中國工行發行40億元人民幣"獅城債"
Industrial and Commercial Bank of China has issued a total of Rmb4bn ($650m) of renminbi-denominated bonds in Singapore and Taiwan, in the first case of cross-border collaboration between the two offshore markets for the Chinese currency.
中國工商銀行(ICBC)在新加坡和臺灣發行了總額爲40億元人民幣（合6.5億美元）的人民幣計價債券，這是兩個人民幣離岸市場首次跨境協作。Three tranches of “Lion City” bonds – a name often used for Singapore – were issued on Monday, one of which was listed on SGX, the Singapore exchange, with the others dual-listed on SGX and the GreTai Securities Markets in Taipei.
3款“獅城債”（新加坡往往被稱作獅城）在週一發行，其中一款在新加坡證交所(SGX)上市，另兩款在新加坡證交所和臺北的證券櫃檯買賣中心(GreTai Securities Markets)雙重上市。
It was the biggest Lion City bond issue to date, eclipsing a Rmb2bn record set by ICBC, China’s largest lender, in 2013. The dual-listing of tranches is also the first of its kind for a Chinese bank.
這是迄今最大規模的“獅城債”發行，打破了工行在2013年創出的20億元人民幣的發行紀錄。這也是中資銀行首次以雙重上市的形式發債。工行是中國規模最大的銀行。
Terence Chia, head of debt capital markets at ICBC’s Singapore branch, said that while offshore renminbi centres such as London, Singapore, Taiwan and Hong Kong wanted to promote their markets, there was scope for collaboration given investor demand for such bonds.
工行新加坡分行債券資本市場主管特倫斯•謝(Terence Chia)表示，儘管倫敦、新加坡、臺灣和香港等離岸人民幣中心都想推動自己的市場，但鑑於投資者對此類債券需求強勁，協作仍有空間。In Taiwan, this was coming from insurance companies wanting longer-dated paper. “Each of these centres wants to be recognised as renminbi centres but whether it’s a Formosa bond [in Taiwan], or ‘dim sum’ in Hong Kong or Lion City – they are all offshore bonds,” he said. “I believe there is always room for collaboration between these centres so we can fully internationalise the currency.”
在臺灣，這種需求來自希望得到較長期票據的保險公司。他說：“每個離岸中心都希望被看作是人民幣中心，但無論是臺灣的‘寶島債’，還是香港的‘點心債’或‘獅城債’，都是離岸債券。我相信，這些中心始終有協作的空間，因此我們完全可以讓人民幣國際化。”The ICBC Lion City bonds were priced in three tranches: Rmb2bn for two years at 3.5 per cent; Rmb700m for five years at 3.7 per cent; and Rmb1.3bn for seven years at 3.95 per cent.
工行發行的“獅城債”分爲3款：20億元人民幣2年期債券、7億元人民幣5年期債券和13億元人民幣7年期債券，票面利率分別爲3.5%、3.7%和3.95%。The two-years will be listed on SGX while the five-years and seven-years will be dual-listed on SGX and in Taipei.
2年期債券將在新加坡證交所上市，5年期和7年期債券將在新加坡證交所和臺北雙重上市。Since HSBC and Standard Chartered became the first banks to issue bonds denominated in renminbi in May last year, renminbi issuance in Singapore has grown, led by Chinese banks.
自匯豐(HSBC)和渣打(Standard Chartered)去年5月成爲發行人民幣計價債券的首批銀行以來，新加坡的人民幣債券發行在中資銀行的帶領下有所增長。The move highlights Singapore’s rapid maturing as an offshore centre for the mainland currency since ICBC last year started clearing services for renminbi transactions in the city state.
此次“獅城債”的發行突顯出，自工行去年在新加坡啓動人民幣交易清算服務以來，新加坡作爲人民幣離岸中心的地位迅速成熟。Singapore, a tiny island nation of 5.4m people, is building itself up as the renminbi hub for southeast Asia, capitalising on its increasing use in intra-regional trade in the fast-growing economies of the Association of Southeast Asian Nations. About 55 per cent of Singapore’s external trade is intra-Asian, compared with about 20 per cent for Hong Kong.
新加坡是一個有540萬人口的小島國。東南亞國家聯盟（ASEAN，簡稱“東盟”）快速發展的經濟體在區域貿易中日益使用人民幣結算，新加坡正利用由此帶來的機會，將自己打造爲東南亞的人民幣中心。新加坡大約55%的對外貿易來自亞洲內部，而香港的這一比例大約爲20%。
