Recently, the Shanghai Stock Exchange revised and issued the guidelines for the application of the review rules for the issuance and listing of corporate bonds of Shanghai Stock Exchange No. 2 - specific types of corporate bonds, and newly launched low-carbon transformation bonds and low-carbon transformation linked bonds. "This is a new bond variety launched by Shanghai Stock Exchange to support the green development of economy and society after the green bond. This will help further enrich the ESG bond category and enhance the ability of the bond market to serve the national strategy and the real economy." The person in charge of relevant business of Shanghai Stock Exchange said. Accurately support the financing needs of low-carbon transformation field In recent years, the green bond market of Shanghai Stock Exchange has made great progress. According to the data, by the end of April 2022, the Shanghai Stock Exchange bond market had issued 295.5 billion yuan of green corporate bonds and 122billion yuan of green asset-backed securities, effectively guiding social capital to invest in various green fields supported by national policies. However, some market participants said that due to the strict definition of the support scope of green bonds, they are generally more suitable for industries with strong green attributes such as clean energy and environmental protection industries, and have limited support for a wider range of economic restructuring, especially for traditional high-carbon industries such as coal and thermal power. At present, China's energy resource endowment is still dominated by coal, and the industries with high energy consumption and high emissions account for an important proportion in the national economy. The related industries will face great transformation pressure for a long time, and will also be accompanied by huge financing demand. It is reported that the Shanghai Stock Exchange launched a variety of low-carbon transformation bonds, that is, it mainly provides financing support for the capital needs in the transformation field. The low-carbon transformation corporate bonds have a wide range of support fields and have no special restrictions on industries and industries. They can be used to support the R & D and application of energy-saving and carbon reduction technologies in various industries, the clean and efficient development and utilization of fossil energy, the energy conservation and consumption reduction of new infrastructure, and the improvement of energy conservation and environmental protection in the park. In addition, the use of funds raised by low-carbon transformation bonds is also flexible, which can be used for technology research and development, process improvement, equipment procurement and leasing, professional service procurement, project construction M & A, repayment of interest bearing liabilities, equity investment and other purposes in the field of low-carbon transformation. In addition, it can also replace the self owned capital expenditure in the field of low-carbon transformation in the period before the issuance. Insiders said that the launch of low-carbon transformation bonds will help promote the orderly transformation and gradual transformation of enterprises, and have a strong attraction for issuers in traditional industries. Promote the issuer to fulfill the transformation goal In addition to financing directly used in the field of low-carbon transformation, many enterprises have overall transformation goals and paths, but it is difficult to sort out the use of funds directly used in the transformation field from their businesses in the short term. "For group companies with large volume in traditional industries, many transformation and upgrading project companies have lower levels or are jointly shared by multiple parties. If the group company finances the project, it is cumbersome in terms of fund transfer, tracking and account supervision, and sometimes there may be some obstacles." An investment banker told reporters. In response to the needs of these enterprises, the SSE added a sub variety of low-carbon transformation linked bonds under the low-carbon transformation bonds to further strengthen the financing support for the transformation subjects. According to the reporter, the low-carbon transformation linked bonds refer to the internationally mature sustainable development linked bond product ideas, focus on the transformation practice of bond issuers, link the bond terms with the achievement of performance goals in the low-carbon transformation field of bond issuers, and have no special requirements for the use of raised funds, so as to adapt to the financing needs of a wider range of transformation subjects and promote enterprises to achieve their transformation goals. According to relevant sources of Shanghai Stock Exchange, at present, the green bonds (including carbon neutral / Blue bonds), low-carbon transformation bonds and low-carbon transformation linked bonds of Shanghai Stock Exchange have basically formed a series of environmental bonds, which can comprehensively support the green development of economy and society. Enterprises can choose suitable bond products according to their own industrial characteristics and actual capital needs; If it meets the conditions of multiple varieties, it can also issue mixed bond varieties. Recently, Huaneng Group, Baosteel and Hualu group issued the first batch of low carbon transformation / low carbon transformation linked corporate bonds. The reporter observed that the relevant issuers belong to traditional industries such as electric power, steel and chemical industry, which provide a good demonstration and guidance for relevant industries to make good use of capital market resources and realize low-carbon transformation and development. For example, Huaneng Group issued 2billion yuan of low-carbon transformation linked renewable bonds, linking the bond coupon rate to the new installed capacity of renewable energy power generation. The linking goal is highly consistent with the group's transformation strategy and is challenging, which helps the issuer to achieve its low-carbon transformation development plan. The person in charge of relevant business of Shanghai Stock Exchange said that under the guidance of China Securities Regulatory Commission, Shanghai Stock Exchange will continue to actively explore the innovation of corporate bond varieties, improve its ability to serve the real economy, further improve various financing support mechanisms to support major national strategies, and cooperate with all parties to promote high-quality economic and social development. (Xinhua News Agency)