中國(guó)綠色債券發(fā)行規(guī)模達(dá)到創(chuàng)紀(jì)錄高點(diǎn)

Chinese banks are using ethically labelled bonds to refinance existing loans, helping to propel the country to become the world’s biggest issuer of green paper.

中國(guó)各銀行正利用貼有道德標(biāo)簽的債券為現(xiàn)有貸款再融資，此舉將幫助推動(dòng)中國(guó)成為全球最大綠色債券發(fā)行國(guó)。

Green bond issuance is at a record high and China became the largest source of new paper in the third quarter of this year, taking it to the joint-largest source of issuance in the year to date, along with France.

中國(guó)的綠色債券發(fā)行規(guī)模達(dá)到創(chuàng)紀(jì)錄高點(diǎn)，今年第三季度，中國(guó)成為全球最大綠色新債發(fā)行國(guó)，并讓中國(guó)與法國(guó)并列成為今年迄今最大綠色債券發(fā)行國(guó)。

Financial institutions issued three-quarters of green bonds in China since the market first emerged in 2014, a Financial Times analysis of data from the credit rating agency Moody’s has found.

英國(guó)《金融時(shí)報(bào)》對(duì)信貸評(píng)級(jí)機(jī)構(gòu)穆迪(Moody’s)的數(shù)據(jù)進(jìn)行的分析發(fā)現(xiàn)，自2014年綠色債券市場(chǎng)出現(xiàn)以來(lái)，金融機(jī)構(gòu)在中國(guó)發(fā)行的綠色債券占四分之三。

When raising the cash, banks are reserving the right to use it to refinance existing lending rather than using it to finance new projects, some of the bonds’ documentation suggests. Many of the refinanced loans are not labelled as green.

一些債券的文件顯示，在募集資金時(shí)，銀行保留了利用綠色債券為現(xiàn)有貸款再融資的權(quán)利，而不是利用它們?yōu)樾马?xiàng)目融資。很多得到再融資的貸款并沒有綠色標(biāo)簽。

A report on the Chinese green bond market by international advisory body the Climate Bonds Initiative last year noted that “refinancing of [unlabelled] green loans is the main role of green bonds” in China.

國(guó)際顧問機(jī)構(gòu)——氣候債券倡議組織(Climate Bonds Initiative)去年發(fā)布的一份有關(guān)中國(guó)綠色債券的報(bào)告指出，在中國(guó)，“綠色債券的主要作用是為(沒有標(biāo)簽)的綠色貸款再融資”。

Chinese banks hold $920bn of loans that would qualify for green bond status, the report estimated.

該報(bào)告估計(jì)，中國(guó)各銀行持有9200億美元符合綠色債券資格的貸款。

Separately, the CBI noted in September there was “a paucity of investible projects” but said that issuers in emerging markets “can issue green bonds in/outside China to refinance their infrastructure”.

另外，今年9月，氣候債券倡議組織指出，“可投資項(xiàng)目匱乏”，但表示新興市場(chǎng)發(fā)行者“能夠在中國(guó)境內(nèi)外發(fā)行綠色債券，為他們的基礎(chǔ)設(shè)施再融資”。

Lily Dai, a senior research analyst at the CBI, said banks were using green bonds as a way of refinancing loans made to environmental projects under the China Banking Regulatory Commission’s green credit directive in 2012, which urged banks to promote green credit.

氣候債券倡議組織高級(jí)研究分析師戴偉惠(Lily Dai)表示，銀行正把綠色債券用于根據(jù)中國(guó)銀監(jiān)會(huì)(CBRC) 2012年的綠色信貸指引發(fā)放給環(huán)境項(xiàng)目的貸款的再融資。該指引敦促銀行發(fā)展綠色信貸。

The CBRC is now encouraging banks to issue green bonds, she said; “the banks want to issue bonds because their tenor is longer” than the maturing loans they needed to refinance.

戴偉惠表示，中國(guó)銀監(jiān)會(huì)現(xiàn)在鼓勵(lì)銀行發(fā)行綠色債券：“銀行希望發(fā)行這類債券是因?yàn)樗鼈兊钠谙?比銀行需要再融資的到期貸款)更長(zhǎng)”。

Yao Wang, director-general of Beijing’s International Institute of Green Finance, said: “Before 2015 we didn’t label the bonds but they were actually issued for green purposes. Last year we started labelling.”

