As of the end of December 2023, a total of 3,295 urban investment platforms in China have issued bonds, a decrease of 2 from the end of September 2023.
Among them, 45 platforms, including Xiangtan City's two-type social construction investment and financing, Guizhou Xinpu Economic Development and Investment Co., Ltd., Huzhou Xisaishan Development and Construction, have been removed from the urban investment list because all outstanding bonds have matured.
In addition, the new first-time bond issuance platforms in the list include 41 enterprises, including Rizhao Xinglan Holding Group, Changsha Wangcheng District Urban Development Group, Zhuji Construction Group, Xinxiang State-owned Capital Operation Group, etc.
By the end of 2023, the total amount of existing bonds of the urban investment platform reached 1603 trillion yuan.
From the perspective of the distribution of subject ratings, the bond scale of AAA and AA+ rated platforms accounts for a large proportion, reaching a total of 748%, followed by AA with 243%, while the total share of bond balances on AA- and below and unrated platforms is only 09%。
By administrative level, the outstanding balance of existing bonds of municipal and district and county-level platforms accounted for more than 30%, while that of provincial-level platforms accounted for 134%。
Among the urban investment platforms of various provinces and cities, Jiangsu and Zhejiang are among the top in the country in terms of the number of bond issuance platforms and the proportion of AA+ and above existing debt entities.
Among them, Jiangsu has 613 bond issuance platforms, and Zhejiang has 465, both of which also exceed the national average in terms of the proportion of AA+ and above stock debt entities (39.).8%), 400%, 43 in Zhejiang7%。
In terms of the scale of existing bonds in various provinces and cities, Jiangsu and Zhejiang are among the top in the country, both exceeding 21 trillion yuan. In contrast, Qinghai, Inner Mongolia and Hainan have smaller debt stocks, all of which do not exceed 20 billion yuan.
In terms of the proportion of existing urban investment bonds issued by private placement, Heilongjiang and Zhejiang have the highest proportion, both above 60%; Henan, Qinghai, Liaoning, Guizhou, Jiangsu, Chongqing, Hebei, Shaanxi and Shanxi also accounted for more than 50%. On the other hand, Tianjin and Guangdong have a relatively low proportion of private placement of existing urban investment bonds, both accounting for less than 20%.
In 2023, a total of 257 urban investment platforms will issue bonds for the first time, involving 509 bonds, with a total issuance amount of 3,480600 million yuan.
These first-time bond issuance platforms are distributed in 22 provinces, of which Zhejiang and Jiangsu have the largest number of 41 and 36 respectively, ranking the top two in the country. Shandong and Anhui followed with 28 and 22 respectively. Henan, Guangdong, Hunan, Sichuan and Jiangxi had between 11 and 19 first-time bond issuances. None of the other provinces had more than 10 first-time bond issuers.
In terms of ratings, Beijing, Shaanxi, Guizhou, Shanxi and Jilin all have first-time issuer ratings of AA+ or above, while **, Yunnan and Guangxi have all rated below AA+.
Among the urban investment platforms that issued bonds for the first time in 2023, Zhejiang had the largest issuance, reaching 589900 million yuan, of which private placement accounted for 926%。Jiangsu's issuance amount is 453900 million yuan, and private placement accounted for 859%。Shandong, Hunan, Anhui and Henan have issued between 20,040 billion yuan, and these provinces all account for more than 60% of private placements.
In other provinces, the issuance of bonds for the first time in 2023 will be less than 20 billion yuan. Among these provinces, Shanghai, Shaanxi, Shanxi, Jilin and Guangxi all accounted for 100% of private offerings, while ** and Yunnan all issued bonds through public offerings.
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