中國(guó)公司債券發(fā)行量首超日本

Chinese companies have for the first time issued more corporate bonds than their Japanese counterparts over the past year, marking another milestone in the development of China's capital markets.

過(guò)去一年中國(guó)公司發(fā)行的公司債券量首次超過(guò)日本公司，標(biāo)志著中國(guó)資本市場(chǎng)的發(fā)展達(dá)到又一個(gè)里程碑。

Record Chinese issuance in the first half also surpassed Japanese companies' own record sales during this period.

今年上半年，中國(guó)創(chuàng)紀(jì)錄的債券發(fā)行量也超過(guò)了日本企業(yè)同期的創(chuàng)紀(jì)錄銷售。

The increase in Chinese debt sales, which has been a feature of the market for the past few years, partly reflects the incremental steps the government is making to expand the market. This was highlighted by the Agricultural Bank of China's massive $7.33bn sale in May.

中國(guó)債券銷售的增長(zhǎng)，是過(guò)去幾年中國(guó)市場(chǎng)的一大特征，部分反映出中國(guó)政府正在采取的擴(kuò)大市場(chǎng)規(guī)模的漸進(jìn)措施。中國(guó)農(nóng)業(yè)銀行5月份 73.3億美元的巨額債券銷售，就突顯了這一點(diǎn)。

Fergus Edwards, head of debt syndicate in Asia at UBS, said: “Over the past five years we have seen Chinese domestic bond markets take incremental steps forward, adding both depth and sophistication.

瑞銀(UBS)負(fù)責(zé)亞洲債券辛迪加業(yè)務(wù)的弗格斯·愛德華茲(Fergus Edwards)說(shuō)：“過(guò)去五年來(lái)，中國(guó)國(guó)內(nèi)債券市場(chǎng)逐步前進(jìn)，市場(chǎng)深度和老練度不斷增強(qiáng)。

“Importantly, the process for regulatory approval is now considerably faster and smoother than in the past.”

“重要的是，現(xiàn)在監(jiān)管部門的批準(zhǔn)程序比過(guò)去快得多，也流暢得多。”

He added that many issuers thought it was sensible to lock in fixed rate financing at a time when interest rates are low and before volatility returned.

他補(bǔ)充說(shuō)，許多發(fā)行企業(yè)認(rèn)為，在利率較低且市場(chǎng)波動(dòng)還不大時(shí)，鎖定固定利率的融資乃是明智之舉。

In the year to June, Chinese companies including financials issued $144.3bn worth of corporate bonds, compared with Japan's $123.6bn, according to Dealogic data.

Dealogic的數(shù)據(jù)顯示，在截至6月份的一年中，包括金融機(jī)構(gòu)在內(nèi)的中國(guó)公司共發(fā)行了1443億美元的債券，同期日本的數(shù)據(jù)是1236億美元。

In the first half of 2009 alone, Chinese issuance was a record $96.7bn while Japan's reached $76.3bn, the data showed.

數(shù)據(jù)顯示，單是在2009年上半年，中國(guó)的債券發(fā)行就達(dá)到創(chuàng)紀(jì)錄的967億美元，日本則為763億美元。

The Chinese market has grown from $12.2bn in 2004 to $67.4bn in 2008, with a notable surge in issuance in 2007. “It's important to remember that the pool of investable assets is relatively shallow in China which leaves relatively large pools of savings held in the banking and insurance systems; in turn this increases the funds institutional investors have,” said Mr Edwards.

中國(guó)市場(chǎng)已經(jīng)從2004年的122億美元增長(zhǎng)到2008年的674億美元，其間2007年發(fā)行量激增。“重要的是，要記得，在中國(guó)可投資的資產(chǎn)范圍相對(duì)狹窄，這使得銀行和保險(xiǎn)系統(tǒng)擁有的儲(chǔ)蓄金額較為龐大，這進(jìn)而增加了機(jī)構(gòu)投資者的資金量，”愛德華茲說(shuō)。

譯者/力文