韩国主权熊猫债获5倍超额认购 South Korea panda bond five times subscribed

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

首支主权“熊猫债券”获得5倍超额认购，这笔交易标志着，中国政府在推进人民币国际化以及拓宽国内投资者投资产品池方面又迈进了一步。

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

韩国此次发行了30亿元人民币（合4.64亿美元）的3年期主权熊猫债券，中标利率为3.0%，落在其估计的3.0%至3.5%区间的下限。熊猫债券是境外机构在中国债券市场发行的以人民币计价的债券。

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

花旗集团(Citigroup)亚洲债券辛迪加主管邓肯菲利普斯(Duncan Phillips)是这支债券的账簿管理者之一，他表示认购情况显示出中国投资者对境外借款者的兴趣日益高涨。

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

他还表示：“随着该市场进一步发展，我们预计包括主权、银行和企业发行者在内的多个群体会进一步发行熊猫债。”

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

韩国对主权熊猫债的需求测试对该市场有着里程碑式的意义。

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

韩国企划财政部副部长崔熙男(Choi Hee-nam)表示，韩国很“荣幸”能成为首个发行熊猫债的主权国家。他说：“此次发行为韩国以及熊猫债的进一步发行设定了一个重要基准。”

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

这笔交易在很大程度上意在设定一个基准，以便为韩国企业利用熊猫债市场铺平道路。

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

一些参与该交易的人士表示，投资者不仅对熊猫债的进一步发行前景感兴趣，也对韩国的风险状况感兴趣。

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

以韩元计价的3年期韩国国债收益率为1.73%，中国国债收益率则为2.74%。韩中两国的标准普尔(Standard & Poor's)评级都是AA-，穆迪(Moody's)给出的评级与标普相当。

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

这一提振熊猫债市场活跃程度的举措再次表明，中国愿意逐步开放国内资本市场，吸引更多国际机构参与。中国政府今年放松了对境外机构和央行参与中国国内债券市场的限制。