离岸债券

香港：从人民币离岸债券市场到人民币离岸中心

HK : From RMB Offshore Bond Market to RMB Offshore Center

对于建业地产这样的房地产公司来说，离岸债券市场是巨大的资金来源。

Offshore bond markets have been a huge source of capital for property companies such as Central China .

这导致离岸债券供应趋紧，帮助推高了价格。

This led to a tightening in supply , helping to push up prices .

在出现违约时，中国企业的离岸债券持有者通常是最后一个偿付对象。

Offshore bondholders of Chinese companies are typically last in line for repayment in the event of default .

在2010年初至2013年6月之间，中国企业向国际投资者发行了约2500亿美元的离岸债券。

Chinese entities issued about $ 250bn of offshore bonds to international investors between early 2010 and June 2013 .

房地产行业最近几年一直从离岸债券市场、银行和本地投资者那里大举借贷。

The sector has borrowed heavily in recent years from offshore bond markets , banks , and local investors .

融资的另一大来源是离岸债券市场（尤其是在美国量化宽松期间）。

Another source of funding , particularly during the period of US quantitative easing , has been the offshore bond market .

今年，投资者对人民币计价的离岸债券兴趣浓厚，基金经理们也有更多资金可投入人民币资产。

Investor interest in renminbi-denominated offshore bonds has been strong this year and managers have more funds available for renminbi assets .

人们对中国离岸债券的结构性缺陷并不陌生，而这个市场上较为精明的投资者对此则非常了解。

The structural flaws of Chinese offshore bonds are not new and are well known to more savvy investors in the market .

一个次要的影响是，中国开发商在国内融资270亿美元的同时，还停止发行、甚至赎回了部分离岸债券。

A secondary impact was that as Chinese developers raised some $ 27bn domestically , they also stopped issuing offshore bonds and even redeemed some .

亚洲规模最大的中国离岸债券市场，是证明债券流动性波动可能对行情发挥重要作用的很好例子。

China 's offshore bond market , the largest in Asia , is a good example of the large role fluctuations in bond liquidity can play in performance .

许多开发商还负债累累，此前它们通过离岸债券市场向全球投资者借入了巨额美元资金，并以贷款形式向国内银行借入了巨额人民币资金。

Many are also highly indebted , having borrowed billions of dollars from global investors through the offshore bond markets and billions of renminbi from domestic Chinese banks in the form of loans .

今年以来，中资银行一直在积极发力于离岸债券市场。算上中行最新这笔美元债券，中资银行发债总规模超过200亿美元（如包括所发人民币债券的话，发债总额达300亿美元）。

Chinese banks have been tapping bond markets aggressively offshore this year , with the BoC deal taking the total beyond $ 20bn ( or $ 30bn including those issued in remninbi ) .

随着欧元区即将启动的量化宽松计划在全球市场激起涟漪，中国企业纷纷弃用人民币发债，转而发行新的欧元离岸债券。

Chinese companies are ditching the renminbi and flocking to the euro to raise new offshore debt , as the imminent launch of quantitative easing in the single currency bloc sends ripples through global markets .

由于离岸债券在内地公司的资产负债表上并非体现为债务，当内地公司破产时，外国债券持有人的索偿次序排在本地债权人之后，也就是说他们可能拿不回多少钱。

Since the offshore bonds are not counted as debt on the balance sheet of the mainland company , foreign bondholders are subordinated to onshore creditors meaning they are unlikely to recover much cash if a company goes bust .

被称为点心债（DimSumbond）的离岸人民币债券市场的壮大，也发挥了类似作用。

The rise of the offshore renminbi bond market – known as dim sum bonds – has also helped .

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 .

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 .

亚洲开发银行（asiandevelopmentbank）和国际金融公司（internationalfinancecorporation）计划在香港发行人民币计价债券，此举可能大幅提振中国正在开发的离岸人民币债券市场。

Plans by the Asian Development Bank and International Finance Corporation to issue renminbi-denominated bonds in Hong Kong could provide a big boost to the fledgling market in offshore renminbi debt being developed by China .

其中一些是之前提到过的，比如香港首只可直接投资于内地股市的交易所交易基金（ETF），扩大离岸人民币债券发行。

Some are iterative , such as the first Hong Kong listed exchange traded funds to invest directly in Chinese stocks , or expansion of offshore renminbi bonds issuance .

例如，信用评级机构穆迪（Moody’s）昨日表示，今年头九个月离岸人民币债券发行总量增至创纪录的4510亿元人民币，高于2013年全年的3760亿元人民币。

Issuance of offshore renminbi bonds , for instance , rose to a record Rmb451bn in the first nine months of the year , from Rmb376bn in all of 2013 , Moody 's , the credit rating agency , said yesterday .

离岸人民币债券市场明显更加有利可图。

The offshore market for renminbi-denominated bonds has proved much more lucrative .

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 .

约有85%的离岸人民币债券产品的期限都在3年以下。

Some 85 per cent of all offshore renminbi debt products have a tenor below three years .

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 .

投资者对离岸人民币债券的兴趣最近几周受到众多因素的打击。

Appetite for offshore renminbi credit has been hit by a number of factors over recent weeks .

确实如此，离岸人民币债券平均收益率的变动与在岸市场收益率的变动并不同步。

Indeed , on average , offshore renminbi bond yields have not moved in line with onshore yields .

该交易所目前可上市离岸人民币债券，也为人民币外汇远期合约场外交易提供清算服务。

SGX lists offshore renminbi bonds and offers the clearing of over-the-counter foreign exchange forward contracts in Renminbi .

新鲜出炉的离岸人民币债券市场，迄今还没有一个像样的名字。

So new is the trade in offshore Chinese currency bonds that it has yet to gain a proper name .

然而，点心债券的持有者去年秋天已得到教训，离岸人民币债券市场波动性大、可变现性差。

Yet , as bondholders learnt to their cost last autumn , the offshore renminbi bond market is volatile and illiquid .