交行 吉利首次在国际资本市场发债

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.

交通银行(Bank of Communications)和中国汽车制造商吉利汽车(Geely)首次在国际债券市场发债，在中国内地企业纷纷在海外资本市场融资的大潮中开创了先河。

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，中国企业通过发行G3货币(美元、欧元或日元)债券融资665亿美元，高于去年全年的590亿美元，以及2009年的区区24亿美元。

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.

根据Dealogic的数据，中国内地发债企业数量在占亚洲（除日本以外）G3债券市场的43%，5年前仅为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.

最近几年，因内地监管机构为海外发债并让资金流回中国提供了更多便利，中国企业在海外市场融资变得愈发积极。

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.

资金成本低是另一个吸引力中资企业的原因，西方利率长期处于历史最低水平，而全球投资者越来越倾向于在亚洲新兴市场（确切地说是中国）配置更多资金。

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.

周四，总部位于上海的交通银行发售了符合巴塞尔协议III(Basel III)的外币计价债券，规模12亿美元,年限为10年，利息为4.628%，从而成为首家直接从其总部发行外币计价债券的中国内地银行。以前，此类银行债仅能通过中资银行设在他国的海外子公司或当地分行来发售。

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.

此举是中资银行抢在银行资本监管新规实施之前，在不断加固资产负债表的一种举措。新规将于未来4年内逐渐引入。

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

同时，总部位于杭州的吉利汽车也首次面向国际资本市场发行优先票据，规模为3亿美元，年限为5年，利息为5.25%。