China’s real estate enterprises basically suspend overseas bonds 艰苦卓绝的意思

China is to return to the annual issuance of offshore bond market is expected to exceed the size of the fund last year Sina exposure table: the letter Phi lag of false propaganda, long-term performance is lower than similar products, to buy the fund by the pit how to do? Click on [I want to complain], Sina help you expose them! Newspaper reporter Zheng Qingting Beijing reported that in the first half of 2016, the scale of Chinese enterprises to shore bonds increased by 200%, while offshore issuance scale fell by 20%." Societe Generale Asia Pacific debt capital markets director Mo Lehan (Laurent Morel) in September 8th, the media Roundtable said. Two years ago, Chinese companies set off a loan binge on the international bond market. Mo Lehan pointed out that, in this wave of enthusiasm, there are two types of enterprises: one is the lead by domestic hot property market driven real estate business, two is a large state-owned enterprises in overseas acquisitions by CNPC and Sinopec as the representative of the. However, since last summer, the Chinese funded enterprises issued to fall, there are two main reasons: the first is the devaluation of the renminbi, the domestic enterprises in the domestic financing more motivated, overseas bonds will decline; second is the oil and gas, minerals, metals and other commodity prices, large state-owned enterprises in the overseas large-scale mergers and acquisitions cases also significantly reduced. However, Mo Lehan stressed that offshore bond market is to regain China enterprise favor. "In the past three months, Chinese enterprises offshore issuance trading volume increased significantly, as of the end of August, only 7% lower than a year ago, we are confident that China enterprises this year will exceed the scale of offshore issuance last year." This is mainly due to the European market quantitative easing policies affect the issuance of 1 billion 800 million high-yield U.S. debt in 7-8 months. Chinese companies issue dollar debt and euro debt overseas, and can obtain funds at lower financing costs. "In the first half of the year, China’s real estate enterprises basically suspend overseas bonds, but after July is not the same, about 20 Chinese real estate enterprises in overseas bonds, interest margins further compression." Mo Lehan said. By issuing bonds and refinancing, Chinese companies can extend their debt maturity and save interest payments. For example, the end of August, Xinyuan Real Estate Holdings Limited issued $300 million of bonds due in 2019, the annual interest rate is 8.125%, the money will be used to repay maturing in 2018, the annual interest rate is 13.25% of the debt. In terms of scale, 85% of the bonds issued by Chinese enterprises are US dollar debt, 6%-8% is euro debt, and RMB debt is relatively small, and most of them are short term products. Thomson