离岸人民币债券

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2025年9月境外人民币市场综述
Sou Hu Cai Jing· 2025-10-11 02:37
内容提要 9月,离岸(CNH)人民币兑美元即期汇率贬值,在岸(CNY)人民币兑美元即期汇率升值;日均平均价差(CNY-CNH的绝对值)为67BP,较上月减少 13BP;CFETS人民币汇率指数、参考BIS货币篮子、参考SDR货币篮子的人民币汇率指数分别较上月末上升0.21%、上升0.20%、不变。离岸人民币债券发 行额较上月增加。CNH HIBOR隔夜、7天、3个月和1年期较上月末分别上升22BP、上升5BP、下降3BP和上升5BP。 1、中国香港和台湾地区境外人民币存款 2025年8月,香港和台湾地区离岸市场人民币存款规模较上月增加。其中,香港地区人民币存款规模为9679.56亿元,较上月增加3.2%,台湾地区人民币存款 规模为1205.91亿元,较上月减少3.0%。香港跨境贸易结算金额为9968.82亿元,较上月减少19.2%。 2、离岸人民币外汇市场 9月,离岸(CNH)人民币兑美元即期汇率贬值,在岸(CNY)人民币兑美元即期汇率升值。 即期市场:9月30日,CNH兑美元即期汇率收于7.1287,较上月末贬值0.09%;CNY兑美元即期汇率收于7.1186,较上月末升值0.20%;日均平均价差(CNY- ...
【锋行链盟】跨境融资方式及核心要点
Sou Hu Cai Jing· 2025-10-08 16:13
跨境融资是企业或机构在国际金融市场中获取资金的常见手段,其方式多样且受境内外政策、市场环境影响较大。以下从主要 融资方式和核心要点两方面展开分析,帮助企业理解如何选择和操作跨境融资。 一、跨境融资主要方式 1. 中资美元债 跨境融资可根据资金来源、工具类型及适用场景分为以下几类: (一)银行主导的传统融资 1. 贸易融资 1. 境外银团贷款 1. 内保外贷 (二)债券市场融资 1. 离岸人民币债券(点心债) 1. 欧洲美元债/亚洲美元债 2. 境内银行提供担保(如保证金或授信),境外银行向境内企业的境外子公司或关联方发放贷款。 核心逻辑:以境内信用支持境外融资,解决境外平台资金短缺问题。 限制:受外管局监管(需登记,不得用于投机),需确保资金用途合规。 2. 境外发行主体(含中资企业)在香港、伦敦等离岸市场发行的人民币计价债券。 优势:成本低于境内(部分时期),吸引国际投资者;推动人民币国际化。 现状:受人民币汇率波动影响,发行规模有所波动。 2. 中资企业(含境内主体、红筹架构或VIE架构企业)在境外(如香港、新加坡)发行的美元计价债券。 类型:投资级(高评级企业,如央企、金融机构)、高收益级(房企、城投) ...
尹艳林:跨境支付中人民币占比有望进一步上升
Sou Hu Cai Jing· 2025-09-26 08:01
Core Insights - China's financial internationalization has made significant progress, with record offshore RMB bond issuance and breakthroughs in cross-border financial services [1] - The integration of finance and technology is an irreversible trend, essential for building a strong financial nation [1] Group 1: Financial Developments - Offshore RMB bond issuance has reached a new high, indicating increased international acceptance of the currency [1] - The Guangdong-Hong Kong-Macao Greater Bay Area's cross-border wealth management scheme has achieved significant scale [1] - New policies such as cross-border insurance and southbound trading under the Bond Connect have been successfully implemented [1] - The establishment of the digital RMB international operation center is expected to increase the proportion of RMB in cross-border payments [1] Group 2: Recommendations for Financial Innovation - Encourage innovation by promoting market-oriented and legal frameworks for financial development, emphasizing collaboration between financial institutions and technology companies [2] - Reform is necessary to achieve innovation, including improving the positioning of state-owned banks and enhancing regulatory frameworks [2] - Expand openness to improve financial resource allocation efficiency and enhance international competitiveness [3] Group 3: Integration and Safety - Promote the integration of various financial sectors and the fusion of finance with technology, e-commerce, and logistics to better serve the real economy [3] - Emphasize the importance of risk prevention and data security in the face of new financial business models, advocating for a robust regulatory framework [3]
传香港将公布“固定收益及货币”路线图
智通财经网· 2025-09-24 05:49
Group 1 - The Hong Kong government aims to encourage more companies to issue bonds in Hong Kong, as mentioned in the Chief Executive's latest Policy Address [1] - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) will release a "Fixed Income and Currency" roadmap detailing the initiatives [1] - A dedicated task force established by the two regulatory bodies has discussed three main proposals to enhance the bond market, including attracting more international issuers and improving offshore RMB issuance [1] Group 2 - The task force's discussions also include strategies to lower the funding costs and interest rate volatility for offshore RMB bonds, aligning them closer to onshore rates [1] - There is a preliminary exploration of allowing mainland investors to have more flexible arrangements for funds to "stay" in Hong Kong investment accounts, enhancing the liquidity of the offshore RMB pool [1] - The SFC and HKMA are collaborating with the financial industry and stakeholders to promote activities in both primary and secondary bond markets, further develop the foreign exchange market, and assess the feasibility of necessary financial market infrastructure [1]
阿里发行零息可转换优先票据,支持云和国际业务发展
Xin Lang Cai Jing· 2025-09-10 23:59
