The first batch of private venture capital and technological innovation bonds have been launched. The interest rate for the first batch of private venture capital and technological innovation bonds is as low as 1.8%.

The China Interbank Market Dealers Association recently disclosed that the first batch of projects supported by innovative technology bond risk-sharing tools have been successfully launched. Five private equity investment institutions have received credit enhancement and investment support through the risk-sharing tools, and have completed issuances, totaling 13.5 billion yuan. The privately-owned venture capital institutions issued in this round of financing have two main characteristics: first, the bond maturity has been significantly extended, with the longest duration reaching 10 years, much higher than the typical 3 to 5-year medium-term notes; second, the issuance interest rate has been noticeably reduced, lower than the face value interest rate of similar national enterprise bonds. It is worth noting that this is the first batch of entities to obtain financing through the risk-sharing tools created by the central bank after the establishment of the "technology board" in the bond market. Industry experts analyze that the bond market "technology board" has initially realized the linkage between equity, bond, and loan by introducing risk-sharing mechanisms and optimizing the fund transmission chain. With the further expansion of the issuing entities, it is expected to attract more participants to the bond market "technology board" and further enrich the market ecosystem.