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地方融资平台城投公司债发行政策梳理
时间：2020-08-18

自2015年《公司债券发行与交易管理办法》（以下简称“《办法》”）发布以来，证监会及交易所对于公司债的监管主要采取窗口指导的方式，经历了4次窗口指导的政策更迭后，目前城投平台发行公司债所需达到的要求核心在于两点：（1）不在银监会融资平台名单内；（2）满足“单50%”指标。

回顾公司债发行政策的历史沿革历程，2007年8月14日证监会颁布的《公司债券发行试点办法》标志着公司债品种的诞生，但由于试点公司范围仅限于沪深证券交易所上市的公司及发行境外上市外资股的境内股份有限公司，发行门槛较高，因此城投平台初期发行公司债规模一直较小。

2015年1月《办法》发布，将公司债发行主体扩大至所有公司制法人，虽然《办法》将地方政府融资平台排除在外，但在实际操作中，证监会对已经退出银监会平台名单的类平台公司有所放松，并于2015年7月制定了“双50%”的甄别标准[1]。至此，城投公司债才迅速扩容。2016年9月2日的窗口指导则将“双50%”收紧为“单50%”，并调整了指标计算方法。

2019年3月，交易所窗口指导放松了地方融资平台发行公司债的申报条件，对于6个月内到期的债务，以借新还旧为目的发行公司债，放开“单50%”的限制，但不允许配套补流。该政策对两类城投利好明显：（1）2016年9月之前发行过公司债，但之后未发行过公司债的城投。（2）因募集资金用于省级保障房项目发行过公司债的城投。（详见报告《如果交易所放松借新还旧，哪些城投明显受益？》）

2019年10月，有券商接到证监会窗口指导，2019年9月19日以后受理的私募公司债，规模超过净资产40%的部分只能用于借新还旧；公私募分别独立按净资产40%测算额度。同时，按照新老划断政策，9月19日之前受理或已拿批文的私募债，不受该窗口指导影响，可以按约定用途使用。城投平台发行私募公司债的募集资金用途受到一定限制。

发改委对城投平台发行企业债相关政策的颁布主要采取发文的形式。相对于证监会与交易商协会，发改委发布的政策数量较多，监管较为严格、维度也相对全面，在发行规模、担保措施、区域经济债务指标、评级机构聘用等方面均有详细要求。

进元财富认为，债券作为标准化债权资产仍是较为安全的标的之一，进来信托产品纷纷非标转标，资金即使流向了债券市场。对于投资者而言，面临收益下调的同时资金安全性也提高了不少，而通过进元财富购买信托产品，会额外享受高额返点收益。

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