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7月企业债融资额大幅回升 债市融资功能逐步恢复

2017-08-18 14:14:21   新华网

跨过年中分水岭,7月份的企业债券融资从上半年的萎缩走向放量,债市融资功能逐渐恢复。

央行最新数据显示,7月份企业债券净融资为2840亿元,同比增加632亿元,较上个月大幅回升。对比之下,7月份企业新增贷款环比明显下滑,较上个月减少3417亿元。业内分析人士指出,实体企业开始转向债券融资的迹象或已显现。

回顾上半年,受市场违约风险预期升高、整体利率上行等因素影响,企业通过债券市场融资难度提升。数据显示,今年上半年,企业债券融资净减少3708亿元,同比多减2.14万亿元。

信用债一级市场上,上半年大量信用债发行受阻。据东方金诚统计,2017年1月至6月,总计3418.47亿元信用债被取消或暂缓发行,取消发行只数同比增长11.08%,取消发行规模同比增长3.42%。

到了7月份,整个信用债市场显著回暖。具体来看,企业债、公司债、中期票据等品种融资量均大幅回升。Wind资讯统计显示,7月份,企业债净融资额达387.55亿元,结束了自去年12月以来的持续负增长,预计8月份将继续放量。

此外,7月份公司债净融资额飙升至1385.59亿元,为去年12月以来的单月最高量,较上个月增长340%。7月份中期票据净融资额则创下近16个月新高,达753.35亿元。

企业债券融资回升之际,7月份企业新增贷款明显下滑。具体来看,短期贷款和中长期贷款虽然继续增长,但新增量分别环比减少2111亿元和1446亿元。“这主要源于银行信贷额度受限、债市回暖的背景下,实体企业转向债券融资。”中信证券固收研究团队在研报中指出。

而随着信用利差缩减,企业通过债券融资的意愿或有所恢复,直接融资将在企业融资中发挥更重要作用。央行在今年第二季度货币政策执行报告中指出,要加强债券市场管理协调和跨部门监管协作,切实发挥债券市场在提高直接融资比重、防范化解金融风险、优化资源配置方面的作用。同时,鼓励中小企业通过发行非金融企业债务融资工具募集资金。

不过,国信证券债券研究团队认为,目前债券的融资成本相比贷款并无明显优势,发行人融资意愿波动不大。近期信用债发行量的增加,估计主要是需求转暖,前期累计的项目释放所致。

对于下半年情况,申万宏源固收研究团队预计,随着债市情绪好转,未来企业债券融资仍将有所回升。(记者 金嘉捷)

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