Core Viewpoint - Alibaba Group plans to issue approximately $3.2 billion of zero-coupon convertible senior notes maturing in 2032 to enhance cloud infrastructure and expand international business operations [1] Fund Allocation - About 80% of the net proceeds from the fundraising will be used to enhance cloud infrastructure, including expanding data centers, upgrading technology, and optimizing services to meet growth demands [1] - The remaining 20% will be allocated to expanding international business operations, focusing on operational investments to improve market position and efficiency [1] Stock Price Strategy - Alibaba has entered into capped call transactions aimed at increasing the effective conversion price, with the upper limit expected to be 60% higher than the closing price of Hong Kong stocks on Thursday [1] - Based on the closing price of $143.93 on Wednesday, the stock price could rise to $230, which would trigger new share issuance, effectively reducing potential dilution and demonstrating Alibaba's confidence in future development [1] Financial Position - As of the end of June, Alibaba's cash reserves stood at $81.8 billion, indicating a strong financial position [1] - The issuance of notes and capped call transactions is intended to lower the company's overall cost of capital [1] Market Context - Recent favorable interest rates and overall capital market conditions have attracted many companies to issue bonds, with Baidu issuing $2 billion in exchangeable bonds this year and Tencent reportedly planning to issue offshore RMB bonds [1]
中资离岸债风控周报(9月1日至5日):一级市场发行平稳,二级市场全线上行
Xin Hua Cai Jing· 2025-09-06 00:50
Primary Market - A total of 22 offshore bonds were issued by Chinese entities from September 1 to 5, 2025, including 3 offshore RMB bonds, 11 USD bonds, and 8 HKD bonds, with issuance sizes of 30 billion RMB, 4.15 billion USD, and 5.475 billion HKD respectively [1] - The largest single issuance in the offshore RMB bond market was 2 billion RMB by China Construction Bank's London branch, with the highest coupon rate of 2.95% issued by East Asia Bank [1] - In the USD bond market, the largest single issuance was 2 billion USD by the Asian Infrastructure Investment Bank, with the highest coupon rate of 6.9% issued by Zhengding County State-owned Assets Holding and Operating Group [1] Secondary Market Overview - The yield on Chinese USD bonds rose across the board, with the Markit iBoxx Chinese USD Bond Composite Index increasing by 0.18% to 248.3, and the investment-grade USD bond index rising by 0.19% to 240.64 [2] - The high-yield USD bond index increased by 0.07% to 244.64, while the real estate USD bond index rose by 0.13% to 186.03 [2] - The local government financing vehicle (LGFV) USD bond index increased by 0.08% to 151.34, and the financial USD bond index rose by 0.1% to 288.27 [2] Benchmark Spread - The spread between the 10-year benchmark government bonds of China and the US narrowed to 241.16 basis points, a decrease of 6.07 basis points from the previous week [3] Rating Changes - Fitch adjusted Meituan's long-term issuer rating outlook from "Positive" to "Stable" on September 4 [4] - Moody's confirmed CITIC Resources' "Ba2" corporate family rating, changing the outlook from "Stable" to "Negative" on September 3 [4] - Several companies, including Weifang Haifa and Sichuan Xinyao Group, had their international long-term ratings withdrawn at their request [4] - Fitch changed Baidu's long-term foreign and local currency issuer default rating outlook from "Stable" to "Negative" on September 2 [4] Domestic News - Local government bond issuance in August exceeded expectations, with actual issuance of 977.6 billion RMB, higher than the planned 940.8 billion RMB, and a planned issuance of 726.5 billion RMB in September [5] - The existing stock of local government debt reached 53.05 trillion RMB, with general debt at 17.1 trillion RMB and special debt at 35.95 trillion RMB [5] Offshore RMB Bonds - Kazakhstan Development Bank successfully issued its first offshore RMB bond of 2 billion RMB with a 3.35% coupon rate on September 2, marking several market firsts [6] - Multiple offshore RMB local government bonds were announced, including plans from Hainan and Shenzhen to issue up to 5 billion RMB each [7] - Guangdong Province successfully issued 2.5 billion RMB in offshore RMB local government bonds in Macau, continuing a five-year trend [7] Overseas News - Federal Reserve's Williams indicated that policy rates are expected to gradually decrease over time, aligning with the dual mandate goals [8][9] Offshore Debt Alerts - Kaisa Group announced that its offshore debt restructuring plan is expected to take effect by the end of September, aiming to optimize its debt structure and reduce debt by approximately 8.6 billion USD [10] - AVIC Capital announced the early redemption of 32.45 million USD principal of its bond on September 4 [11] - Alibaba initiated an exchange offer for its outstanding senior notes, with a total principal amount not exceeding 1 billion USD for 2030 notes and 1.15 billion USD for 2035 notes [12] - DBS China signed a green loan agreement of 490 million RMB with Henderson Land for financing retail and office projects in Shanghai [13]
