亞洲債券市場熱潮呈現(xiàn)創(chuàng)新色彩

A fierce debate is under way among bond market specialists in Asia. Some believe the reg­ion’s markets are at last coming of age, but others fear the current boom will turn out to be shortlived and that there will be a return to their normal role of poor relations to the likes of New York and London.

亞洲債券市場專家正展開激烈辯論。一些人認(rèn)為該地區(qū)的債券市場正最終成熟，還有一些人擔(dān)心，當(dāng)前的熱潮只是曇花一現(xiàn)，與紐約和倫敦等市場相比，亞洲債券市場將重新回到通常的微不足道的角色。

Bond issuance in the region soared in the past year to reached record levels in international dollar-denominated debt by early May. Fewer local borrowers are registering to market their deals in the US, which implies they are more confident about their ability to raise money locally. That suggests that Asia is generating deeper pools of capital from sources with a better understanding of local needs and regional norms.

截至5月初的過去一年，該地區(qū)以美元計(jì)價(jià)的國際債券發(fā)行規(guī)模飆升至創(chuàng)紀(jì)錄水平。到美國推介債券的亞洲借款者數(shù)量減少，這暗示，他們對(duì)于在本地融資的能力更為自信。這表明，亞洲正從對(duì)本地需求和地區(qū)規(guī)范更為了解的來源建立更深的資金池。

Arguably, more important for those backing a “this-time-is-different” view is the level of innovation apparent in bond transactions across the Asia-Pacific region. Lawyers are proving instrumental in devising and enabling these breakthroughs.

對(duì)于支持“這次不同”觀點(diǎn)的人而言，更為重要的大概是亞太地區(qū)債券交易明顯體現(xiàn)出的創(chuàng)新水平。事實(shí)證明，律師對(duì)于設(shè)計(jì)和實(shí)現(xiàn)這些突破發(fā)揮了作用。

Examples of innovative deals in the past year include: “forest bonds”, in which interest is paid in carbon credits; China’s first “covered” deal, where the funds borrowed are backed by a ringfenced pool of collateral; and the first renminbi-denominated special drawing rights bonds, before the Chinese currency had even joined the International Monetary Fund’s SDR basket.

過去一年創(chuàng)新交易的例子包括：“森林債券”，用碳信用支付利息;中國首只綠色資產(chǎn)“擔(dān)保”債券，借入的資金由專門的資產(chǎn)提供擔(dān)保;以及首只以人民幣結(jié)算的特別提款權(quán)(SDR)債券，這甚至是在人民幣加入國際貨幣基金組織(IMF) SDR籃子之前。

As well as that, borrowers’ legal advisers produced innovative ways to work across borders and in vastly differing legal systems in order to develop forms of financing in which internat­ional investors feel comfortable taking the risk of investing onshore in China and elsewhere.

除此之外，借款人的法律顧問發(fā)明出創(chuàng)新的方法跨境和在迥異的法律體系內(nèi)工作，以開發(fā)新的融資方式，讓國際投資者安心承擔(dān)在中國和其他地區(qū)投資的風(fēng)險(xiǎn)。

Along the way, some of them have battled with bureaucracy and persuaded government institutions to accept new financing structures. A few have even trekked for days through rainforests to research their projects.

同時(shí)，一些法律顧問與官僚體制作斗爭，并說服政府機(jī)構(gòu)接受新的融資結(jié)構(gòu)。有一些甚至徒步數(shù)日穿過雨林進(jìn)行項(xiàng)目研究。

Conservation projects have proved a popular field for bond market innovation everywhere. In Asia, it includes the world’s first “forest bonds”, sold by the International Finance Corporation, an arm of the World Bank, which raised $152m to finance forest conservation. The five-year bonds offered interest of 1.55 per cent in either cash or in carbon credits sold by the Kenyan forest scheme the deal will support.

事實(shí)證明，對(duì)于債券市場創(chuàng)新而言，環(huán)保項(xiàng)目在任何地區(qū)都是頗受歡迎的領(lǐng)域。在亞洲，它包括全球首只“森林債券”，由世界銀行(World Bank)下屬機(jī)構(gòu)國際金融公司(IFC)發(fā)行，共籌集1.52億美元，為森林保護(hù)提供資金。債券期限為5年，利率為1.55%，利息要么以現(xiàn)金支付，要么以此次債券發(fā)行將支持的肯尼亞森林項(xiàng)目發(fā)售的碳信用支付。

“It is hard to get professional funds flowing into conservation,” says Martijn Wilder, the Sydney-based head of Baker McKenzie’s climate change and finance team, which structured the deal. “One way of doing that was to use a traditional financing tool to raise money, which could be directed into forest conservation.”

“很難讓專業(yè)資金進(jìn)入環(huán)保領(lǐng)域，”貝克•麥堅(jiān)時(shí)(Baker & McKenzie)氣候變化和金融團(tuán)隊(duì)駐悉尼負(fù)責(zé)人瑪泰恩•維爾德(Martijn Wilder)表示，“一種方法是利用傳統(tǒng)融資工具籌資，可以用于森林保護(hù)。”該團(tuán)隊(duì)負(fù)責(zé)安排這筆債券的發(fā)行。

Critical to the deal was a $12m commitment by miner BHP, which will pay the interest if the investors — which include funds such as TIAA, and Calstrs, the California teachers’ pension scheme — opt for cash instead of carbon.