北京中央財(cái)經(jīng)大學(xué)綠色金融國(guó)際研究院(International Institute of Green Finance)院長(zhǎng)王遙表示：“2015年以前，我們沒有給這些債券貼上標(biāo)簽，但它們的發(fā)行確實(shí)用于環(huán)保用途。去年，我們開始貼標(biāo)簽。”

The International Capital Markets Association’s green bond principles recommend that, when issuers intend to use the proceeds of the bond for refinancing, they should “provide an estimate of the share of financing versus refinancing” and “clarify which investments or project portfolios may be refinanced”.

國(guó)際資本市場(chǎng)協(xié)會(huì)(International Capital Market Association)的綠色債券發(fā)行原則規(guī)定，當(dāng)發(fā)行人打算利用債券發(fā)行所得再融資時(shí)，它們應(yīng)該“提供融資與再融資比例的估算”，并且“澄清可能為哪些投資或項(xiàng)目組合提供再融資”。

However, most Chinese green bonds issued to date are not listed on international green bond exchanges, where issuers can publish documentation including setting out how they intend to use the proceeds, although more recently issuers have begun to do this.

然而，中國(guó)迄今發(fā)行的綠色債券大多沒有在國(guó)際綠色債券交易所上市——在國(guó)際綠色債券交易所，發(fā)行人可以發(fā)布文件，包括說明他們打算如何使用發(fā)行所得——盡管他們最近已經(jīng)開始這樣做了。

In October ICBC raised its inaugural green bond with a $1bn, dual-tranche deal which is listed on the Luxembourg Stock Exchange’s green platform. The bond’s paperwork says the proceeds will be used for “the financing and/or refinancing of eligible green assets”.

今年10月，中國(guó)工商銀行(ICBC)在盧森堡證券交易所的綠色債券平臺(tái)上發(fā)行了一筆10億美元的兩檔債券。該債券的文件稱，發(fā)行所得將用于“合格綠色資產(chǎn)的融資和/或再融資”。

Other bonds’ documentation cites projects which are already up and running as being among the destinations for the finance raised.

其他債券文件將已經(jīng)投入運(yùn)行的項(xiàng)目納入融資目的地之列。

Chinese banks are particularly well placed to issue green bonds because of their relatively high credit ratings in comparison with many corporates, Ms Wang said, predicting that Chinese bond issuers will increasingly invest the proceeds of their green finance-raising abroad.

王遙表示，由于與許多企業(yè)相比，中國(guó)各銀行的信用評(píng)級(jí)相對(duì)較高，因此它們特別適合發(fā)行綠色債券。她預(yù)計(jì)，中國(guó)債券發(fā)行人將越來(lái)越多地使用海外綠色債券發(fā)行所得進(jìn)行投資。

Ms Wang said she was “sure” that the Asian Infrastructure Investment Bank, the rapidly growing China-led supranational organisation, would issue green bonds in future. She said they could also be used to finance the Silk Road Fund, a state investment vehicle.

王遙表示，她“確信”，亞洲基礎(chǔ)設(shè)施投資銀行(Asian Infrastructure Investment Bank，簡(jiǎn)稱：亞投行)將在未來(lái)發(fā)行綠色債券。她說，這些債券也可以用來(lái)為政府投資工具絲路基金(Silk Road Fund)提供融資。亞投行是由中國(guó)主導(dǎo)的一個(gè)快速發(fā)展的超國(guó)家組織。

Banks in other parts of the world have also begun to use green bonds to refinance existing loans, albeit on a much smaller scale. This autumn, Barclays became the first bank to issue a green bond in the UK to fund domestic assets, pledging to use the proceeds to refinance a portfolio of residential mortgages.

世界其他地區(qū)的銀行也開始使用綠色債券對(duì)現(xiàn)有貸款進(jìn)行再融資，盡管規(guī)模要小得多。今年秋季，巴克萊(Barclays)成為首家在英國(guó)發(fā)行綠色債券為國(guó)內(nèi)資產(chǎn)提供融資的銀行，該行承諾將利用發(fā)行所得對(duì)一個(gè)住宅抵押貸款組合進(jìn)行再融資。