债券杂志

　　5月下旬，国务院出台《扎实稳住经济的一揽子政策措施》（以下简称《措施》），其中多项措施与债券市场相关。今年前5个月，中央结算公司支持各类主体发债净融资4.1万亿元，同比增长46%。下半年，中央结算公司将配合主管部门全面落实政策措施，全力稳住经济大盘。

　　进一步提升地方政府专项债券资金使用效率。《措施》提出，要加快地方政府专项债券发行使用并扩大支持范围。上半年，地方政府专项债券累计发行3.4万亿元，基本如期完成发行任务。下半年的重点是用足用好债券资金，切实提升资金使用效率。据此，要在严把质量关的基础上，将更多符合新发展理念的项目纳入专项债券项目库，将债券资金用在“刀刃”上；建立专项债券项目资金全流程动态监控体系，清晰资金投向和使用进度，防范资金截留、挪用或闲置；着力完善专项债券资金使用绩效评价，将绩效评价贯穿“借、用、管、还”全流程。

　　加大政策性金融债券支持重大项目建设力度。依据《措施》，6月的国务院常务会议提出，发行政策性金融债券等筹资3000亿元，用于补充包括重大项目资本金或者专项债券资本金搭桥。前期已出台调增政策性银行8000亿元信贷额度政策。两项政策有望提高地方政府专项债券的杠杆效应，缓解项目资本金不足或者配套资金跟不上等问题。上半年，政策性金融债券发行量同比减少约2000亿元。下半年，要创新、丰富政策性金融债券的专项品种，扩大发行规模；应做好资本金专项债的项目筛选和风险管控工作，处理好资本金专项债债务属性和项目资本金权益属性的关系。

　　运用资本补充债券提升商业银行信贷能力。《措施》提出，鼓励银行对部分贷款实施延期还本付息，加大普惠小微贷款支持力度。扩大资本补充债券发行规模，充实银行资本金，可释放银行放贷潜力，增强放贷意愿。2021年中国版外部总损失吸收能力（TLAC）落地，对大型银行资本管理提出更高要求。在经济下行压力下，中小银行面临损失吸收等资本补充压力。为提升银行信贷能力，应扩大永续债、二级资本债、TLAC债务工具的发行规模，适当增加央行票据互换（CBS）的操作力度和频次，提升永续债市场流动性，推动不良贷款资产证券化由试点转向常态，化解银行不良压力。

　　发挥公司信用类债券直接服务实体经济的优势。《措施》提出，要加大资金对“三农”、小微企业、绿色、双创等领域的支持力度。公司信用类债券是仅次于信贷的实体经济融资第二大渠道，具有直接服务实体经济的优势。可考虑依托企业债券“1+1+17”的丰富品种结构，扩大专项企业债券发行规模，同时发挥企业债券稳增长和调结构的作用。在区域试点发展高收益债券市场，探索实行“发行人付费、投资者投票选择”的中介机构选聘模式，引入新型风险揭示机构和手段，切实支持科创、民营企业融资。

　　利用上海自贸区离岸债券拓宽企业跨境融资渠道。《措施》提出，要进一步拓宽企业融资渠道，支持符合条件的企业开展外债便利化额度试点。上海自贸区离岸债券业务是在企业外债管理的框架下，兼容境内监管规则和国际业务惯例，联通境外，为企业提供的跨境融资新渠道。可在政策上进一步发挥上海自贸区在岸离岸市场优势，鼓励企业发行自贸区离岸债券开展跨境融资，实现境内外两种资源的有效配置。

　　◇本文原载《债券》2022年7月刊

　　◇作者：钟言

　　◇责任编辑：陈森 鹿宁宁

　　To Promote Bond Market Development and Support the Overall Economy

　　Zhong Yan

　　The State Council issued A Package of Policy Measures to Stabilize the Economy （hereinafter referred to as the Measures） in late May， many of which are related to the bond market． In the first five months of this year， net financing via bond issuance at CCDC by various types of entities rose by 46% year on year to RMB4.1 trillion． In the second half of the year， CCDC will continue to work together with the relevant authorities， and do its best to put the policy measures into practice to stabilize the overall economy．

