一揽子化债影响下城投行业融资成本走势猜想_12页_1mb

Supported by policy advocacy and LPR decline, the financing costs for extending maturing financing platform debts have decreased. The pace of high-yield non-standard debt swaps and discounts is accelerating, but policy to issue domestic bonds to replace high-yield foreign bonds still needs to be implemented faster. While cases of extending and restructuring existing debt face progress that is both slow and limited.

Current policy neithersimplistically revitalizes high-yield non-standard debt, and progress in existing debt restructuring is relatively slow. Due to policy advancements and LPR reductions, cost for "new and continued financing" platforms has seen rapid decline, while high-yield non-standard debt swaps and discounts are moving forward at an increased pace. However, policies related to issuing domestic bonds to replace high-yield foreign currency bonds have not yet been fully implemented, and efforts to advance restructuring of existing debt through moratoriums remain slow.

Moreover, extending and restructuring existing debt has seen only a few cases, with the majority being slow and limited. While Lending Policy Rates have fallen over recent years, several hundred basis points have changed for both 1-year and 5-year LPR, bringing them close to historic lows. This downward trend supports financing cost decrease, and is a factor contributing to recent cost reduction for maturing debt restructured using various financial channels.

Furthermore, although regions prioritized under the policy have seen lower financing costs and higher debt reductions, including lower bank loan rates in their decoupling, overall financing cost regional differentiation has narrowed. Some regions still face high financing costs and limited decline due to slower advance in borrowing cost decrease and more reliance on higher-yield financing channels.

Ultimately, existing policy efforts are still in progress, and higher financing costs in some areas may cause more financial pressure if cost reduction targets are not achieved. The mechanism allows to lower general financing costs, including backing for loans with fixed terms and principles; however, challenges arise when seeking to reduce the costs of existing debt overall.

Lastly, because of slow progress in reducing the costs of existing debt through restructuring and swaps, the goal of lowering financing cost for enterprises remains challenging. Only a part of existing debt has been reduced, making further lowering of financing cost for enterprises still dependent on policy refinements and implementation strategies.