点心债券

与此同时，从投资者的角度来看，以中国餐厅提供的玲珑小食命名的点心债券仍有吸引力。

From an investor point of view , meanwhile , dim sum bonds named after the bite-sized delicacies served in Chinese restaurants remain appealing .

中国中央国债登记结算公司（ChinaCentralDepositoryandClearingCorporation）数据显示，外国投资者如今持有的在岸中国债券多于离岸人民币债券，后者即所谓的点心债券。

Foreigners now hold more onshore Chinese debt than offshore renminbi bonds known as dim sum bonds according to data from the China Central Depository and Clearing Corporation .

2011年，汇丰是点心债券市场的领先发行方，其次是渣打银行（StandardCharteredbank）。

In 2011 , HSBC was the dim sum market leader , followed by Standard Chartered Bank .

投资者仍期待点心债券（dimsum）将扩大资金流动。

Investors are still hoping dim sum will add up for them .

同时，根据中国银行（bankofchina）的数据，点心债券平均收益率（与价格走势相反）从去年2月的4.75%跳升至6月的5.6%。

Meanwhile , average dim sum bond yields , which move inversely to prices , jumped from 4.75 per cent in February last year to 5.6 per cent in June , according to Bank of China .

尽管亚洲多数信贷市场在2012年蓬勃发展，但离岸人民币债券被称为“点心债券”（dimsum）的表现却好似坐过山车。

While most Asian credit markets boomed in 2012 , offshore renminbi bonds known as " dim sum " bonds endured a rollercoaster ride .

两周前，韩国输出入银行（Export-ImportBankofKorea）发行的价值人民币17.5亿元的点心债券中，外国央行认购了其中的五分之一。

Two weeks ago , foreign central banks secured a fifth of the CNY1.75 billion dim sum bond sold by Export-Import Bank of Korea .

即便是在香港发行、以人民币计价的点心债券（dimsumbonds）价格，本月也出现了至少6个月来的首次下跌。

Even dim sum bonds , international deals denominated in renminbi , have fallen in price this month for the first time in at least six months .

德意志银行（DEUTSCHEBANK）亚洲债券资本市场部门负责人赫尔曼范登沃尔贝克（HermanvandenWallBake）认为，点心债券发行企业范围的扩大意味着，2012年将是该市场再度走强的一年。

Herman van den Wall Bake , head of debt capital markets syndicate for Asia at Deutsche Bank , thinks a broader range of issuers means 2012 will be another strong year for the market .

例如，消费品集团联合利华（Unilever）最近发行的点心债券，收益率仅为1.15%。

For example , yields on a recent dim sum bond issued by Unilever , the consumer goods group , was just 1.15 per cent .

在美国推出的、追踪人民币计价债券回报率的三只交易所交易基金（ETF），可能在交易它们理应追踪的债券方面遇到麻烦，原因是所谓的点心债券市场流动性有限。

Three exchange traded funds launched in the US to track the return on renminbi-denominated bonds may have trouble trading the debt securities they are meant to track because of limited liquidity in the market for so-called dim-sum bonds .

野村（nomura）信贷分析师annisalee表示，点心债券市场上的许多参与者都是富裕的个人投资者或其他非典型的债券投资者，他们不会对发行人进行严格的信用分析。

Annisa Lee , credit analyst at Nomura , says many participants in the dim sum bond market are wealthy individual investors or other non-typical bond investors who do not carry out rigorous credit analysis of issuers .

交易撮合者表示，英国银行劳埃德（lloyds）和德国轿车与摩托车制造商宝马（bmw）这两家公司，便将发行点心债券筹到的资金兑换为本国货币，并把这笔钱留在离岸市场。

According to dealmakers , Lloyds , the UK bank , and BMW , the German manufacturer of cars and motorcycles , are two companies that have swapped the proceeds of dim sum bonds into their home currencies and kept the funds offshore .

引领日本企业大举进入点心债券市场的是欧力士（orix）和日立资本（hitachicapital）等融资租赁公司，它们通过购买机械设备并将其租赁给银行贷款成本较高的客户使资金跨境流入中国。

The big push into the dim sum market has been led by leasing companies such as Orix Corporationand Hitachi capital , which have moved funds across the border into China to buy equipment and machinery to lease to customers facing higher costs for bank loans .

今年发行点心债券的4家俄罗斯银行之一俄罗斯外贸银行（vtb）上月表示，计划减少美元债券发行量，并寻求通过以亚洲货币发债，拓展其投资者基础。

VTB bank , one of the four Russian banks to issue a dim sum bond this year , said last month it planned to cut its dollar bond issuance and look to diversify its investor base through Asian currency issues .

金融服务公司欧力士（orix）将成为首家在香港发行所谓的“点心债券”的日本公司，由此成为涉足新生人民币市场的少数外国银行和公司之一。

Orix , a financial services company , is poised to become the first Japanese company to issue so-called " dim sum " bonds in Hong Kong , adding to the smattering of foreign banks and companies tapping the nascent renminbi market .

点心债券平均收益率仍远远高于2011年的低点。

Average yields are still far off the lows of 2011 .

点心债券就是这个计划的一部分。

The dim sum bonds are one part of that plan .

过去6个月以来，点心债券的收益率一路飙升。

Over the past six months , yields have surged .

尽管点心债券市场还是襁褓中的婴儿，但各方对它的兴趣正迅速增长。

In spite of its infancy , interest in the market is growing quickly .

一些银行自2007年以来一直在发行这种“点心债券”。

Some banks have been issuing these " dim sum " bonds since 2007 .

由于点心债券的交易费用很高，大多数投资者都会持有至到期日。

Most investors hold them to maturity , as trading them is so expensive .

有些企业发行点心债券后，会把筹到的资金兑换为美元。

Some groups are issuing dim sum bonds , then swapping the proceeds into dollars .

鉴于大多数点心债券的发行规模如此之小，二级市场的交易量也很低。

With most deals so small , trading volumes in the secondary market are low .

离岸点心债券价格近期走高，但其整个市场的规模依然较小，流动性也仍不尽人意。

Offshore dim sum bond prices have risen recently but the market remains small and illiquid .

与此同时，中国借款人近来回避离岸人民币债券，也就是所谓点心债券。

Meanwhile , Chinese borrowers have shunned offshore renminbi debt , known better as dim sum bonds .

人们开始意识到，很多点心债券其实是信贷产品，而不仅是外汇产品。

People realised that a lot of dim sum bonds are credit products not just FX products .

鉴于大量点心债券即将在市场上发行，其收益率还可能进一步上升。

Yields could rise further , given the heavy supply of bonds due to hit the market .

点心债券（在香港发行的人民币债券）的发行已经提速。

The issuance of dim sum bonds , renminbi-denominated paper issued in Hong Kong , has gathered pace .

如今的问题是，点心债券的收益率是否高到足以补偿这些风险。

The question now is whether dim sum bond yields are high enough to compensate for the risks .