中國擬將不良貸款打包 出售給全球投資者
It looks like subprime derivatives on steroids: China hopes to bundle together billions of dollars’ worth of non-performing loans and eventually sell them to global investors.
中國希望將鉅額不良貸款打包，最終將其賣給全球投資者——這看起來像是一種嗑了藥的次級衍生品。
Such a massive securitisation programme would represent the latest tactic in China’s campaign to lift one of the biggest shadows cast over its slowing economy — a debt pile that is as big as 230 per cent of GDP.
如此大規模的證券化計劃代表着中國在消除債務戰役中採取的最新戰術。中國的巨大債務是籠罩在其不斷放緩的經濟頭上的最大陰影之一，債務與國內生產總值(GDP)之比高達230%。
It would whittle back debts at Chinese banks and move some of the risk outside the domestic financial system. According to official figures, such debts have reached Rmb1.27tn ($194bn), while analysts estimate the real number is likely to be many times higher.
這麼做將會減輕中國各銀行的債務，並將部分風險轉移出國內金融體系。根據官方公佈的數據，這類債務已達1.27萬億元人民幣（合1940億美元），而分析師們估計實際數字可能高出好幾倍。
Chinese media have reported that the regulator has granted a total of Rmb50bn for the first wave of products. Demand for the scheme, however, is expected to be significantly more modest than supply.
據中國媒體報道，監管機構已授權將500億元人民幣的不良貸款打包成第一波證券化產品。不過，對該計劃的需求預計會大大低於供給。
“How many global investors have been interested in the traditional [bad debt in China]?” asked one Hong Kong-based investor with experience buying distressed debt in Asia. “Not many. Is a more complicated version of this going to change that soon? No.”
“有多少全球投資者對傳統的（中國壞債）感興趣？”一位有購買亞洲不良債權經歷的香港投資者問道。“不太多。這種壞債的更復雜版本會很快改變這種局面嗎？不會。”
Some consultants think the products could help simplify bad debt investing in China. The packaged bad loans would be backed by collateral and have means of producing cash flow as assets are restructured or liquidated. Products with stronger cash flow are likely to be sold in senior tranches, according to Wilson Pang, a partner at KPMG.
一些諮詢師認爲，這些證券化產品可能有助於簡化在中國的壞債投資。被打包的不良貸款將得到抵押品的支持，而且隨着資產被重組或清盤，它們也能產生現金流。根據畢馬威(KPMG)合夥人彭富強(Wilson Pang)的說法，現金流較強的產品可能會以較高級別出售。
The products will not be rated by the international rating agencies — which took some of the heat when securitisation of US subprime mortgages imploded in 2008.
這些產品不會由國際評級機構評級。2008年美國次級按揭的證券化衍生品內爆時，這些評級機構受到了一定程度的譴責。
The China Banking Regulatory Commission has long been pushing the biggest banks to wipe bad assets off their balance sheets. But a flood of non-performing loans as the economy decelerates has prompted the regulator to turn to more creative — and riskier — methods for ditching the debt.
中國銀監會(CBRC)一直在推動各大銀行將不良資產從其資產負債表移除。然而，因中國經濟減速而催生的大批不良貸款，已促使銀監會轉而採取更有創意也風險更高的辦法擺脫債務。
China’s biggest banks will in the next few months begin issuing billions of renminbi worth of asset-backed securities with non-performing loans as the underlying asset in the latest attempt to tackle the problem. Banks are eager to take part, in an effort to clear their balance sheets and generate liquidity. The regulator is just as eager for the products to reach international markets, shifting risk outside the financial system.
今後幾個月，中國各大銀行將開始發行鉅額的資產支持證券，這些證券以不良貸款作爲其背後的支持資產。此舉是解決不良貸款問題的最新企圖。各銀行急於參與這一活動，試圖藉此清理其資產負債表併產生流動性。銀監會也同樣迫切地希望讓這些產品進入國際市場，從而將風險轉移至中國金融體系以外。
