On December 25, the "Yangtze River Delta Advanced Manufacturing Enterprises 2023 Phase I Collective Short-term Financing Bonds" (hereinafter referred to as the "Collective Notes") was successfully issued, which is the first collective notes of advanced manufacturing enterprises in the interbank market. The issuance scale of this collective note is 700 million yuan, the maturity is 270 days, and the issue interest rate is 298%, 47 basis points lower than the one-year loan market ** interest rate (LPR), the funds raised were used for the three joint issuers in Jiangsu, Zhejiang and Anhui respectively to replenish the flow and repay bank loans, the lead underwriter is Shanghai Pudong Development Bank, the current collective short-term financing is supported by the "second arrow" through the transactional credit enhancement model.
The three joint issuers, Guoxuan Hi-Tech Co., Ltd., Sineng Electric Co., Ltd., and Ningbo Exciton Technology Co., Ltd., are all listed private enterprises in the advanced manufacturing industry in the Yangtze River Delta region. Its China Xuan Hi-Tech is mainly engaged in the production and sales of power batteries and energy storage battery products, Sineng Electric is mainly engaged in the production and sales of photovoltaic inverters, energy storage converters and other equipment, and Ningbo Exciton Technology is mainly engaged in the production and sales of optical films, photovoltaic backsheets and other materials.
It is understood that the transactional credit enhancement model adopted by the current collective short-term financing is a way to support the issuance of bonds by private enterprises as a "second arrow", and to achieve the purpose of debt credit enhancement by constructing transaction performance obligations with investors on bonds. This model effectively solves the problems of difficult financing, high financing cost and low investor acceptance of the three private issuers, and improves the efficiency of the "second arrow".
Since the beginning of this year, the "second arrow" has provided financing support for private enterprises with a total scale of more than 22 billion yuan, involving industries including real estate, manufacturing and other important fields, which has played an important role in improving the financing environment for private enterprises, boosting market confidence, and resolving project risks. Recently, Midea Real Estate, Xincheng Holdings, Longfor Development, Jinhui Shares and Hongdou Group have successively completed bond financing through the "second arrow". It is reported that follow-up projects, including New Hope Real Estate, Langzi Co., Ltd. and other enterprises, are being promoted.
According to relevant sources, the "second arrow" will continue to thoroughly implement the policy deployment on supporting the development of the private economy, continue to increase support for the development of the private economy, meet the reasonable financing needs of enterprises of different ownership systems without discrimination, continuously expand the increment, innovate the model, optimize the conditions, improve the effectiveness, contribute to the improvement of the financing environment for private enterprises, and give full play to the implementation of policy tools.