Capital markets

　　资本市场

　　Chinese borrowers break new ground

　　走向海外融资市场的中国企业

　　译者：mimocrys

　　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.

　　最近，交行和吉利在国际市场上发行了债券，这是中国大陆海外发行债券风潮中的两位新成员。

　　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.

　　到目前为止，中国公司已经发行美/日/欧元债券共665亿美元，比去年全年的筹资额590亿美元还多，称霸三种货币债券市场。2009年，该筹资额仅为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（除日本外）G3债券市场（以美元、欧元或日元计价的债券市场-----译者注）的43%，而5年前，其所占份额仅有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.

　　近年来，内地监管机构为海外发行海外债券并让资金流回中国提供了更多便利，中国企业因此在海外融资市场变得愈发积极。

　　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.

　　西方国家利率又创新低，投盗者越来越多地把资金投入亚洲新兴市场，尤其是中国。在此背景下，海外低廉的融资成本对中国企业颇具吸引力。

　　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.

　　总部位于上海的交行于本周三成为国内第一家总部直接发行外币债券的银行。交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%

　　Previously, such bank bonds have been sold only by offshore subsidiaries or local branches of Chinese lenders in other countries.

　　此前，此类银行债券只能通过中资银行设在海外的子公司和当地支行发售。

　　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，为改善资产负债状况所作出的更广泛活动的一部分 。新规将于未来四年内逐步推行。

　　While most big lenders already meet the Basel III capital targets for 2018, many are seeking to add an extra cushion, partly in anticipation of a deterioration in asset quality and a slowdown in credit growth at home.

　　尽管很多大的中资银行都已达到巴塞尔资本金要求（最迟于2018年底达到11.5%的资本充足率），但多数仍力求保留过渡期（即规定的2018年年底以前—--译者注）。部分原因是由于这些银行认为中国经济放缓将导致贷款增速放缓和资产质量恶化。

　　Earlier this week, Bank of China and Agricultural Bank of China – two of the country’s big four lenders – received final approval to issue preferred shares, another tool for improving the capital buffer.

　　中国四大银行中的中国银行和农行本周早些时候得到国务院最终批准，发行优先股。优先股可提高资本缓冲。

　　Barclays estimates that the sector will need to raise about Rmb1tn ($161bn) over the next few years, which is expected to keep debt bankers in the region busy.

　　英国巴克莱银行预计中国银行业需在接下来几年时间里获得1万亿人民币的融资，中国的银行家有的忙了。

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

　　与此同时，杭州的吉利集团出售了它的首笔国际债券，借贷总额为3亿美元，年限为5年，利息为5.25%

　　Hong Kong-listed Geely is one of China’s best-known private sector car companies. Unlike its state-owned peers, Geely has shunned entering into joint ventures with multinational car companies in China.

　　香港上市公司吉利是中国知名汽车制造公司之一。与国企不同的是，吉利一直避免成为中外合资企业。

　　China’s private sector automakers are struggling to keep up with their joint venture and import competition in the world’s largest passenger car market, which grew about 15 per cent to 18m vehicles last year.

　　面对来自合资企业与进口品牌的激烈竞争，中国民营汽车制造商奋起直追。中国有着全球最大的汽车市场，2013年，国内乘用车共销售1800万辆，同比增长15%。

　　In spite of continued strong growth in the overall market, Geely’s unit sales fell by 29 per cent over the first eight months of this year compared with the same period in 2013.

　　尽管在全球市场增长势头强劲，吉利今年前八个月的销售量较上年同期下降了29%。

　　Last month the company reported a 20 per cent decline in first-half net profit to Rmb1.1bn. In 2009 its parent, Zhejiang Geely Holding, purchased Sweden’s Volvo Cars from Ford.

　　上月吉利公布的数据显示，该公司上半年净利润为11.1亿元，同比减少20%。浙江吉利控股集团此前于2009年收购了沃尔沃。

　　名词解释：

　　巴塞尔协议，全名是资本充足协定（Capital Accord），是巴塞尔银行监管委员会成员，为了维持资本市场稳定、减少国际银行间的不公平竞争、降低银行系统信用风险和市场风险，推出的资本充足比率要求。

　　资本缓冲，对银行而言是超过“资本充足”水平的应付可能出现亏损的资本需求。是本轮国际金融危机后，世界各国为改善商业银行资产负责表而提出的逆周期调节手段，要求银行在经济环境有利的时候储备更多资本，扩大缓冲的空间，以便在周期轮转时，应对他们所承担的风险，同时在经济转差时，仍有能力继续向信贷状况良好的客户提供贷款，避免出现信贷紧缩。

文章来源：ECO中文网