匈牙利发行10亿元熊猫债

Hungary has become the latest eastern European country to sell debt on the Chinese mainland, raising Rmb1bn in a three-year bond, as the government in Budapest seeks to expand its investor base and strengthen ties with Beijing.

匈牙利在中国发行10亿元人民币三年期债券，成为最新一个在中国内地发行债券的东欧国家。眼下匈牙利政府正寻求扩大其投资者基础，同时加强与北京的联系。

The sale makes Hungary the first country to have sold debt denominated in the Chinese currency onshore as well as offshore, according to Gy?rgy Barcza, chief executive of Hungary’s Government Debt Management Agency.

据匈牙利政府债务管理局(Government Debt Management Agency)主管鲍尔曹?焦尔杰(Gy?rgy Barcza)表示，此次发行使匈牙利成为第一个在离岸和在岸市场都发行了以人民币计价债券的国家。

While Hungary’s economy is benefiting from the improvement in eurozone growth, the country is also looking to develop economic links to China.

虽然匈牙利经济正受益于欧元区增长的提高，但该国也在寻求发展与中国的经济联系。

The latter’s Belt and Road programme includes projects in Hungary, such as the construction of a railway between Budapest and Belgrade.

中国的“一带一路”(Belt and Road)计划包括若干匈牙利项目，例如在布达佩斯和贝尔格莱德之间建造一条铁路。

Saad Siddiqui, a rates strategist at JPMorgan, said that the rationale for Hungary’s renminbi issuance was geostrategic rather than financial.

摩根大通(JPMorgan)利率策略师萨阿德?西迪基(Saad Siddiqui)表示，匈牙利发行人民币债券的根本原因是地缘战略而不是财政。

“The government’s fiscal financing strategy is to reduce the amount of foreign currency issuance it undertakes, and yuan-denominated debt would seem at face value not to be consistent with that, but this is not primarily for financial reasons,” he said.

他说：“匈牙利政府的财政融资策略是减少外债发行量，表面上看以人民币计价的债务似乎不符合这一点，但发行人民币债券并不主要出于财政原因。”

“It helps to further cement Hungary’s position, they want to be a connector for CEE and Europe more generally from the Chinese perspective.”

“它有助于进一步巩固匈牙利的地位，他们希望从中国的角度看匈牙利成为中国与中东欧地区和欧洲更广泛的连接者。”

Hungary’s issue is the first sovereign renminbi deal since China earlier this month launched its Bond Connect scheme, which allows foreign fund managers to trade in Chinese debt markets directly without having to set up onshore accounts.

匈牙利此次发债是自本月初中国启动“债券通”(Bond Connect)以来第一单人民币主权债券交易。债券通允许外国基金公司直接在中国债务市场进行交易，而无需建立在岸账户。

Budapest’s deal on Wednesday was priced at a yield of 4.85 per cent, towards the lower end of the initial guidance of 4.6 to 5.2 per cent. It attracted orders of Rmb2bn ($300,000). Bank of China and HSBC acted as joint lead underwriters for Hungary.

匈牙利在周三发行的这支债券票面年利率为4.85%，处于4.6%至5.2%初步指导区间的低端，吸引了20亿元人民币（合3亿美元）的认购。中国银行(Bank of China)和汇丰银行(HSBC)共同担任匈牙利的主承销商。

Hungary raised Rmb1bn in a dim sum bond last year, which was priced at a yield of 6.75 per cent.

匈牙利去年发行了10亿元人民币的点心债券，其票面年利率为6.25%。

Mr Barcza said his country wanted to expand its investor base and take advantage of the significant volumes of capital seeking deals in the Chinese market.

鲍尔曹表示，他的国家希望扩大投资者基础，并利用在中国市场寻求交易的大量资本。

Hungary’s deal follows on from Poland, which last summer became the first non-Asian sovereign to issue a panda bond, raising Rmb3bn and at a yield of 3.4 per cent.

匈牙利此次发行熊猫债之前，波兰已于去年夏天成为首个发行熊猫债的非亚洲主权国家，募集资金30亿元人民币，票面利率3.4%。

Panda bonds are renminbi-denominated debt sold onshore in China, as opposed to dim sum bonds which are offshore renminbi-denominated debt.

熊猫债是境外机构在中国境内发行的人民币计价债券，与之对应的是点心债——离岸人民币计价债券。

The first nation to issue a panda bond was South Korea in late 2015. The only other sovereign-related issuer to tap the panda market so far is the Canadian province of British Columbia, last year.

2015年末，韩国成为首个发行熊猫债的国家。到目前为止，涉足熊猫债市场的其他唯一的主权相关发行方是去年发行熊猫债的加拿大不列颠哥伦比亚省(British Columbia)。

As China’s capital markets have opened up to foreign investors, the growth of panda bond issuance has eaten into the dim sum market.

随着中国资本市场向外国投资者开放，熊猫债发行增加已经开始蚕食点心债市场。

Hungary had already begun to plan an offshore renminbi bond when China loosened onshore issuance rules last year, Mr Barcza said, leaving policymakers with a dilemma about whether to push ahead with the dim sum offer or switch to a panda bond. In the end, they decided to do both.

鲍尔曹表示，中国去年放宽在岸发行规定时，匈牙利已经开始计划发行离岸人民币债券，这使政策制定者面临两难选择——继续推进点心债发行，还是转向熊猫债。最后，他们决定两者都发行。

As a result, the existence of both offshore and onshore renminbi-denominated Hungarian debt will offer investors the ability to compare trading conditions in both markets, according to Mr Barcza.

鲍尔曹说，结果离岸和在岸人民币计价匈牙利债券的同时存在，将使投资者能够比较两个市场的交易条件。

“Hungarian bonds could be used as an indication of the liquidity situation and demand in both those markets,” he said.

他说：“匈牙利债券可以用作反映这两个市场流动性状况和需求的一个指标。”

In 2015, HSBC became the first foreign bank to issue a panda bond. German luxury carmaker Daimler became the first overseas non-financial company to do so, in 2014.

2015年，汇丰(HSBC)成为首家发行熊猫债的境外银行。2014年，德国豪华汽车制造商戴姆勒(Daimler)成为首家发行熊猫债的海外非金融企业。