GMAT閱讀素材：中資證券公司債券銷售費用收入激增

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　　China’s top securities houses have already raked in more than half last year’s record fees from bond sales as the country’s rapidly developing debt markets reshape the Asian landscape.

　　中國各大證券公司從債券發賣斬獲的用度收入已達客歲創記載程度的一半以上。今朝中國敏捷成長的債券市場正在重塑亞洲格式。

　　Soaring issuance in China’s onshore markets also comes at the expense of international rivals such as Citigroup, JPMorgan, and Deutsche Bank, who lack the licences to underwrite onshore deals and as a result now hold a shrinking part of the overall fee pool in the region.

　　中國在岸市場刊行量飆漲，也象征著國際競爭敵手如花旗團體(Citigroup)、摩根大通(JPMorgan)和德意誌銀行(Deutsche Bank)支付價值，由於它們沒有承銷在岸生意業務的允許，成果就是在地域用度池中所占份額愈來愈小。

　　So far this year, Chinese groups, led by China Securities and Citic Securities, account for one-quarter of the fee pool among the top players, up from 6 per cent five years ago, according to Dealogic estimates. International banks have seen their share halve to just under a fifth over that time.

　　依據Dealogic的估算，本年迄今，以中信建投證券(China Securities)和中信證券(Citic Securities)為首的中資機構在大型證券公司的用度池中占到四分之一，遠高於五年前的6%。同期外洋銀行所占份額減半，降至不到五分之一。

　　The shift in rankings is largely the result of China’s rapidly developing bond markets — already the world’s third-largest, behind the US and Japan. Corporate bond issuance has grown even faster than overall credit in China as companies have sought lower financing costs than those available on bank loans.

　　這類排名變更在很大水平上是中國快速成長的債券市場的成果;這個市場的範圍已是天下第三大，僅次於美國和日本。跟著企業追求比銀行貸款本錢更低的融資，公司債券刊行的增加速率乃至跨越了中國團體信貸增加。

　　Chinese banks this year make up 9 of the top 20 banks by fee income from bond sales, and have so far earned $450m, compared with $797m in total last year.

　　按債券發賣用度收入排名，中資機構本年在前20家機構中占了9家，迄今斬獲4.5億美元，而客歲整年為7.97億美元。

　　While the fees involved in debt deals are a fraction of those for equity issuance, they are a key form of relationship-building for banks. Dealogic’s fee data involve estimates and may not capture all private deals but they are still widely used across the industry.

　　只管債務生意業務觸及的用度與股票刊行比擬只是一小部門，但它們對承銷機構來講是打造幹系的主要情勢。Dealogic的用度數據觸及估量，大概沒有籠罩全部私募生意業務，但這些數據仍在業內被普遍應用。

　　International banks have pulled in $317m compared with $1.03bn last year — hampered by a slowing demand for bond sales outside of China. Corporate issuance elsewhere in Asia-Pacific so far this year is about a third lower than the same time in 2015 while Chinese companies’ onshore bond sales are running more than 50 per cent above last year’s levels.

　　外洋銀行從債券發賣斬獲了3.17億美元，而客歲為10.3億美元;它們遭到中國之外債券刊行需求放緩的拖累。本年迄今亞太地域其他處所的公司債券刊行量比2015年同期低了約莫三分之一，而中國企業在岸債券的刊行量比客歲同期程度淩駕50%以上。

　　Mainland bond deals are held to be less profitable for banks than offshore issuance, where deals are usually bigger and are typically led jointly by Chinese and international banks.

　　據信在岸債券生意業務對承銷機構而言不如離岸刊行那末有益可圖;離岸生意業務每每範圍更大，並且一樣平常由中資和國際機構結合牽頭。

　　Cheap borrowing rates have encouraged Chinese groups to tap local markets rather than banks. The weighted-average interest rate on bank loans across all maturities was 5.7 per cent in the first quarter, according to central bank data. By contrast, the yield on 10-year triple A rated corporate bonds averaged only 3.8 per cent in the same period, according to China’s main bond clearing house. For shorter maturities, the cost of bond finance is even lower.

　　低乞貸利率也勉勵中資企業應用當地債市，而不是從銀行貸款。依據央行的數據，第一季度各類刻日的銀行貸款的加權均勻利率為5.7%。比擬之下，中國重要債券結算機構的數據表現，同期10年期AAA級公司債券的收益率均勻只有3.8%。對付刻日較短的債券，這類融資方法的本錢更低。

　　As a result of this cost advantage, the bond share of overall net new corporate external financing rose to 19 per cent in 2015, up from only 10 per cent in 2013, according to central bank data.

　　這類本錢上風帶來的成果是，依據央行的數據，2015年企業整體新增凈外部融資中債券的份額升至19%，而2013年的這個比例只有10%。

　　Policymakers have encouraged this development. Zhou Xiaochuan, governor of the People’s Bank of China has repeatedly emphasised the need to increase the role of capital markets in China’s overall financial system in an effort to reduce reliance on bank loans and introduce more market discipline.

　　政策制訂者勉勵這一成長。中國國民銀行(PBoC)行長周小川幾回再三誇大須要進步本錢市場在中國全部金融系統中的感化，以求下降對銀行貸款的依附，並引入更多市場規律。

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