中资美元债及点心债市场和分析框架 20250910 摘要 境外债券类型多样，包括中资美元债、点心债、玉兰债和莲花债，它们 在发行人、投资者范围、托管交割地和上市地点上存在差异，其中中资 美元债和点心债的发行人和投资者范围最广。 境外债券发行通常期限较长，以 1 年以上为主，常见 3 年、5 年、10 年 期，高评级发行人可发行 30-50 年期债券。发行需取得发改委审核登记 证明，并定期报备资金用途，且募集资金不得用于新增地方隐形负担或 投机炒作。 中资企业境外发债多选择 Reg S 条例，因其信息披露要求宽松，但可能 影响流动性和融资成本。境外发债常见结构包括直发、担保和维好协议， 直发结构清晰但有预提税费，担保结构可选择资金回流或留存国外，维 好协议风险出现时难以直接代偿。 中资美元债主要投资者以亚洲资管机构为主，境内机构参与境外市场投 资主要通过 QD、RQD 和南向通。南向通自开通以来托管余额快速增长， 但近两年增速放缓，反映国内机构对海外市场兴趣增加。 Q&A 境外债券的常见品种有哪些？这些债券对发行人的要求和投资者的范围有何不 同？ 常见的境外债券品种包括中资美元债、香港离岸市场的人民币债券（点心 ...

Group 1 - The core viewpoint of the article highlights the significant growth in the bond market managed by the Shanghai Clearing House, with a bond custody balance reaching 48.3 trillion yuan, a year-on-year increase of 22.3% [1] - In the first half of the year, the centralized clearing of bonds amounted to 11.2 trillion yuan, reflecting a remarkable year-on-year growth of 127.5% [1] - The Shanghai Clearing House has effectively supported the launch of the "Technology Board" in the bond market, facilitating the issuance of 272.1 billion yuan in technology innovation bonds [1] Group 2 - The Shanghai Clearing House has expanded its bond issuance support, facilitating the issuance of 494.03 billion yuan in policy financial bonds and 1.3 trillion yuan in financial bonds from commercial banks and non-bank financial institutions, representing year-on-year growth of 46.6% and 8% respectively [1] - The introduction of Bank of China Hong Kong as the first overseas clearing member marks a significant step towards internationalization, allowing foreign institutions to participate directly in domestic centralized clearing [1] - The dual development of the Yulan bond and Panda bond markets has effectively supported the internationalization of the renminbi [1] Group 3 - The Shanghai Clearing House launched new contracts for 3- and 7-year national development bonds and extended the interest rate swap clearing period to 30 years, with a total clearing scale of interest rate derivatives reaching 26.5 trillion yuan, a year-on-year increase of 70.2% [2] - The expansion of credit derivatives includes the inclusion of 32 new quality production enterprises into the CDS central counterparty clearing range, promoting the trading and clearing of private enterprise CDS indices [2]

Group 1 - The core viewpoint of the article highlights the significant progress made in state-owned enterprise reform in Linyi, Shandong, with total assets of district-owned enterprises exceeding 50 billion yuan and projected operating income of 2 billion yuan in 2024, representing a 15% increase [1] - The reform addresses challenges faced by eight district-owned enterprises, including weak competitiveness and high financing costs, by focusing on "cost reduction, efficiency enhancement, risk elimination, and strengthening credibility" [1] - The eight enterprises have been restructured into three major groups based on the principle of "similar industries and main businesses," leading to improved credit ratings for the groups involved [1] Group 2 - Yihe Holding Group is developing a provincial-level digital economy cluster, attracting major digital enterprises such as Huawei's data center [2] - Yimeng Industrial Group is actively engaging in the construction of a circular economy industrial park and has established a joint venture for supply chain management, achieving significant import trade volumes [2] - Yihe Ecological Development Group is operating food safety and bulk food procurement platforms, serving over 3,000 schools and enterprises, and is developing new tourism projects to enhance regional appeal [2] Group 3 - The reforms have led to substantial capital market activities, including the successful issuance of a county-level non-financial enterprise dollar bond, which is a first in the country [2] - The total investment for the ecological new city area project is 2.606 billion yuan, with innovative financing solutions being explored to address environmental governance challenges [2] - The three major groups are actively involved in rural revitalization, green development, and employment security, implementing numerous livelihood projects [3]

