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城投发债条件放松利好债务置换
时间：2020-09-02

2019年沪深交易所窗口指导，城投公司六个月内到期或含权到期的债务，允许借新还旧放开“单50%”上限限制，但募集资金只能用于借新还旧，不准用于补充流动性，不准用于新增项目。此次交易所放松城投公司债发行条件，有助于隐性债务风险防范。

历史上城投公司交易所发债的政策口径发生过三次调整

第一次是证监会于2015年1月发布的《公司债发行与交易管理办法》。该办法扩大了债券发行主体，允许非上市公司发行公司债，但明文规定发行人不包括地方政府融资平台。由于国发43号文明确提出政府债务不得通过企业举借，应剥离城投公司的政府融资职能，因此该办法对地方融资平台在交易所发债的限制是国发43号文宗旨的延续。

第二次是2015年7月，证监会借落实国发43号文要求之际，对类平台做出新口径认定，即除下列两类发行人之外的“类平台”允许发行公司债：一是被列入中国银监会地方政府融资平台名单（监管类）；二是因“双50%”标准被限制发行的平台，即最近三年（非公开发行的为最近两年）来自所属地方政府的现金流入与发行人经营活动现金流入占比平均超过50%，且最近三年（非公开发行的为最近两年）来自所属地方政府的收入与营业收入占比平均超过50%。从不允许地方融资平台在交易所发债到允许负面清单之外的“类平台”发债是证监会对融资平台发债条件的放松，背景是当时国内经济面临较大的下行压力，基建对经济的托底尤为重要。

第三次是2016年9月，交易所对多家券商进行窗口指导，将“双50%”门槛调整为“单50%”，即只要来自政府的收入超过50%就无法发债。调整的原因是发行人对原先“地方政府的现金流占比超过50%”的限制容易通过会计处理方式进行规避。由“双50%”限制到“单50%”限制实际上是城投发债条件的收紧，这表明2016年四季度财政部划清地方政府债务的力度在逐步强化，这一时期的政策收紧和当时的经济小周期复苏紧密相关。

发行条件放松对城投公司影响几何

进元财富认为本次窗口指导属于第四次调整，此次政策思路的转变主要是出于金融防风险的考虑，在地方政府卖地还债比较困难的情况下，允许城投平台借新还旧有助于用时间换空间，有序稳妥化解地方隐性债务，与今年政府工作报告提出“鼓励采取市场化方式，妥善解决融资平台到期债务问题”也相呼应。

进元财富注意到随着非标转标的推进，目前市场上出现了不少标的为城投债券的信托计划，通过上文介绍我们可以了解到该类城投债券通常安全性是非常高的。通过进元财富购买城投信托、定融项目，可享高额返点，我们另提供所投区域债务状况分析。

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