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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.
中国银行(BoC)发售美元债大获成功。这是由中资银行境内分支机构直接对美国投资者发售的首笔美元债券。
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.
根据周四的定价，中行这笔10年期债券的收益率比美国国债高出270个基点，比起初300个基点的先期指引低不少。中行计划发债30亿美元，而收到了580个账户总额达180亿美元的订单。这笔被评为BBB+级的债券，逾四分之一卖给了美国的基金，60%卖给了亚洲投资者。
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.
今年以来，中资银行一直在积极发力于离岸债券市场。算上中行最新这笔美元债券，中资银行发债总规模超过200亿美元（如包括所发人民币债券的话，发债总额达300亿美元）。中国银行业不良贷款预计将会升高，许多中资银行都希望利用目前的低利息和借款规则的放宽，发债以巩固资产负债表。
Previously, mainland lenders have sold debt to US investors, but only through offshore branches and subsidiaries.
以前，中国大陆的银行也曾向美国投资者发行债券，但都是通过其海外分行和子公司发行。
