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如何区别各类城投标准债？
城投债 时间：2023-02-07


       银行间债券市场

       银行间债券市场，占中国的债券市场的90%，包含的债券有以下几种：

       1）政府债，也就是国债和地方政府债，是债券市场的主力；

       2）金融债，是由银行和非银行金融机构发行的债券，包括政策性金融、金融机构债券和同行存单；

       3）企业债，指由发改委审批的国有企业和少量的大型民营企业债券；

       4）非金融企业债务融资工具，指具有法人资格的非金融机构发行的约定一定期限内还本付息的有价证券，包括短融/超短融（CP/SCP）、中票（MTN）、非公开定向债务融资工具（PPN）和ABN。

       划重点：在银行间市场中，城投债仅为企业债和非金融企业债务融资。


       交易所市场

       交易所市场包含的债券有以下几种：

       1）政府债，也就是国债和地方政府债；

       2）企业债，指由发改委审批的国有企业和少量大型民营企业债券；

       3）公司债，是公司为筹措资金以发行债券的方式向社会公众募集的债，分公开发行的公司债和非公开发行的公司债，目前后者已经赶超前者。

       再次划重点：城投公司在交易所市场使用企业债和公司债进行融资。

       也就是说，城投债在银行间市场和交易所市场都有发售，但和政府债、金融债无关，和企业债、公司债、非金融企业债务融资工具绑定。

       总结一下近期大家都会问的问题，标债就一定比非标安全吗？

       1：从发行方式上：目前市场上在主打标债的机构，投资逻辑就是标债29年0违约，包括贵州的标债还在正常兑付。所以市场上近期出了部分高收益的债券型私募，底层的很多持仓就是去了中西部的债券，包括XS信托的现金管理类产品，底层持仓就是贵州遵义的城投债券。

       2：从融资成本上：拿山东的标债和江苏的非标举例子山东的标债融资成本会高于江苏的非标（综合成本），其中部分山东的标债的额外补贴的融资成本都是由工程方贴出来。

3：债券的票面折价，欠发达地区的债券票面折价明显大于发达地区，比如江苏的城投债券票面接近100，贵州的城投债券如果要转让，基本在85折的水平。

       所以建议同等融资主体的情况下，标债肯定比非标安全，但是不同区域，城投的后续兑付会有很多因素影响，政治因素，经济因素，借新还旧的能力等，抛去其他因素，我们从市场化的角度来对比，融资成本越低的地方，城投的融资越被市场资金所接受，花更低的成本更容易借到钱，后续偿付能力越强。


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