交行 吉利首次在國際資本市場發債

Bank of Communications and automaker Geely have become the latest Chinese borrowers to break new ground in international bond markets, part of a flood of debt issuance from the mainland.

交通銀行(Bank of Communications)和中國汽車製造商吉利汽車(Geely)首次在國際債券市場發債，在中國內地企業紛紛在海外資本市場融資的大潮中開創了先河。

Chinese companies have this year raised $66.5bn in G3 currency debt – that denominated in US dollars, euros or yen – up from $59bn through the whole of last year, and just $2.4bn in 2009.

今年迄今，中國企業通過發行G3貨幣(美元、歐元或日元)債券融資665億美元，高於去年全年的590億美元，以及2009年的區區24億美元。

Mainland issuers now account for 43 per cent of the Asia G3 bond market excluding Japan, compared with just 3 per cent five years earlier, according to Dealogic.

根據Dealogic的數據，中國內地發債企業數量在佔亞洲（除日本以外）G3債券市場的43%，5年前僅爲3%。

Chinese borrowers have become increasingly active in overseas markets in recent years as mainland regulators have made it easier to sell debt offshore and bring the capital back into China.

最近幾年，因內地監管機構爲海外發債並讓資金流回中國提供了更多便利，中國企業在海外市場融資變得愈發積極。

Cheaper funding is also a big draw, with interest rates stuck at record lows in the west, and global investors increasingly looking to allocate more funds to emerging markets in Asia, specifically China.

資金成本低是另一個吸引力中資企業的原因，西方利率長期處於歷史最低水平，而全球投資者越來越傾向於在亞洲新興市場（確切地說是中國）配置更多資金。

BoCom, based in Shanghai, on Thursday became the first mainland lender to sell a foreign currency bond directly from its head office. It sold $1.2bn of 10-year Basel III-compliant debt, paying a coupon of 4.628 per cent. Previously, such bank bonds have been sold only by offshore subsidiaries or local branches of Chinese lenders in other countries.

週四，總部位於上海的交通銀行發售了符合巴塞爾協議III(Basel III)的外幣計價債券，規模12億美元,年限爲10年，利息爲4.628%，從而成爲首家直接從其總部發行外幣計價債券的中國內地銀行。以前，此類銀行債僅能通過中資銀行設在他國的海外子公司或當地分行來發售。

The move is part of a broader effort by Chinese banks to strengthen their balance sheets ahead of new bank capital regulations being introduced gradually over the next four years.

此舉是中資銀行搶在銀行資本監管新規實施之前，在不斷加固資產負債表的一種舉措。新規將於未來4年內逐漸引入。

Meanwhile, Hangzhou-based Geely Auto sold its debut international bond, borrowing $300m over five years and paying a coupon of 5.25 per cent.

同時，總部位於杭州的吉利汽車也首次面向國際資本市場發行優先票據，規模爲3億美元，年限爲5年，利息爲5.25%。