中國銀行向美國投資者發行美元債券

Bank of China is set to become the first mainland Chinese lender to sell US dollar bonds directly to US investors, as it begins marketing Basel III-compliant debt to global fund managers.

中國銀行(Bank of China)將成爲首家直接向美國投資者發售美元債券的中國內地銀行。該銀行已開始向全球基金經理推介其符合巴塞爾協議III(Basel III)規定的一筆債券。

BoC’s bond sale, from which it is planning to raise around $3bn, will meet regulatory requirements for US investors, known as “144a”. Preliminary pricing suggests a yield of around 300 basis points over comparable US Treasuries, according to a termsheet seen by the Financial Times.

中國銀行此次發債計劃籌資約30億美元，將符合針對美國投資者的監管要求，即144a規則。根據英國《金融時報》看到的一份條款清單，初步定價顯示，債券收益率較可比美國國債收益率高出300個基點。

BoC is rated “A” by all three of the main rating agencies, although the bonds themselves will likely carry a “BBB+” rating due to the legal complexities involved with a Chinese company issuing debt offshore.

中國銀行被全球三個主要評級機構列爲“A”級，不過出於一家中國企業在海外發債所涉及的法律複雜性，此次發行的債券可能被評爲“BBB+”級。

The 10-year bonds will also meet standards required for European and Asian investors, making this the first truly global deal to be sold by the main onshore arm of a Chinese bank, rather than by a subsidiary. In the past, local branches of mainland lenders in the US and other markets have raised their own US dollar debt.

這些10年期債券還將符合針對歐洲和亞洲投資者的監管標準，這令此次發債成爲第一筆由一家中國銀行主要境內機構（而非分支行）發行的真正全球性債券。過去都是中國內地銀行在美國和其他市場的分支機構發行美元債券。

Chinese banks have been issuing debt aggressively this year as they look to diversify their funding sources and improve balance sheets ahead of new capital adequacy rules.

今年，中國各銀行一直在大舉發債，因爲它們希望將其融資來源多樣化，同時在新的資本充足率規定實施之前改善資產負債表。

Bankers and lawyers expect the sector to become the mainstay of the Asian bond markets, having been completely absent until last year.

銀行人士和律師預測，中國銀行業將成爲亞洲債券市場的主流，而在去年之前，這個市場上還完全不見它們的身影。

Barclays estimates that the Chinese banking sector will ultimately have to raise around Rmb1tn ($160bn) over the next few years.

巴克萊(Barclays)估計，未來幾年，中國銀行業將最終需要融資約1萬億元人民幣(合1600億美元)。