中國企業(yè)境外融資超過境內

Chinese companies have borrowed more money from the international bond market than from domestic investors this year, breaking with tradition as authorities in Beijing focus on curbing capital outflows.

中國企業(yè)今年以來從國際債券市場借入的資金多于它們向國內投資者借入的資金，這一現(xiàn)象打破了傳統(tǒng)，其背景是中國官方側重于遏止資本外流。

Banks and other corporate borrowers have been quietly encouraged to raise money offshore in other currencies, limiting the need for Chinese companies to sell renminbi to finance overseas investments. Borrowing more outside the mainland also allows for the possibility that companies will remit some of the cash back home, bolstering the Chinese currency in the process.

銀行和其他企業(yè)借款人被悄悄鼓勵在境外籌集外幣資金，以限制中國企業(yè)出售人民幣為境外投資買單的需要。在境外增加借款還帶來這樣一種可能性，即企業(yè)將會把一部分資金匯回境內，在此過程中支撐人民幣匯率。

Led by banks and property developers, corporate China has raised $26.1bn from offshore bond sales compared with $21bn at home, according to Dealogic. Chinese companies have also been prompted to seek foreign-based funding by the higher interest rates that policymakers have introduced this year.

Dealogic的數(shù)據(jù)顯示，在銀行和房地產(chǎn)開發(fā)商的引領下，中國企業(yè)已通過境外債券發(fā)售籌集了261億美元，相比之下在國內債市籌集了210億美元。中國企業(yè)尋求境外資金來源的另一個推動因素是政策制定者今年引入的較高利率。

Banks have long been among the most active in raising money in other currencies to support expansion overseas. This month the Hong Kong units of Bank of China and ICBC tapped investors for $4bn in two, three-year dollar-denominated deals, while China Construction Bank’s European arm raised €500m.

在以本幣以外的貨幣籌集資金方面，銀行長期躋身于最活躍的市場參與者之列，其目的是支持境外擴張。本月，中國銀行(Bank of China)和中國工商銀行(ICBC)的香港部門以兩、三年期美元計價交易向投資者籌集40億美元，而中國建設銀行(CCB)的歐洲分支籌集了5億歐元。

The flood of deals beyond the mainland also suggests a measure of corporate confidence that China has the renminbi’s depreciation under control, bankers say, since borrowers’ liabilities would increase sharply if the currency were to plunge.

銀行家們表示，境外的交易洪流還似乎表明了一定程度的企業(yè)信心，即中國已經(jīng)控制住了人民幣貶值，因為如果人民幣匯率大跌，借款人的債務負擔將大幅加重。

Last year the renminbi weakened 5.8 per cent against the dollar in offshore markets and 6.5 per cent onshore. So far in 2017, the offshore rate has gained 1.7 per cent as the dollar’s rally has paused.

去年離岸市場人民幣兌美元匯率下跌5.8%，在岸市場人民幣匯率下跌6.5%。進入2017年以來，隨著美元漲勢暫停，離岸市場人民幣匯率已經(jīng)上漲1.7%。

“There is a combination here of China encouraging borrowing offshore and people making judgments that the depreciation story may not be as severe as they thought,” said CG Lai, head of global markets for Greater China at BNP Paribas.

“兩方面的因素在結合起來產(chǎn)生作用：一是中國鼓勵境外借款，二是人們判斷人民幣貶值的情況可能沒有他們原來想象的那么嚴重，”法國巴黎銀行(BNP Paribas)大中華區(qū)環(huán)球市場部主管賴長庚(CG Lai)表示。

Mr Lai added that the early year uncertainty over the direction of Chinese interest rates also damped domestic activity as borrowers and investors faced tighter monetary conditions than expected. The People’s Bank of China surprised markets by tightening a series of money market rates after the week-long lunar new year holiday.

賴長庚補充說，年初中國利率走勢的不確定性也抑制了國內活動，借款人及投資者都面臨著比預期更緊的貨幣狀況。中國人民銀行(PBoC)在春節(jié)黃金周過后收緊一系列貨幣市場利率，令市場驚訝。

“January was extremely uncertain but people are now more comfortable that China is not changing its policy to ‘tight’ straight from ‘easy’, but is more neutral,” said Mr Lai. Those jitters were enough to push onshore yields far higher, with three-year corporate bonds averaging 5.56 per cent this year compared with 4.63 per cent in the last quarter of 2016.

“1月的形勢極不確定，但現(xiàn)在人們更為放心：中國并沒有將政策由‘寬松’轉向‘緊縮’，而只是在更大程度上趨于‘中性’，”賴長庚表示。那些緊張情緒已大幅推高在岸債市的收益率，今年以來三年期公司債券平均收益率達到5.56%，遠高于2016年第四季度的4.63%。

Bankers do expect corporate China’s borrowing patterns to revert to type, with borrowing in the mainland outstripping foreign activity.

銀行家們確實預期中國企業(yè)的借款模式將恢復常規(guī)，即在境內借款超過境外。

‘This is temporary because the onshore bond market is experiencing something of a market correction with a significant shift in the yield curve,” said one banker.

“這是暫時的，因為在岸債券市場正在經(jīng)歷某種市場回調，收益率曲線出現(xiàn)顯著變化，”一位銀行家表示。