對(duì)這筆交易至關(guān)重要的是礦商必和必拓(BHP)的1200萬美元承諾，如果投資者選擇收取現(xiàn)金而非碳信用，必和必拓將支付利息。這些投資者包括美國教師退休基金會(huì)(TIAA)和加州教師養(yǎng)老金計(jì)劃(Calstrs)等基金。

“The truth is that many investors don’t know much about carbon credits. The point is to expose them to that,” says Mr Wilder. “[The investors] have to elect each year whether to take credits or cash. If they are really savvy, they should be able to sell the credit for a higher price than the cash interest.”

“事實(shí)是很多投資者不那么了解碳信用。關(guān)鍵是讓他們明白，”維爾德表示，“(投資者)必須每年選擇是接受碳信用還是現(xiàn)金利息。如果他們真的了解情況的話，他們應(yīng)該可以以比現(xiàn)金利息更高的價(jià)格出售碳信用。”

Another regional first was a renminbi-denominated deal backed by the IMF’s basket of currencies, known as special drawing rights. While SDR products — essentially backed by a basket of dollars, euros, yen, sterling and renminbi — are commonly used as reserve assets by central banks, the aim was to highlight China’s impending inclusion as a reserve currency, which took place in October.

另一個(gè)亞洲第一是以人民幣結(jié)算的SDR債券。SDR是IMF的貨幣籃子。SDR產(chǎn)品(主要由美元、歐元、日元、英鎊和人民幣貨幣籃子提供支持)被央行普遍用作儲(chǔ)備資產(chǎn)，但當(dāng)時(shí)發(fā)行這筆債券的目的是突出人民幣即將被納入SDR儲(chǔ)備貨幣籃子(于去年10月納入)。

The World Bank raised 500m in SDRs — about $700m — through the deal, which was more than two times oversubscribed.

世界銀行通過該交易籌資5億SDR——約7億美元，認(rèn)購倍數(shù)超過兩倍。

Although rare, SDR bonds are not themselves new: the innovation lay in making this particular deal possible. One challenge was that the China Foreign Exchange Trade System (CFETS), run by the People’s Bank of China, did not publish reference rates for all SDR currencies at the same times each day.

雖然SDR債券較為少見，但它本身并非新事物：創(chuàng)新使得這筆交易成為可能。其中一個(gè)挑戰(zhàn)是，中國人民銀行直屬的中國外匯交易中心(CFETS)此前并非每天同一時(shí)間公布所有SDR貨幣的參考匯率。

“The PBoC’s system captured the points but they weren’t publishing them — so it had to revise its system,” says Christine Chen, a partner at King & Wood Mallesons, who praises the efforts of Chinese central bankers to make the innovation work. “They don’t always have much flexibility. But they really want to take the market structure forward and they want to attract international issuers and the very best international investors.”

“中國央行的系統(tǒng)獲取了數(shù)值，但他們不對(duì)外公布——因此它必須修改該系統(tǒng)，”金杜律師事務(wù)所(King & Wood Mallesons)合伙人陳已昕(Christine Chen)表示，“他們的靈活度不夠。但他們確實(shí)想推進(jìn)市場結(jié)構(gòu)，想吸引國際發(fā)行方和非常出色的國際投資者。”

Other innovations in the region dealt with challenges that are more familiar to lawyers: structuring complex deals to very tight time­tables.

該地區(qū)其他創(chuàng)新解決的是律師更熟悉的挑戰(zhàn)：在非常緊張的時(shí)間表中安排復(fù)雜的交易。

A 27-strong team from Hogan Lovells, for example, was needed to structure a $70m investment by Goldman Sachs’ private equity arm into Red Planet Hotels.

例如，霍金路偉律師事務(wù)所(Hogan Lovells)需要派一支27人的隊(duì)伍，來安排高盛(Goldman Sachs)的私募股權(quán)部門向紅色星球酒店(Red Planet Hotels)投資7000萬美元的交易。

This fast-developing budget chain has am­bitions to expand across the region but still lacked the scale to appeal to many banks. The time­table facing Hogan Lovells was just two months. Structuring the loan involved taking onshore security over the chain’s assets in countries that are often considered risky in legal terms, including Thailand, Indonesia and the Philippines.

這家快速發(fā)展的連鎖酒店有在亞洲擴(kuò)張的雄心，但其規(guī)模仍然不足以吸引很多銀行?；艚鹇穫ヂ伤臅r(shí)間表只有2個(gè)月。安排貸款，涉及對(duì)該連鎖酒店在包括泰國、印尼和菲律賓在內(nèi)的多個(gè)國家——這些國家在法律方面通常被認(rèn)為存在風(fēng)險(xiǎn)——的資產(chǎn)安排境內(nèi)抵押。

Allan Wardrop, the partner who led the deal, concedes that innovation in such transactions can be hard to replicate in the next deal because of the differing complexities that are involved in each one. But he nevertheless predicts a growing market for similar private equity-based funding.

牽頭該交易的霍金路偉律所合伙人艾倫•沃德羅普(Allan Wardrop)承認(rèn)，由于每筆交易涉及的復(fù)雜問題不同，此類交易中的創(chuàng)新很難在下一次交易中復(fù)制。但他仍然預(yù)測，類似基于私募股本的融資市場將快速發(fā)展。

“There aren’t so many debt funds yet, but I think they will increasingly be looking at this type of deal — particularly in Asia where you’ve got high-growth businesses who can’t yet tap the mainstream markets,” he says.

“目前還沒有太多的債券基金，但我認(rèn)為他們將日益關(guān)注此類交易——特別是在亞洲，這里擁有快速發(fā)展、但尚未能觸及主流市場的企業(yè)，”他表示。