俄罗斯将发行首只人民币债券
Russia and China are close to another milestone of co-operation with the placement of an offshore renminbi bond in Russia by the Russian finance ministry that would open new funding options for the country’s issuers and bring Chinese investors one step closer to Russia’s equity market.
俄罗斯和中国接近达成又一项里程碑式的合作——由俄罗斯财政部在俄罗斯配售一只离岸人民币债券。此举将为俄罗斯发行商开辟新的融资选项，也让中国投资者距离俄罗斯股市又近了一步。
People involved say preparations for the issue are nearing completion and it should happen early next year — despite volatility in global bond and equity markets after the UK’s vote to leave the EU in June and Donald Trump’s victory in the US presidential election last month.
相关人士表示，这次发行的筹备工作接近完成，它将于明年初进行——尽管自今年6月英国脱欧公投和唐纳德.特朗普(Donald Trump)在上月的美国总统选举中获胜以来，全球债市和股市处于波动之中。
Under the proposal, first floated in December last year, the Russian finance ministry would issue Rmb6bn ($1bn equivalent) of bonds with multiple maturities to be listed on the Moscow Exchange (MOEX). This would establish benchmarks for a new funding option for large parts of Russia’s economy shut out of foreign-currency bond markets by western sanctions and give China a central role in making this possible.
按照这一在去年12月份首次提出的方案，俄罗斯财政部会发行60亿元人民币（相当于10亿美元）的债券，这些具有不同期限的债券将在莫斯科交易所(Moscow Exchange)上市。对于被西方制裁挡在外币债券市场门外的很大一部分俄罗斯经济，这将为一种新的融资选项建立基准，并让中国在其中扮演核心角色。
“Despite the uptick in global interest rate levels since the US elections and the looming US Fed funds rate hike in December, the interest for this deal from the Chinese mainland investment banks is still very high,” said Andrei Akopian, managing partner at Russian-Chinese advisory business Caderus Capital. Caderus was appointed MOEX’s official representative for China in February 2016.
俄中业务顾问公司凯德罗斯资本公司(Caderus Capital)管理合伙人安德烈.阿科皮扬(Andrei Akopian)表示：“尽管自美国大选以来全球利率水平已上升、且美联储(Fed) 12月可能加息，但中国内地投资银行对该交易的兴趣仍然非常高。”2016年2月，凯德罗斯资本公司被任命为莫斯科交易所官方中国代表。
In a joint statement following a meeting of Russia’s prime minister Dmitry Medvedev and his Chinese counterpart Li Keqiang in early November, Beijing underlined its support for the issue.
在11月初俄罗斯总理德米特里.梅德韦杰夫(Dmitry Medvedev)和中国总理李克强会晤后发布的联合声明中，中国政府强调了对这次发行的支持。
Mr Akopian said this was “the last missing piece of the puzzle” to obtain the necessary regulatory clearance for the issue and towards making Moscow an offshore centre for the renminbi.
阿科皮扬表示，对于这次发行获得必要监管许可、以及让莫斯科成为人民币离岸中心来说，上述举措是“拼图中的最后一块”。
The Chinese-language statement said the aim of the initiative was “to increase co-operation between the [two countries’] banks and between financial institutions in trade finance, in capital raising for projects between the two countries, in insurance and in other areas, and to . . . promote the use of the countries’ domestic currencies in settlement of bilateral trade and investment”.
这份中文声明表示，此举的目的是“加强（两国）银行间合作以及两国金融机构在贸易和项目融资、保险等领域的务实合作……鼓励双边贸易和投资参与者更多地使用本币进行结算”。
Mr Akopian said a number of Russian companies were lining up to issue renminbi bonds in Russia and help establish what he called a “Baikal bond” market.
阿科皮扬表示，多家俄罗斯企业排队等着在俄罗斯发行人民币债券，帮助建立他所称的“贝加尔债券”市场。
This would not be the first offshore renminbi issuance by a foreign government, which was led by the UK in 2014 but — if sold as planned — it would be the largest to date (see table) and would mark a significant step in Chinese-Russian relations at a time when the US appears ready to give up some of its postwar lead in international affairs.
这次发行不会是首次由外国政府发行离岸人民币债券，英国政府在2014年率先这么做。不过，一旦该债券按计划发行，将是迄今规模最大的一次（参见图表），并且标志着在美国似乎准备放弃战后在国际事务中的部分领导权之际，中俄关系向前迈出一大步。
Significantly, the communiqué talks of a need to “reform the international financial system” and “raise the representation and the right to a voice of emerging and developing countries in the global system of economic governance”.
值得注意的是，中俄公报中还谈到“改革国际金融体系”和“提高新兴市场国家和发展中国家在全球经济治理体系中的代表性和话语权”的必要性。
