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2013年07月22日06:30 AM
香港“点心债”遭遇最长发行淡季
Market for dim sum bonds goes cold
英国《金融时报》乔希•诺布尔香港报道
The market for new “dim sum” bonds is suffering its longest barren spell as China’s interbank liquidity crunch and concerns over US monetary policy wreak havoc on offshore renminbi debt.
由于中国银行间市场流动性紧张以及出于美国货币政策可能重创离岸人民币债券的担心，“点心”债券市场经历了自问世以来最长的发行淡季。
A dim sum bond has not been priced since June 18, according to Dealogic, marking the first four-week period without a single deal since offshore borrowing in renminbi first began in 2010. There has also been a steep sell-off on the secondary market, with average yields rising from 4.35 per cent to 5.71 per cent at the end of May, according to data compiled by Bank of China.
Dealogic的数据显示，自6月18日以来一直没有点心债券发行，这是自2010年推出离岸人民币债券以来首次连续四周没有发行交易。
中国银行(Bank of China)编制的数据显示，二级市场也出现大幅抛售，平均收益率从4.35%，升至5月底的5.71%。
Appetite for offshore renminbi credit has been hit by a number of factors over recent weeks. In June, China’s interbank lending market endured its worst-ever cash squeeze as the People’s Bank of China held back from adding liquidity to the system. Borrowing costs spiked, sparking a sell-off in Chinese equities and raising concerns about the health of the financial sector. Some offshore subsidiaries of Chinese banks responded by shifting renminbi back over the border, sapping liquidity from the Hong Kong market. 投资者对离岸人民币债券的兴趣最近几周受到众多因素的打击。
今年6月，由于中国人民银行(People’s Bank of China)拒绝向中国银行间信贷市场增加流动性，该市场出现了有史以来最严重的“钱荒”。
借款成本飙升，引发投资者大举抛售中国股票，并日益担心中国金融部门的健康。
中资银行的部分离岸子公司因此将人民币转回内地，削弱了香港市场的流动性。
“With the connectivity between onshore and offshore, the effects [of the squeeze] are being felt in Hong Kong as well,” said Tee Choon Hong, head of offshore renminbi capital markets at Standard Chartered.
渣打银行(Standard Chartered Bank)离岸人民币资本市场部主管郑俊峰(Tee Choon Hong)表示：“由于境内外的连通，香港也能感受到（钱荒）的影响。
”
Like their mainland counterparts, banks in Hong Kong have also battled to secure renminbi by offering higher interest rates on deposits. Many investors have chosen to park cash in renminbi accounts and short-term certificates of deposit that offer higher returns than their dollar-based equivalents, but come without the price fluctuations of bonds.
与内地银行一样，香港各银行也尽力提高储蓄利率来获得人民币。
许多投资者选择将现金存入人民币账户和短期人民币存单——这些账户的收益率比美元账户高，但没有债券的价格波动。
“The market volatility has provided some [investors with] excess liquidity with interesting opportunities in getting higher yields. Deposit rates have gone up quite sharp ly,” said Mr Tee.
郑俊峰表示：“市场波动让某些拥有过量流动性的（投资者）在获取更高收益方面获得了有意思的的机遇。
存款利率大幅提高了。
”
The global bond sell-off sparked by comments in late May from Ben Bernanke, chairman of the Federal Reserve, has also been a factor, as investors have withdrawn money from emerging market bond funds at a record pace. On Friday, Indonesian retailer Multipolar reopened Asia’s high-yield dollar bond market – effectively shut since Mr Bernanke referred to the potential downsizing of asset purchases by the US central bank.
5月底美联储(Fed)主席本•伯南克(Ben Bernanke)的讲话引发的全球债券抛售也是一个因素，投资者以创纪录的速度撤回新兴市场债券基金的资金。
上周五，印尼零售商Multipolar发行美元债券，由此重启亚洲的高收益美元债券市场——此前该市场自美联储表示可能缩减资产购买规模之后，事实上已经关闭。
Expectations that the renminbi will appreciate further, a key driver of demand for dim sum bonds, have also bee n dampened by China’s falling growth rate and weak trade figures. Standard Chartered does not expect the renminbi to appreciate more than 0.25 per cent over the rest of the year, while Deutsche Bank believes it will fall against the greenback.
对于人民币将进一步升值的预期，是点心债券需求的主要推动因素，但目前这一预期也受到中国增长率日益下滑和贸易数据疲弱的打击。
渣打预计今年剩余时间人民币升值幅度不会超过0.25%，而德意志银行(Deutsche Bank)认为人民币兑美元将会贬值。
As a relatively new product, dim sum bonds have been hampered by poor liquidity and lack of long-term investors. Central banks and insurers account for less than 10 per cent of purchases in the primary market, according to HSBC.
作为一种相对较新的产品，点心债券受到流动性不足和缺乏长期投资者的困扰。
汇丰(HSBC)的数据显示，各国央行和保险公司在一级市场上的购买占比不到10%。
