PPP企业债渐近 金融机构加快布局
Financial institutions speed up investment as PPP corporate bond to launch soon
虽然PPP（政府和社会资本合作）企业债正处在研究阶段，但金融机构提前布局这一万亿市场的步伐正在加快。记者13日从多家评级和承销机构获悉，公司管理层正加紧研究相关事宜。
据经济参考报14日消息，“上周公司一得到监管层正研究推出PPP专项企业债券的消息，便迅速组织公司相关部门研讨。目前来看，以项目收益债的形式发行可能性较大。”一位金融机构人士向记者表示，即便采用项目收益债的形式，仍需许多政策配套，比如发行、准入制度要改变。债券中间的配套措施也需要跟上，比如评级，不能照搬城投债的评级，需要建立新的评级规则等。
在今年8月的第二届中国PPP融资论坛上，中央国债登记结算公司副总经理王平透露：“截至6月末，全国PPP综合信息平台的入库项目总投资额达10.6万亿元，若40%通过债券募集，则这些项目的发债需求超过4万亿元。”
在王平看来，在当前的实践中，应让金融机构参与项目早期的设计，完善不同生命周期的融资安排，提供PPP融资“退出的路径选择”。国家发改委投资研究所体制政策室主任吴亚平认为，PPP项目的合理投资回报率是社会资本方作出投资决策和政府制定投融资政策的重要依据。他建议国家发改委会同有关部门联合制定PPP项目财务基准收益率。“对使用者付费的PPP项目，现阶段的合理投资回报率可以定在7％至8%左右，而对政府付费项目最好设定为5％至6%左右。”吴亚平说。
Financial institutions speed up investment as PPP corporate bond to launch soon
Although corporate bonds based on PPP (public-private partnership) projects are still at a research stage, financial institutions have accelerated investment in this field which is expected to reach one trillion yuan. It is learnt from a number of rating agencies and underwriters on Dec. 13 that these companies are pushing ahead with studies of relevant matters.
“As soon as we’ve learnt last Monday that the regulator is mulling over issuance of corporate bonds for PPP projects, we organized a seminar. Based on current conditions, these bonds are very likely to be revenue bonds,” an employee of a financial institution told the Economic Information Daily on Dec. 14. Even although they will adopt revenue bonds, a great number of supportive policies are needed. For example, its issuance and access system should change. There will also be supportive measures in the duration of bonds. For example, the rating system should not copy that for urban investment bonds. New rating rules should be established.
At the second China PPP Financing Forum as early as August, Wang Ping, vice general manager of China Central Depository & Clearing Co., Ltd. (CCDC), disclosed that “as of the end of June, the total investment in projects put into database on the national PPP comprehensive information platform has reached 10.6 trillion yuan. If 40 percent of the investment is funded by bonds, these projects will need issue over 4 trillion yuan bonds.”
In Wang’s view, currently, the government should let financial institutions participate in the earlier design of PPP projects to improve financing arrangements with different life cycles and provide choices for PPP investment to withdraw. Wu Yaping, head of the system policy department of the NDRC Investment Research Institute, believed that reasonable investment returns from PPP projects is an important criterion for social capital to make investment decisions and governments to make financing policies. Wu suggested that the NDRC should work with other authorities to establish benchmark yield for PPP projects. “For PPP projects that require payment from users, the reasonable rate of investment return could be set around 7-8 percent. For projects requiring payment from governments, the reasonable rate of investment return could be set around 5-6 percent,” Wu said.
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