　　Improving the utilization efficiency of the proceeds from local government special-purpose bonds． The Measures called for accelerating the issuance and use of local government special-purpose bonds as well as expanding the scope of support． In the first half of the year， a total of RMB3.4 trillion worth of local government special-purpose bonds were issued， generally achieving the issuance mission as scheduled． The priority in the second half is to utilize the bond proceeds fully and efficiently． To this end， on the basis of quality control， more projects that are in line with the new development philosophy should be included in the special-purpose bond project library， and the bond proceeds should be applied to the areas of greatest priorities． A full-process dynamic system for special-purpose bond proceeds should be established to monitor the use of the proceeds， so as to prevent such proceeds from being held back， appropriated or left idle． The performance appraisal of the use of proceeds should be improved and applied to the entire process of raising， utilizing， managing and repaying．

　　Enhancing support for major projects with policy bank bonds． According to the Measures， the State Council executive meeting in June proposed the issuance of RMB300 billion worth of policy bank bonds to replenish the capital of major projects or special-purpose bonds． The credit quota of policy banks had already been by RMB800 billion previously． These two policies are expected to increase the leverage effect of local government special-purpose bonds， and address issues related to inadequate project capital or matching funds． In the first half of the year， the issuance of policy bank bonds fell by approximately RMB200 billion year on year． In the second half， there should be a more diverse range of innovative special-purpose policy bank bonds， and the issuance amount is expected to increase． Project selection and risk management for capital special-purpose bonds should be carried out， and the relationship between the creditor-debtor attribute and the beneficial ownership of capital special-purpose bonds should be properly handled．

　　Using capital replenishment bonds to improve commercial banks’ credit capacity． The Measures encouraged banks to defer interest and principal payments for some loans， and to increase support for inclusive small and micro loans． Expanding the issuance of capital replenishment bonds and boosting bank capital can help release the lending potential of banks and increase their willingness to lend． In 2021， the Chinese version of total loss-absorbing capacity （TLAC） was implemented， placing new requirements on capital management for big banks． As economic growth slows， small and medium-sized banks are confronted with loss absorption and other capital replenishment pressure． To improve the credit capacity of banks， the issuance of perpetual bonds， Tier-2 capital bonds and TLAC debt instruments should be raised， and the amount and frequency of central bank bills swaps （CBS） can also be increased to appropriately． Efforts are also necessary to improve the liquidity of the perpetual bonds， promote the normalization of NPL asset securitization from the current trial basis and reduce the NPL pressure for banks．

　　Leveraging the advantages of corporate credit bonds in directly supporting the real economy． The Measures called for greater funding support for “sannong” （rural areas， farmers and agriculture）， small and micro enterprises， green sectors， as well as the innovation and entrepreneurship sectors． After loans， corporate credit bonds are the second largest channel for financing the real economy， and can provide direct support． The issuance special enterprise bonds could be expanded by leveraging the “1+1+17” structure of enterprise bond varieties so that the twin effects of steady growth and structural adjustment of enterprise bonds may be brought into play at the same time． Efforts can also be made to explore high yield bonds as a pilot program， explore the “issuer pays while investors choose by voting” intermediary agency selection model， and use new risk disclosure entities and measures， so as to facilitate financing for technological innovation and private enterprises．

　　Using Shanghai Free Trade Zone （FTZ） offshore bonds to expand cross-border financing channels for enterprises． The Measures stated that enterprise financial channels should be further expanded so that eligible enterprises can carry out offshore debt facility quota pilots． The Shanghai FTZ offshore bond business provides a new cross-border channel for enterprises under the enterprise foreign debt management framework． It is compatible with domestic regulatory rules and international business practices． The Shanghai FTZ onshore and offshore market advantages can be further leveraged on the policy front， and enterprises may be encouraged to engage in cross-border financing by issuing FTZ offshore bonds so as to achieve effective allocation of both domestic and overseas resources．

　　This article was first published on Bond Monthly （Jun.2022）．Please indicate the source clearly when citing this article． The English version is for reference only， and the original Chinese version shall prevail in case of any inconsistency．

　　◇ Editors in charge：Chen Sen， Lu Ningning