韓國主權熊貓債獲5倍超額認購

　　The first sovereign “panda” bond attracted bids forfive times the paper on offer in a deal that markedanother step in Beijing’s efforts to internationalise the renminbi and broaden the pool ofinvestment products for domestic investors.

　　首支主權“熊貓債券”得到5倍逾額認購，這筆生意業務標記著，中國當局在推動國民幣國際化和拓寬海內投資者投資產物池方面又邁進了一步。

　　South Korea sold Rmb3bn ($464m) in three-year notes at 3 per cent, the tight end of itsestimated 3-3.5 per cent range. Panda bonds are renminbi-denominated debt sold byforeigners into China’s bond markets.

　　韓國這次刊行了30億元國民幣(合4.64億美元)的3年期主權熊貓債券，中標利率為3.0%，落在其估量的3.0%至3.5%區間的下限。熊貓債券是境外機構在中國債券市場刊行的以國民幣計價的債券。

　　Duncan Phillips, head of Asia debt syndicate for Citigroup, a bookrunner on the deal, said thedemand showed Chinese investors’ growing interest in foreign borrowers.

　　花旗團體(Citigroup)亞洲債券辛迪加主管鄧肯菲利普斯(Duncan Phillips)是這支債券的賬簿治理者之一，他表現認購情形表現出中國投資者對境外乞貸者的興致日趨飛騰。

　　“We expect to see further issuance across several sectors, including sovereign, bank andcorporate issuers, as the market develops further,” he added.

　　他還表現：“跟著該市場進一步成長，咱們估計包含主權、銀行和企業刊行者在內的多個群領會進一步刊行熊貓債。”

　　Korea’s test of demand for sovereign panda paper is a milestone for the market. T

　　韓國對主權熊貓債的需求測試對該市場有著裏程碑式的意義。

　　Choi Hee-nam, finance vice-minister, said South Korea was “honoured” to have been the firstsovereign to sell panda debt. “This new issue sets an important benchmark for Korea and forfurther issuance,” he said.

　　韓國企劃財務部副部長崔熙男(Choi Hee-nam)表現，韓國很“幸運”能成為首個刊行熊貓債的主權國度。他說：“這次發行動韓國和熊貓債的進一步刊行設定了一個主要基準。”

　　The deal was in large part designed to pave the way for Korean companies to tap the pandamarket by setting a benchmark.

　　這筆生意業務在很大水平上意在設定一個基準，以便為韓國企業應用熊貓債市場攤平途徑。

　　Some people involved in the deal said investors appeared as interested in the prospect forfurther panda issuance as in the country’s risk profile.

　　一些介入該生意業務的人士表現，投資者不但對熊貓債的進一步刊行遠景感興致，也對韓國的危害狀態感興致。

　　Won-denominated three-year South Korean debt yields 1.73 per cent. China’s paperoffers 2.74per cent. Both countries are rated double A minus by Standard & Poor’s and theequivalent by Moody’s.

　　以韓元計價的3年期韓國國債收益率為1.73%，中國國債收益率則為2.74%。韓中兩國的尺度普爾(Standard& Poor's)評級都是AA-，穆迪(Moody's)給出的評級與標普相稱。

　　The move to increase panda bond activity is another sign of China’s willingness to graduallyopen its capital markets to more international participation. Beijing expanded access to itsonshore bond markets for foreign institutions and central banks this year.

　　這一提振熊貓債市場活潑水平的舉動再次註解，中國樂意慢慢開放海內本錢市場，吸引更多國際機構介入。中國當局本年放松了對境外機談判央行介入中國海內債券市場的限定。