专业担保增信机构支持城投债发行的市场表现分析

Market Performance Analysis of Professional Guarantee and Credit Enhancement Institutions Supporting the Issuance of Urban Investment Bonds

2023年,全国地方政府债务化解难题达到了空前的难度,城投债在地方政府债务一盘大棋中举足轻重。截至2024年上半年,市场上城投债规模达到约12万亿元,其中2018年以来由专业的担保增信机构承担连带保证责任的超过1万亿元。尤其近年来,各省市加大力度组建信用评级等级为AAA的担保增信机构,不仅作为修复当地资本市场信用的工具,更是作为当地发债保发行降成本的有效金融工具。本文通过分析2018—2023年城投债的增信情况,深入探讨专业担保增信机构在支持城投债发行市场中的作用及效果。

In the 2023 year,the difficulty of resolving local government debt has reached unprecedented levels,urban investment company debt plays an important role in the local government debt.As of the first half of 2024,the scale of urban investment bonds in the market has reached about 12 trillion yuan,of which more than 1 trillion yuan has been jointly guaranteed by professional guarantee and credit enhancement institutions since 2018.Especially in recent years,various provinces and cities have increased their efforts to establish guarantee and credit enhancement institutions with a credit rating of AAA.This not only serves as a tool to repair the credit of the local capital market,but also as an effective financial tool for local bond issuance and cost reduction.This article analyzes the credit enhancement situation of urban investment bonds from 2018 to 2023,and explores in depth the role and effectiveness of professional guarantee credit enhancement institutions in supporting the urban investment bond issuance market.