韓國主權熊貓債獲5倍超額認購 South Korea panda bond five times subscribed

The first sovereign “panda” bond attracted bids for five times the paper on offer in a deal that marked another step in Beijing’s efforts to internationalise the renminbi and broaden the pool of investment products for domestic investors.

首支主權“熊貓債券”獲得5倍超額認購，這筆交易標誌着，中國政府在推進人民幣國際化以及拓寬國內投資者投資產品池方面又邁進了一步。

South Korea sold Rmb3bn ($464m) in three-year notes at 3 per cent, the tight end of its estimated 3-3.5 per cent range. Panda bonds are renminbi-denominated debt sold by foreigners into China’s bond markets.

韓國此次發行了30億元人民幣（合4.64億美元）的3年期主權熊貓債券，中標利率爲3.0%，落在其估計的3.0%至3.5%區間的下限。熊貓債券是境外機構在中國債券市場發行的以人民幣計價的債券。

Duncan Phillips, head of Asia debt syndicate for Citigroup, a bookrunner on the deal, said the demand showed Chinese investors’ growing interest in foreign borrowers.

花旗集團(Citigroup)亞洲債券辛迪加主管鄧肯菲利普斯(Duncan Phillips)是這支債券的賬簿管理者之一，他表示認購情況顯示出中國投資者對境外借款者的興趣日益高漲。

“We expect to see further issuance across several sectors, including sovereign, bank and corporate issuers, as the market develops further,” he added.

他還表示：“隨着該市場進一步發展，我們預計包括主權、銀行和企業發行者在內的多個羣體會進一步發行熊貓債。”

Korea’s test of demand for sovereign panda paper is a milestone for the market. T

韓國對主權熊貓債的需求測試對該市場有着里程碑式的意義。

Choi Hee-nam, finance vice-minister, said South Korea was “honoured” to have been the first sovereign to sell panda debt. “This new issue sets an important benchmark for Korea and for further issuance,” he said.

韓國企劃財政部副部長崔熙男(Choi Hee-nam)表示，韓國很“榮幸”能成爲首個發行熊貓債的主權國家。他說：“此次發行爲韓國以及熊貓債的進一步發行設定了一個重要基準。”

The deal was in large part designed to pave the way for Korean companies to tap the panda market by setting a benchmark.

這筆交易在很大程度上意在設定一個基準，以便爲韓國企業利用熊貓債市場鋪平道路。

Some people involved in the deal said investors appeared as interested in the prospect for further panda issuance as in the country’s risk profile.

一些參與該交易的人士表示，投資者不僅對熊貓債的進一步發行前景感興趣，也對韓國的風險狀況感興趣。

Won-denominated three-year South Korean debt yields 1.73 per cent. China’s paperoffers 2.74 per cent. Both countries are rated double A minus by Standard & Poor’s and the equivalent by Moody’s.

以韓元計價的3年期韓國國債收益率爲1.73%，中國國債收益率則爲2.74%。韓中兩國的標準普爾(Standard & Poor's)評級都是AA-，穆迪(Moody's)給出的評級與標普相當。

The move to increase panda bond activity is another sign of China’s willingness to gradually open its capital markets to more international participation. Beijing expanded access to its onshore bond markets for foreign institutions and central banks this year.

這一提振熊貓債市場活躍程度的舉措再次表明，中國願意逐步開放國內資本市場，吸引更多國際機構參與。中國政府今年放鬆了對境外機構和央行參與中國國內債券市場的限制。