中國完成首批地方債置換髮行
The Chinese province of Jiangsu completed a landmark bond sale on Monday that marks the start of a massive local government debt bailout that some have described as quantitative easing with “Chinese characteristics”.
週一，中國江蘇省完成了一宗里程碑式的債券發行交易，標誌着中國啓動了對地方政府債務的大規模紓困。這輪紓困被稱爲“中國特色”的量化寬鬆。After an initial failure in April that forced the province to postpone its bond sale, the central government issued administrative orders, guarantees and preferential policies to convince state-owned banks to buy the bonds, the first in a wider Rmb1tn ($161bn) local government debt swap.
今年4月，對地方債務置換的最初嘗試未能取得成功，迫使江蘇省推遲了地方債券的發行。在那之後，中國中央政府發出了行政性的命令、擔保及優惠政策，以便說服國有銀行買入這批地方債券。從更大的範圍來說，這批債券是1萬億人民幣（合1610億美元）的地方政府債務置換計劃中發行的首批地方債券。
On Monday Jiangsu sold Rmb52.2bn with a coupon rate only slightly higher than equivalent sovereign Treasury rates, after the central bank capped the premium local governments could offer.
週一，在央行對地方債券溢價的上限加以限制之後，江蘇省以只比相同期限國債利率略高一點的折扣率，發行了522億人民幣的債券。
The Jiangsu government estimated that Monday’s bond sale would reduce its interest burden by about half, since most of the proceeds would be used to repay expiring short-term bank loans with interest rates of 7-8 per cent.
多數發行債券所得收益，會用來償還利息在7%到8%的銀行到期短期貸款。出於這個原因，江蘇省政府估計，週一發行的債券會令其償息負擔減輕一半左右。The three, five, seven and 10-year bonds are sold at rates ranging from 2.94 per cent to 3.41 per cent, only slightly higher than China’s Treasury bond rates, which ranged from 2.77 per cent to 3.39 per cent for 10-year notes on Monday.
三年期、五年期和十年期債券的票面利率在2.94%到3.41%之間，只比中國國債的利率高一點。週一，中國十年期國債的收益率在2.77%到3.39%之間。
