main points
Since 2021, with the normalization of epidemic prevention and control, continuous economic repair, and the gradual withdrawal of credit easing policy, the early loose financing environment has raised the debt ratio of local governments and urban investment enterprises, highlighted the debt risk in some regions, and debt risk prevention and control has once again become the main tone.
Since 2021, with the tightening of policies, the number and scale of urban investment corporate bonds approved by exchanges, dealers' associations and national development and Reform Commission have decreased year-on-year; Meanwhile, the number and scale of urban investment corporate bonds terminated by the exchange increased significantly year-on-year; Due to the differences in regional economic strength and debt level, as well as the differences affected by policies, the approval of urban investment corporate bonds in all provinces (regions and cities) shows obvious differences.
Since 2021, there have been differences in the issuance scale and net financing amount of urban investment corporate bonds. Although the issuance scale has maintained growth, the net financing amount has decreased year-on-year; In terms of urban investment enterprises in all provinces (regions and cities), the issuance of bonds of urban investment enterprises in some regions has shrunk significantly, the delay or cancellation of bond issuance is serious, and the net financing amount has decreased significantly year-on-year; In addition, the overall effective subscription multiple of issued urban investment corporate bonds remains low.
Since 2021, due to the impact of debt risk prevention and control, while the net bond financing has shrunk, the overall cash scale obtained by urban investment enterprises from loans has also decreased slightly; There is serious differentiation among regions. The net bond financing and cash obtained from borrowing of urban investment enterprises in some provinces (autonomous regions and cities) have decreased, and some provincial (autonomous regions and cities) urban investment enterprises have increased borrowing to make up for the capital gap caused by the decline in net bond financing.