申万宏源动态 2025年5月 精选新闻动态 精选动态栏目按月定期推出，整合申万宏源证券与合作伙伴的热点动态，为您带来最新资讯。 科技金融 TECHNOLOGY FINANCE 5月9日，由申万宏源证券担任主承销商的"中国工商银行股份有限公司2025年科技创新债券（第一 期）（债券通）"成功发行，本期债券发行规模200亿元，期限3年，票面利率1.65%，为市场首批金融类 科技创新债券，创商业银行金融债最低票面利率，同类产品单期规模之最*。 *注：排名统计时间截至5月9日 申万宏源证券成功落地首批上交所科创债债券借贷交易 5月23日，申万宏源证券与兴业银行成功开展首批上交所科技创新债券借贷交易。 申万宏源证券深耕 债券借 贷业务10年，交易规模屡创新高，存续规模位居同业头部。此次开展科创债债券借贷交易，能降 低科创企业的融资成本，助力科创企业获得更多资金支持，促进科技创新成果转化。 普惠金融 INCLUSIVE FINANCE 申万宏源助力天工股份向不特定合格投资者公开发行股票并在北交所上市 申万宏源证券发行首批券商科创债 5月7日，中国人民银行、中国证监会联合发布关于支持发行科技创新债券有关事宜的公告。5月9 ...

Core Viewpoint - Shanghai is accelerating the construction of an international reinsurance center to enrich international financial products and attract foreign financial institutions [1] Group 1: Financial Institutions - The Shanghai Municipal Financial Office reported that international financial organizations and foreign financial institutions are rapidly gathering in Shanghai, with a total of 1,782 licensed financial institutions, of which approximately one-third are foreign [1] Group 2: International Reinsurance Center - The construction of the Shanghai International Reinsurance Center is progressing, with six internationalized products available for foreign traders, including crude oil, No. 20 rubber, low-sulfur fuel oil, international copper, container freight index futures, and crude oil options [1] Group 3: Financial Products - The "Yulan Bond" has achieved a cumulative issuance scale exceeding 100 billion yuan, and the Luxembourg Stock Exchange has become the first exchange in Europe to list the "Yulan Bond" [1]

近期，申万宏源作为联席全球协调人，助力山东沂河控股集团有限公司成功发行3 年期高级无抵押美元债。本期债券发行规模8445万美元，期限3年，票面利率5.99%。 该业务是上海清算所和欧洲清算银行于2020年12月宣布推出"玉兰债"业务后，山东省 国有企业发行的全球首单"玉兰债"，也是申万宏源承销的首单"玉兰债"。 "玉兰债"是以上海市市花命名，通过金融基础设施跨境互联互通，服务中资发行人 面向国际市场发债的创新业务。该品种由上海清算所和欧洲清算银行合作推出，通过两 地金融基础设施互连，共同为中资发行人和海外投资人提供登记、托管和结算服务。 该笔'玉兰债'成功发行，是申万宏源发挥投资银行优势，帮助发行人参与国际市场 的跨境合作业务的又一成果，在服务实体经济的同时，推动我司进一步参与我国债券市 场的对外开放，发行工作取得了发行人的高度认可，为深化合作奠定了基础。未来，申 万宏源将继续深化与发行人的合作，以优质的专业能力和高效的沟通协作，进一步扩展 与客户的合作广度与深度，在投行业务上积极探索、主动创新，全方位服务境内外发行 人，主动融入和服务国家重大战略。 免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 ...

智通财经4月21日电，中国人民银行、金融监管总局、国家外汇局、上海市人民政府联合印发《上海国 际金融中心进一步提升跨境金融服务便利化行动方案》。其中指出，拓展境内外双向融资渠道。支持具 备条件的银行参照国际惯例，探索研究在上海自贸试验区为"走出去"企业提供非居民并购贷款服务，贷 款金额不高于并购交易价款80%，贷款期限不超过10年。支持银行在风险可控前提下，根据商业合理原 则，通过"境外直贷""内保外贷""外保内贷"等形式满足跨国公司境内外成员单位的融资需求。支持企业 集团财务公司开展"外保内贷"业务，归集境外成员单位资金并为其提供融资支持，便利企业集团境内外 成员单位统筹开展境内外融资，降低融资成本。完善"玉兰债"发展监管制度，进一步丰富代理付息兑 付、公司行为处理等增值服务。 央行：支持具备条件的银行参照国际惯例 探索研究在上海自贸试验区为"走出去"企业提供非居民并购 贷款服务 ...