匈牙利發行10億元熊貓債

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.

匈牙利在中國發行10億元人民幣三年期債券，成爲最新一個在中國內地發行債券的東歐國家。眼下匈牙利政府正尋求擴大其投資者基礎，同時加強與北京的聯繫。

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.

據匈牙利政府債務管理局(Government Debt Management Agency)主管鮑爾曹?焦爾傑(Gy?rgy Barcza)表示，此次發行使匈牙利成爲第一個在離岸和在岸市場都發行了以人民幣計價債券的國家。

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

雖然匈牙利經濟正受益於歐元區增長的提高，但該國也在尋求發展與中國的經濟聯繫。

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

中國的“一帶一路”(Belt and Road)計劃包括若干匈牙利項目，例如在布達佩斯和貝爾格萊德之間建造一條鐵路。

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)利率策略師薩阿德?西迪基(Saad Siddiqui)表示，匈牙利發行人民幣債券的根本原因是地緣戰略而不是財政。

“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.

他說：“匈牙利政府的財政融資策略是減少外債發行量，表面上看以人民幣計價的債務似乎不符合這一點，但發行人民幣債券並不主要出於財政原因。”

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

“它有助於進一步鞏固匈牙利的地位，他們希望從中國的角度看匈牙利成爲中國與中東歐地區和歐洲更廣泛的連接者。”

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.

匈牙利此次發債是自本月初中國啓動“債券通”(Bond Connect)以來第一單人民幣主權債券交易。債券通允許外國基金公司直接在中國債務市場進行交易，而無需建立在岸賬戶。

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.

匈牙利在週三發行的這支債券票面年利率爲4.85%，處於4.6%至5.2%初步指導區間的低端，吸引了20億元人民幣（合3億美元）的認購。中國銀行(Bank of China)和匯豐銀行(HSBC)共同擔任匈牙利的主承銷商。

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

匈牙利去年發行了10億元人民幣的點心債券，其票面年利率爲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.

鮑爾曹表示，他的國家希望擴大投資者基礎，並利用在中國市場尋求交易的大量資本。

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.

匈牙利此次發行熊貓債之前，波蘭已於去年夏天成爲首個發行熊貓債的非亞洲主權國家，募集資金30億元人民幣，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.

熊貓債是境外機構在中國境內發行的人民幣計價債券，與之對應的是點心債——離岸人民幣計價債券。

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，韓國成爲首個發行熊貓債的國家。到目前爲止，涉足熊貓債市場的其他唯一的主權相關發行方是去年發行熊貓債的加拿大不列顛哥倫比亞省(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.

隨着中國資本市場向外國投資者開放，熊貓債發行增加已經開始蠶食點心債市場。

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.

鮑爾曹表示，中國去年放寬在岸發行規定時，匈牙利已經開始計劃發行離岸人民幣債券，這使政策制定者面臨兩難選擇——繼續推進點心債發行，還是轉向熊貓債。最後，他們決定兩者都發行。

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.

鮑爾曹說，結果離岸和在岸人民幣計價匈牙利債券的同時存在，將使投資者能夠比較兩個市場的交易條件。

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

他說：“匈牙利債券可以用作反映這兩個市場流動性狀況和需求的一個指標。”

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，匯豐(HSBC)成爲首家發行熊貓債的境外銀行。2014年，德國豪華汽車製造商戴姆勒(Daimler)成爲首家發行熊貓債的海外非金融企業。