發行初始 中行美元債券受熱捧

bank of China's US dollar debt deal - the first sold to US investors by the onshore arm of a Chinese lender - has been a knockout success.

中國銀行(BoC)發售美元債大獲成功。這是由中資銀行境內分支機構直接對美國投資者發售的首筆美元債券。

The 10-year bond priced on Thursday Morning at 270 basis points over US Treasuries, considerably tighter than the initial guidance of 300 bps. The $3bn deal attracted a whopping $18bn of orders from 580 accounts. More than a quarter of the BBB+ rated deal went to US funds, with Asian accounts taking 60 per cent, writes Josh Noble in Hong Kong.

根據週四的定價，中行這筆10年期債券的收益率比美國國債高出270個基點，比起初300個基點的先期指引低不少。中行計劃發債30億美元，而收到了580個賬戶總額達180億美元的訂單。這筆被評爲BBB+級的債券，逾四分之一賣給了美國的基金，60%賣給了亞洲投資者。

Chinese banks have been tapping bond markets aggressively offshore this year, with the BoC deal taking the total beyond $20bn (or $30bn including those issued in remninbi). Many are exploiting low interest rates and loosening of borrowing rules to help bolster balance sheets ahead of an expected rise in non-performing loans.

今年以來，中資銀行一直在積極發力於離岸債券市場。算上中行最新這筆美元債券，中資銀行發債總規模超過200億美元（如包括所發人民幣債券的話，發債總額達300億美元）。中國銀行業不良貸款預計將會升高，許多中資銀行都希望利用目前的低利息和借款規則的放寬，發債以鞏固資產負債表。

Previously, mainland lenders have sold debt to US investors, but only through offshore branches and subsidiaries.

以前，中國大陸的銀行也曾向美國投資者發行債券，但都是通過其海外分行和子公司發行。