On April 25th, 2022, the country's first PPP asset-back commercial paper (ABCP）-- the Chongqing Maohe 2022 first PPP-ABCP of the CSCEC 5th Bureau investment -- was successfully issued at the National Association of Financial Market Institutional Investors (NAFMII). Enriching Asset Management (Beijing) Co., Ltd., a wholly-owned subsidiary of China National Investment and Guaranty Corporation, is the technology provider of the issuance. The nominal rate of the 975 million RMB yuan priority ABCP was 2.7% and the subscription ratio of the ABCP was 3.25 times of the actual issuance, indicating high recognition from the investors.

In 2020, NAFMII launched the ABCP products. To help the CSCEC 5th Bureau best use its PPP assets and improve its project operation efficiency, China National Investment and Guaranty Corporation and Enriching Asset Management have, in an innovative way, designed the ABCP product which meets requirements from all sides after thorough discussions and over-one-year's cooperation. China National Investment and Guaranty Corporation makes full use of its AAA credit to provide strong credit support to investors through providing liquidity, which has effectively reduced the issuance cost and difficulties. Through combining the flexible rolling issuance advantage of the ABCP and the long-term operation mechanism of PPP assets, this product helps solve the problems of issuer's liquidity pressure and inverted interest rate.

As the first PPP-ABCP in the country, the successful issuance of the product has generated encouraging demonstration effect. On one hand, the innovative PPP fund-raising model can effectively break the bottleneck of social capital's continuous participation in the investment and operation of urban infrastructure facilities, which is helpful in improving the market expectations of investors and stimulating their enthusiasm in the market; and on the other hand, the product can help enterprises further optimize their asset structures and promote their high quality development, which is of innovation value and worth being promoted.

With “serving the country, enhancing credit for enterprises and building a system for the society” as its mission, China National Investment and Guaranty Corporation has brought full play to its synergy of guaranty, investment and asset management advantages in recent years to support local governments to accelerate their pace of infrastructure construction. In the future, China National Investment and Guaranty Corporation will continue to bring into play of its credit building functions to support the construction of new-type infrastructure facilities in an innovative way in the 14th Five-year Plan period and assist regional high quality social and economic development.