2025年8月境外人民币市场综述
Sou Hu Cai Jing· 2025-09-04 03:00
Core Insights - The offshore (CNH) and onshore (CNY) RMB appreciated against the USD in August, with the average daily price difference increasing by 18 basis points (BP) to 80 BP compared to the previous month [1][3] - The CFETS RMB exchange rate index and indices referencing the BIS and SDR currency baskets decreased by 0.20%, 0.13%, and 0.28% respectively from the end of the previous month [1][3] Offshore RMB Foreign Exchange Market - On August 29, the CNH/USD exchange rate closed at 7.1221, appreciating by 1.23% from the end of the previous month, while the CNY/USD exchange rate closed at 7.1330, appreciating by 0.84% [3] - The average daily swap point difference between CNH and CNY increased by 24 BP to 89 BP [4] Offshore RMB Bond Market - In August, 110 offshore RMB bonds were issued, with a total issuance amount of 1640.87 billion, representing an increase of 178.2% from the previous month [5] Offshore RMB Money Market - As of the end of August, the CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year periods rose by 51 BP, 29 BP, 2 BP, and 10 BP respectively compared to the end of the previous month [6] - The average interest rate spread between offshore and onshore borrowing rates remained stable for overnight and 7-day periods, while the 3-month and 1-year periods saw an increase of 1 BP [6] Dynamics of Foreign Institutions in Domestic Interbank Market - As of the end of August, the total number of foreign institutions participating in the domestic interbank foreign exchange market reached 236, an increase of 3 from the previous month [7] - The number of foreign institutions and their products in the domestic interbank currency market increased by 15 to a total of 5755 [7] Trading Volume in Domestic Interbank Market - In August, the total trading volume of foreign institutions in the domestic interbank foreign exchange market was 37336.51 billion, a decrease of 6.9% [8] - The trading volume in the domestic interbank bond market for foreign institutions totaled 11573.91 billion, a decrease of 21.2% [8]
离岸人民币债券市场面临新发展机遇
工银国际· 2025-09-03 07:49
1. Report Industry Investment Rating - The report does not mention the industry investment rating. 2. Core View of the Report - Since the beginning of 2025, the offshore RMB bond market has continued to thrive in both supply and demand, and the annual issuance is expected to hit a new high. Driven by multiple factors and policy support, the offshore RMB bond market is facing new development opportunities [1]. 3. Summary According to Relevant Catalogs 3.1 Offshore RMB Bond Issuance - As of September 2, 2025, the issuance of offshore RMB bonds has reached a record high for the same period, exceeding RMB 550 billion, and the annual issuance is expected to exceed that of 2024 [2]. 3.2 Drivers of the Thriving Issuance - **Interest rate differential**: The inversion of Sino - US risk - free interest rates makes the RMB financing cost significantly lower than that of the US dollar. Since 2023, the US Treasury yield has been significantly higher than that of China, and although the spread has narrowed, it is still about 200 basis points, making RMB bond financing cheaper, especially for high - rating issuers [4]. - **Yield advantage**: The yield of offshore RMB bonds is higher than that of domestic bonds of the same issuer. Since 2023, the offshore yield of 3 - year Treasury bonds has been on average more than 30 basis points higher than the on - shore yield. After mid - May 2025, the spread narrowed to about 10 basis points. The credit spread of offshore RMB bonds is also generally higher, attracting domestic funds. The expansion of the Bond Connect's "Southbound Link" to non - banking institutions in July 2025 is conducive to attracting more domestic funds [6]. 