On February 13th, the demand for securities firms to issue bonds to “replenish blood” continues to slow down. On February 12th, Great Wall Securities announced the results of the second phase of short-term financing bonds issued in 2025, with a coupon rate of 1.80% for the 1 billion yuan short-term financing bonds. Compared to previous years when interest rates were often above 3%, the cost of securities firms issuing bonds for financing has significantly decreased. However, the cost reduction did not trigger securities firms to issue bonds one after another. Journalists have found that since 2025, the scale of securities firms issuing bonds for financing has been shrinking. As of February 12th, only three securities firms have obtained wholesale bonds, with a total scale that has decreased by over 50% year-on-year; In terms of issued bonds, 29 securities firms issued a total of 80.7 billion yuan in domestic bonds, a year-on-year decrease of 24%. A non bank analyst from a securities firm told reporters that from the perspective of business development and risk control indicators, the demand for securities firms to supplement capital is not strong. Moreover, the cost of funds on the exchange continues to decrease, and issuing bonds is not the most cost-effective financing method. (Securities Times)
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