同一天在世界各地以4中货币发售债券，是没有几家公司干预尝试的壮举。中国银行上周就这么做了，而且还成功筹集到30亿美元....... Selling bonds in four currencies on the same day around the worl......同一天在世界各地以4中货币发售债券，是没有几家公司干预尝试的壮举。中国银行上周就这么做了，而且还成功筹集到30亿美元.......
Selling bonds in four currencies on the same day around the world is a featfew companies attempt. Bank of China raised $3billion doing so last week — and paid less to do so than it initially feared. Put that together with Monday’s data showing surprisingly strong growth in China, and it would appear as if boom times in the wild east are back. That they are not — given China’s economy is expected to softenslightly from this high point — is unlikely to deter companies’ interest in borrowing overseas, however.
同一天在世界各地以四种货币发售债券，是没有几家公司敢于尝试的壮举。中国银行(Bank of China)上周这麽做了，筹集到30亿美元，而花费比该行起初担心的要少。把这件事与周一显示中国增长强劲程度出人意料的数据结合起来看，貌似“狂野东部”的繁荣时代又回来了。这不是事实，因为中国经济预计将从这个高点轻微放缓，但这不太可能打消企业对境外借款的兴趣。
Even as Beijing curbscapital outflows, delaying its ambitions of making the renminbi a truly international currency in the process, Chinese companies’ global interactions continue to increase. Bank of China’s deal is only one of many bond sales every week by mainland companies.
curbs capital outflow遏制资本流出
There are many reasons for corporate China to go offshore, not least the price. Borrowing costs outside the mainland, relative to US Treasuries, have fallen to their lowest since the global financial crisis. Onshore interest rates meanwhile have been rising as Beijing fights to curb leverage by raising key bank rates.
Capital controls are another reason to look overseas, since doing so avoids many of the approvals needed to get onshore funds out. For example, Bank of China’s deal raised funds for its branches in Macau, Dubai, Luxembourg, Sydney and Johannesburg, ready to finance other Chinese activities.
Alibaba’s Ant Financial, meanwhile, is raising $3billion in the loan market to cover its attempt to purchase MoneyGram, the US cash transfer group.
There is little sign that investors are losing their appetitefor Chinese debt. Bank of China’s deal attracted orders worth $9.6billion. Flows into emerging market funds have picked up — and China accounts for two-thirds of Asian issuance. Chinese sales are also helped by compatriots’previous deals: cashed-up treasury teams need somewhere to park their funds.
Of course, bond markets are known for an ability to come to a crashing halt.A dramatic weakening in Chinese second-quarter data might spookinvestors, who are often in effect lending dollars against mainland assets. But the investors who bid for three times as many bonds that Bank of China wanted to sell do not seem too worried.