3.3 Concentration of Issuing Entities - Chinese issuers dominate the offshore RMB bond issuance, accounting for about 60%. In the context of Sino - US interest rate differentials, many Chinese issuers choose to issue offshore RMB bonds for refinancing after the maturity of US dollar bonds [7]. - The issuance of urban investment bonds has increased significantly in the past two years, accounting for more than 30% in 2023 and 2024. The reasons include the rise in US dollar financing costs, the tightening of domestic urban investment bond issuance, and the increased market confidence in urban investment bonds [9][11]. 3.4 Favorable Factors for Market Development - **Financing cost advantage**: It is expected that the situation where the financing cost of offshore RMB bonds is lower than that of US dollar bonds will continue. Although the Fed may cut interest rates, the decline in US long - term bond yields may be limited, while the yield of RMB Treasury bonds still has room to decline [14]. - **Policy support**: The "Southbound Link" was expanded to non - banking institutions in July 2025, and the total quota is expected to be increased, which will increase the demand for offshore bonds and improve market activity [15]. - **Increased demand for non - US assets**: The implementation of the US "Big and Beautiful" Act has increased concerns about the unsustainability of US finances, and the market's demand for RMB assets is expected to rise [15]. - **Infrastructure improvement**: The Ministry of Finance has issued offshore Treasury bonds in Hong Kong for many years, optimizing the yield curve. The Hong Kong Stock Exchange is researching the launch of Chinese Treasury bond futures. The first tokenized offshore RMB public offering bond has been launched, enhancing issuance efficiency and bond liquidity [16].
中金公司创新跨境融资模式,助力哈萨克斯坦开发银行公开发行首笔离岸人民币债券
Sou Hu Cai Jing· 2025-09-02 12:07
9月2日,中金公司作为牵头全球协调人及交割行,成功协助哈萨克斯坦开发银行(Development Bank of Kazakhstan JSC,"DBK")完成20亿元3年期离岸人民币债券的发行和上市,票息3.35%。本次发行创下 多项市场首单纪录,既是哈萨克斯坦发行人在全球公开发行及上市的首单人民币债券、中亚地区发行人 首单公开发行的人民币债券,也是中亚地区发行人首笔在香港交易所挂牌的人民币债券。在 2025 年上 海合作组织峰会召开背景下,本次债券发行为"一带一路"倡议下的中哈产能合作项目提供了跨境融资的 创新模式,也为高质量共建"一带一路"背景下的跨国金融合作与产能协同树立了新标杆。 本次债券发行受到全球投资者的广泛关注,账簿峰值高达50亿元人民币。债券以最终价格3.35%定价, 较初始价格指引大幅收窄40个基点,为中亚企业发行离岸人民币债券树立了标杆。本次发行吸引了包括 超主权基金、商业银行、保险及资产管理机构等多元化国际投资者踊跃认购,充分体现了市场对人民币 资产及中哈两国合作前景的高度认可。 本次点心债成功发行,不仅彰显了哈萨克斯坦开发银行对离岸人民币资本市场的认可,也是中哈两国在 深化金融合作、 ...
瀚亚投资:亚洲债券兼具韧性与回报 成为投资组合的重要部分
Zhi Tong Cai Jing· 2025-09-02 11:53
Group 1 - The core viewpoint is that Asian bonds are emerging as a resilient and rewarding alternative to traditional safe-haven assets, especially in the context of political and macroeconomic uncertainties [1] - Asian local currency bonds offer attractive real yields and potential for currency appreciation, making them appealing for investors looking to diversify away from dollar-denominated assets [1][11] - Asian dollar bonds are expected to provide higher returns and a more stable policy environment compared to developed market bonds, despite the narrower credit spreads relative to historical levels [1][7] Group 2 - The U.S. dollar index has decreased by 6.3% year-to-date, influenced by factors such as the expanding U.S. fiscal deficit and potential changes in Federal Reserve leadership, leading to uncertainty in the dollar's long-term trajectory [4] - Despite the large scale of foreign-held U.S. investment portfolio assets, the desire for investors to significantly increase their holdings in U.S. dollars and assets may be diminishing [4][6] - The supply of U.S. bonds is increasing, and inflation is rising, prompting U.S. fixed income investors to seek sufficient returns to compensate for duration risk, indicating potential upward pressure on long-term bond yields [6] Group 3 - Asian emerging markets are experiencing higher real yields, with countries like India showing nominal bond yields exceeding the latest inflation rates by over 420 basis points, indicating strong investment opportunities [11] - The demand for Asian local currency bonds is supported by lower inflation and higher real yields, which provide a strong investment rationale for these assets [11] - The offshore RMB market has undergone structural changes, with increased demand and improved liquidity, making offshore RMB bonds a preferred choice for investors seeking to enhance yield and extend credit duration [13]