俄羅斯將發行首隻人民幣債券
Russia and China are close to another milestone of co-operation with the placement of an offshore renminbi bond in Russia by the Russian finance ministry that would open new funding options for the country’s issuers and bring Chinese investors one step closer to Russia’s equity market.
俄羅斯和中國接近達成又一項里程碑式的合作——由俄羅斯財政部在俄羅斯配售一隻離岸人民幣債券。此舉將爲俄羅斯發行商開闢新的融資選項，也讓中國投資者距離俄羅斯股市又近了一步。
People involved say preparations for the issue are nearing completion and it should happen early next year — despite volatility in global bond and equity markets after the UK’s vote to leave the EU in June and Donald Trump’s victory in the US presidential election last month.
相關人士表示，這次發行的籌備工作接近完成，它將於明年初進行——儘管自今年6月英國脫歐公投和唐納德.特朗普(Donald Trump)在上月的美國總統選舉中獲勝以來，全球債市和股市處於波動之中。
Under the proposal, first floated in December last year, the Russian finance ministry would issue Rmb6bn ($1bn equivalent) of bonds with multiple maturities to be listed on the Moscow Exchange (MOEX). This would establish benchmarks for a new funding option for large parts of Russia’s economy shut out of foreign-currency bond markets by western sanctions and give China a central role in making this possible.
按照這一在去年12月份首次提出的方案，俄羅斯財政部會發行60億元人民幣（相當於10億美元）的債券，這些具有不同期限的債券將在莫斯科交易所(Moscow Exchange)上市。對於被西方制裁擋在外幣債券市場門外的很大一部分俄羅斯經濟，這將爲一種新的融資選項建立基準，並讓中國在其中扮演核心角色。
“Despite the uptick in global interest rate levels since the US elections and the looming US Fed funds rate hike in December, the interest for this deal from the Chinese mainland investment banks is still very high,” said Andrei Akopian, managing partner at Russian-Chinese advisory business Caderus Capital. Caderus was appointed MOEX’s official representative for China in February 2016.
俄中業務顧問公司凱德羅斯資本公司(Caderus Capital)管理合夥人安德烈.阿科皮揚(Andrei Akopian)表示：“儘管自美國大選以來全球利率水平已上升、且美聯儲(Fed) 12月可能加息，但中國內地投資銀行對該交易的興趣仍然非常高。”2016年2月，凱德羅斯資本公司被任命爲莫斯科交易所官方中國代表。
In a joint statement following a meeting of Russia’s prime minister Dmitry Medvedev and his Chinese counterpart Li Keqiang in early November, Beijing underlined its support for the issue.
在11月初俄羅斯總理德米特里.梅德韋傑夫(Dmitry Medvedev)和中國總理李克強會晤後發佈的聯合聲明中，中國政府強調了對這次發行的支持。
Mr Akopian said this was “the last missing piece of the puzzle” to obtain the necessary regulatory clearance for the issue and towards making Moscow an offshore centre for the renminbi.
阿科皮揚表示，對於這次發行獲得必要監管許可、以及讓莫斯科成爲人民幣離岸中心來說，上述舉措是“拼圖中的最後一塊”。
The Chinese-language statement said the aim of the initiative was “to increase co-operation between the [two countries’] banks and between financial institutions in trade finance, in capital raising for projects between the two countries, in insurance and in other areas, and to . . . promote the use of the countries’ domestic currencies in settlement of bilateral trade and investment”.
這份中文聲明表示，此舉的目的是“加強（兩國）銀行間合作以及兩國金融機構在貿易和項目融資、保險等領域的務實合作……鼓勵雙邊貿易和投資參與者更多地使用本幣進行結算”。
Mr Akopian said a number of Russian companies were lining up to issue renminbi bonds in Russia and help establish what he called a “Baikal bond” market.
阿科皮揚表示，多家俄羅斯企業排隊等着在俄羅斯發行人民幣債券，幫助建立他所稱的“貝加爾債券”市場。
This would not be the first offshore renminbi issuance by a foreign government, which was led by the UK in 2014 but — if sold as planned — it would be the largest to date (see table) and would mark a significant step in Chinese-Russian relations at a time when the US appears ready to give up some of its postwar lead in international affairs.
這次發行不會是首次由外國政府發行離岸人民幣債券，英國政府在2014年率先這麼做。不過，一旦該債券按計劃發行，將是迄今規模最大的一次（參見圖表），並且標誌着在美國似乎準備放棄戰後在國際事務中的部分領導權之際，中俄關系向前邁出一大步。
Significantly, the communiqué talks of a need to “reform the international financial system” and “raise the representation and the right to a voice of emerging and developing countries in the global system of economic governance”.
值得注意的是，中俄公報中還談到“改革國際金融體系”和“提高新興市場國家和發展中國家在全球經濟治理體系中的代表性和話語權”的必要性。
