跨境债券专辑丨自贸离岸债重启及商业银行应对措施研究

Core Viewpoint - The People's Bank of China has announced the development of "Free Trade Offshore Bonds" as one of eight financial opening measures, indicating the resumption of this bond issuance after a hiatus of over a year [2][4]. Summary by Sections Development History and Characteristics of Free Trade Offshore Bonds - Free Trade Offshore Bonds were first introduced in 2016, aimed at enhancing the bond market and direct financing capabilities [3][4]. - The first issuance was by the Shanghai municipal government, totaling 3 billion yuan, and the market has since expanded to include various issuers and currencies [4][5]. - By 2023, 121 bonds were issued, amounting to a total of 82.354 billion yuan, but the market faced a pause due to policy tightening [4][5]. Opportunities for Commercial Banks - The resumption of Free Trade Offshore Bonds is expected to attract a more diverse and higher-quality range of issuers, particularly large domestic multinational companies and quality enterprises from Belt and Road Initiative countries [7]. - Funding sources for these bonds will broaden, with a focus on attracting more stable long-term investments from overseas institutions, enhancing market activity [8]. - Regulatory bodies have introduced supportive policies to create a favorable environment for the resumption of these bonds, facilitating easier cross-border transactions [9][10]. Challenges for Commercial Banks - Compliance risks remain a significant concern, particularly regarding foreign debt registration and the lack of clear policies for certain bond durations [11]. - Monitoring the use of funds raised through these bonds poses difficulties, as the flexibility in fund usage can complicate tracking and compliance [12]. - The need for thorough due diligence increases, especially with a more diverse range of issuers, which may complicate credit assessments and anti-money laundering efforts [13]. Recommendations for Commercial Banks - Banks should clarify their business positioning and focus on compliance and risk management while participating in the Free Trade Offshore Bonds market [14]. - Optimizing business processes and exploring various participation forms can enhance non-interest income and improve operational efficiency [15]. - Leveraging Free Trade Zone policies to enhance cross-border service capabilities is crucial for banks to effectively engage in this market [16]. - Strengthening risk management and compliance frameworks is essential to ensure adherence to regulations and effective monitoring of fund flows [17][18][19][20].