Reuters data showed that Chinese companies issued 1 billion 800 million high yield dollar debt in the first two months of the third quarter, exceeding $1 billion 200 million in the first quarter and $1 billion 400 million in the second quarter. This year, Chinese companies have issued $48 billion 300 million debt, while the same period last year was $67 billion 700 million. In the context of the global economic downturn, why Chinese companies still maintain strong momentum of overseas bonds? Mo Lehan believes that most bonds in overseas financial institutions China, especially the policy banks and commercial banks. With their international expansion, banks such as Bank of China, industrial and Commercial Bank of China set up branches in various parts of the world

中企正重返离岸债市 全年发债规模有望超过去年 新浪基金曝光台:信披滞后虚假宣传,业绩长期低于同类产品,买基金被坑怎么办?点击【我要投诉】,新浪帮你曝光他们!   本报记者郑青亭北京报道   “2016年上半年,中国企业在岸发债规模上涨200%,而离岸发债规模却同比下降20%。”法兴银行亚太区债券资本市场部主管莫乐涵(Laurent Morel)在9月8日的媒体圆桌会上说。   两年前,中国企业在国际债券市场上掀起了一股借款狂潮。莫乐涵指出,在这一波热潮中,有两类企业一马当先:一是受到国内楼市热驱动的房地产商,二是以中石油、中石化为代表的在海外开展并购的大型国有企业。   然而,去年夏天以来,中资企业发行量出现回落,主要有两方面原因:第一是人民币贬值,境内企业在境内融资动力更足,赴海外发债意愿下降;第二是油气、矿产、金属等大宗商品价格下跌,大型国企在海外大规模并购的案例也大幅减少。   不过,莫乐涵强调,离岸债市正重获中国企业青睐。“过去三个月,中国企业离岸发债交易量明显增长,截至8月底,只比前一年低了7%,我们有信心,中国企业今年全年的离岸发债规模会超过去年。”   中企7-8月发行18亿高收益美债   这主要是受欧美市场量化宽松政策等影响。中国企业在境外发行美元债和欧元债,能以较低的融资成本获得资金。“前半年,中国房地产企业基本中止在海外发债,但7月后就不一样了,约20家中国房地产企业在海外发债,利差进一步压缩。”莫乐涵说。   通过发债再融资,中国企业可以延长还债期限并节省利息支出。举例来说,8月底,鑫苑地产控股有限公司发行3亿美元、2019年到期债券,年利率为8.125%,这笔资金将用来偿还2018年到期、年利率为13.25%的债务。   从规模来看,中国企业在海外发行的债券,85%是美元债,6%-8%是欧元债,人民币债的规模比较小,而且大多数是短期产品。   汤森路透数据显示,中国企业在第三季度前两个月就发行了18亿高收益美元债,超过第一季度12亿美元和第二季度14亿美元规模。今年以来,中国企业已发行483亿美元债,而去年同期为677亿美元。   在全球经济低迷的背景下,中国企业为何仍然维持海外发债的强劲势头?莫乐涵认为,在海外发债最多的是中国的金融机构,尤其是政策性银行和商业银行。随着它们的国际化扩张,中国银行、工商银行等银行在世界各地建立起分支机构,需要在当地以各种货币发债。   另外,莫乐涵指出,对企业来说,情况也在发生变化。前几年,中国大型国有企业在海外并购时,通常向当地银行或外资银行申请银行贷款,期限在三年、五年或七年。然而,巴塞尔协议Ⅲ大幅提高了银行资本监管水平,企业必须寻找新的融资方式,通常在初期使用贷款,后期通过发债再融资。   中国正在引领绿色债券发行   “目前,全球绿色债券发行量不到总债券发行量的1%,但非常有增长潜力。”Weinberger说,“在这个过程中,中国正在逐步占据主导地位,人民币已经成为绿色债券市场三大主要货币之一,与美元和欧元并驾齐驱。”   评级机构中诚信国际的周报统计显示,截至9月5日,今年我国境内绿色债券发行规模达到1099.9亿元,约占同期全球绿色债券发行量的35%,已成为全球最大的绿色债券发行市场。   其中的案例有,2015年7月,新疆金风科技股份有限公司发行中国境内首单绿色债券,发行总额3亿美元,订单金额超过4.7倍超额认购,达到14多亿美元。该公司是直接驱动永磁风力发电机组的最大制造商。   2016年5月,吉利集团发行中国汽车行业首只离岸绿色债券,总额达4亿美元,以支持其英国子公司伦敦出租车公司设计和生产零排放能力的经典伦敦黑色出租车。该债券最终的订单金额超过23亿美元,实现超额认购近6倍。   中国在绿色金融方面的领导力还体现在更大的平台上。7月18日,金砖国家新开发银行(New Development Bank)在中国银行间债券市场发行总额30亿元、期限为5年的人民币绿色金融债券。这是第一只由总部设在中国的国际金融机构发行的债券。   “新开发银行发行的首只债券即为绿色债券,兑现了中国推动绿色债券发展的承诺,也说明中国希望从绿色金融的推动者成长为领导者。”莫乐涵对21世纪经济报道记者说。今年4月,新开发银行董事会通过了该行首批的四个绿色能源项目,总计发放了8.11亿美元的首轮贷款。   绿色金融债券是金融机构法人依法在银行间债券市场发行的、募集资金用于支持绿色产业项目并按约定还本付息的有价证券。“中国政府已经发布了对绿色债券的明确的界定标准,这是一个优势。很多其他的国家都没有这样的官方标准,要靠投资者自己判定。” 法兴银行资本市场工程部主管Jonathan Weinberger指出,各国可能存在不同的认定,比如,对化石能源、核能就会有不同的态度。   作为今年G20峰会的主席国,中国还将绿色金融列入G20议题,倡议发起了G20绿色金融研究小组,获得了各国的广泛支持。“这是G20首次讨论绿色金融议题,是一个了不起的成就,体现了各国促进绿色债券市场发展的意愿。”莫乐涵说。   (编辑辛灵,如有任何问题或建议请联系xinlingfly2007@@163) 进入【新浪财经股吧】讨论相关的主题文章: