scale of corporate bond issuance, in the premise of effective control of the enterprise bond market risk, give full play to support the role of corporate bonds on the real economy. However, the reality is that the year 2015, whether the total corporate debt issuance, or the number of issued, there has been a noticeable decline. Shenwan Hong chief fixed income analysis teachers told the "daily economic news" reporter, although the competition of different types of securities is still fierce, but the downward pressure on the economy, more dependent on the government investment, corporate bonds this year is expected to get better. In addition, the Commission also said that this year will expand the scope of support and innovative varieties bonds issuance scale, expand the scope of special bonds to support key areas and key projects. At the same time, will also launch of high risk and high return bonds. Last year approved by the corporate bonds for 716 billion 600 million 2 thousand and 15 years, the national development and Reform Commission respectively in May and October two issued a document, let go of the "2111 principles", namely according to the administrative level to determine the development principle of index, bond index range will not be restricted to relax from the AAA level to AA level, and to simplify the reporting process. However, corporate debt and not because of policy easing and blowout. From the amount of view, in 2015, the NDRC has approved 716 billion 640 million yuan of corporate bonds, but according to flush iFinD data, by mid October 2015 the issue size is only about 337 billion 500 million yuan. Look from the amount, only 298 annual corporate bond issuance, 49% less than the previous year. The number of issued by half, the fierce competition is an important reason. The same year, the Commission will expand corporate bond issuance to non-listed company, corporate bond issuance reached number 1219, rose 111%. The van was introduced, although the authorities are in the process is simplified, but compared to the issue of corporate bonds to the multi development and approval process to declare approval, long, long time, the corporate bonds in the competition ended up. In addition, in the current issue of corporate bonds, the city voted bonds have become 7. Fixed income group Minsheng securities institute director Li Qilin think, "promoting investment, steady growth policy or corporate debt and new the main tone, but by the stock of debt and the pressure of enterprise transformation, the city voted platform investment will decline is an established fact, policy relaxation can only be encouraged to promote practical. A report from Societe Generale Securities also showed that the NDRC relaxed and corporate bonds, but limited impact on the market. The report concluded that the corporate debt relaxed flexible use to raise more funds to invest in the project and investment linked, but still, in the current lack of demand, enterprise investment will decline under the background of new regulations on the issuance of corporate bonds to push up the limited role.

发改委今年力挺专项债券“扩围”-搜狐新闻  每日经济新闻记者 王辛夷   自去年起,在扩大直接融资比例这一大方向上,各类债券的竞争愈发激烈,企业债作为国家发改委的主打产品,受到了明显的政策支持。   2月24日,国家发改委发布文章,再次力挺企业债,称2016年将继续扩大企业债券发行规模,在有效控制企业债券市场风险的前提下,充分发挥企业债券对实体经济的支持作用。   然而现实情况是,2015年全年,企业债不论是发债总额,还是发行数量,都出现了明显的下降。   申万宏源固定收益首席分析师范为告诉《每日经济新闻》记者,尽管不同种类证券的竞争仍然激烈,但在经济下行压力加大,更加依赖政府投资的情况下,企业债有望在今年获得好转。   此外,发改委还表示今年将扩大创新品种债券支持范围和发行规模,扩大专项债券支持重点领域、重点项目的范围。与此同时,还将研究推出高风险、高收益债券品种。   去年核准企业债券7166亿   2015年,国家发改委分别在5月和10月两次发文,放开了“2111原则”,即按行政级别确定发展指标的原则,将不受发债指标限制的范围从AAA级放松为AA级,并简化了申报程序。   然而企业债并没有因为政策的放松而出现井喷。从数额上来看,2015年,发改委共核准企业债券7166.4亿元,但根据同花顺iFinD数据,到2015年10月中旬的发行规模只有大约3375亿元。而从数量上来看,全年仅有298只企业债券发行,比上年减少了49%。   发行数量减半,竞争激烈是重要原因。同年,证监会将公司债的发行主体扩大至非上市公司,公司债发行数量达到了1219只,大涨111%。   范为介绍,虽然各主管部门都在简化流程,但相比之下,要发行企业债需要经多层发改委审批,申报流程长,审批时间久,使得企业债在竞争中落得下风。   此外,在目前发行的企业债中,有7成为城投债。民生证券研究院固定收益组负责人李奇霖认为,“促投资、稳增长”还是发改委企业债新政的主基调,但受到存量债务和企业转型压力限制,城投平台投资意愿低落是既定事实,政策上的放松只能是鼓励,难以实际推动。   兴业证券的一份报告也显示,发改委放松了企业债的审批,但是对市场的影响有限。该报告认为,企业债放松了募集项目投向和加大资金的灵活使用,但仍与投资挂钩,在当前需求不足、实体企业投资意愿下滑的背景下,新规对企业债发行的推升作用有限。   发改委在24日发布的文章中再次明确表示了发展企业债的决心,这篇文章表示,发改委将围绕“一带一路”、“双创”等重点工作,充分发挥企业债券融资功能,在企业债券市场上进一步推进改革、推进创新、推进双向开放,在稳增长、促改革、调结构、惠民生、防风险中发挥更大作用。   拟推出高风险高收益债券   根据发改委公布的数据,2015年获得审批的7000多亿企业债券明显倾向于基础设施和民生领域,其中交通独占三成以上,保障性住房也占到27.9%。   企业债向基建、民生领域倾斜,一个重要的原因来自于政策对专项债券的支持。   所谓专项债券,指的是国家发展改革委为11大类重大工程包和6大消费工程等重点项目,在企业债券制度框架内“量身定制”的债券品种。   2015年,国家发展改革委先后印发了城市停车场建设、城市地下综合管廊建设、战略性新兴产业、养老产业、双创孵化、配电网建设改造、绿色债券等7个专项债券发行指引。   数据显示,养老加上环保和旅游,在去年的企业债中占到13.6%,城市停车场和城市地下综合管廊,加上供水管网等市政基础设施建设项目,占到总额的10.9%。   发改委表示,在现有专项债券品种基础上,2016年将进一步创新品种,扩大专项债券支持重点领域、重点项目的范围,并会同有关部门研究推出高风险、高收益债券品种。   范为认为,在当前经济增速下降,投资下行,特别是工业企业投资和房地产投资都不振的情况下,必须要通过政府投资来拉动,在这种情况下,企业债的发行可以起到更大的作用。   不过,在去产能、去库存的大背景下,对于工业投资起到支持作用的产业债券恐怕仍然难以在2016年录得佳绩。相关的主题文章: