China Companies Flock To Raise Debt In Euros.ppt

* China Companies Flock To Raise Debt In Euros FT中文网全球经济： /story/001060936/ce 2015年3月9日 Presenters: 商嘉颖 1座机电话号码4 薛婷彦 1座机电话号码3 施 彤 1座机电话号码5 汪姣燕 1座机电话号码7 Chinese companies are ditching the renminbi and flocking to the euro to raise new offshore debt.So far this year, mainland-based companies have sold $2.9bn worth of euro-denominated debt, according to Dealogic, compared with nothing in the first quarter of last year and close to the $3.3bn raised in the whole of 2014. Meanwhile, Chinese borrowers have shunned offshore renminbi debt, known better as “dim sum” bonds. The total raised in the market this year is only $250m, a dramatic drop from the $6.6bn issued during the first three months of last year. US dollar borrowing has been steadily high, with $16.3bn of bonds sold this year. Funding costs for euro debt have been tumbling since the European Central Bank announced plans for a programme of quantitative easing.More than €1.5tn of sovereign eurozone bonds now offer investors negative yields, according to JPMorgan estimates. The new focus on euro debt also marks a change in Chinese corporate funding habits, in part a reflection of increasing eurozone assets held by some of Asia’s most acquisitive companies.Euro bonds can be used for deal financing or for currency management. Word and Expression: 1.ditch vt.摆脱，抛弃； eg: I decided to ditch the sofa bed. 2. shun vt.避开，回避；?避免 eg: In studying a problem, we must shun subjectivity, one - sidedness and superficiality. 3.Tumble v. 物价等 暴跌，剧降 eg:Share prices continued to tumble today on the Tokyo stock market. 4.offshore debt 离岸证券 离岸债券是指借款人在本国境外市场发行的以本国货币为面值的债券。例如：离岸人民币证券就是在中国大陆以外地区发行的以人民币计价的债券。 5.“dim sum” bonds “点心证券” 在香港发行的人民币计价债券被称为“点心债券”，因其相对于整个人民币债券市场规模很小。到目前为止，只有两家外国公司——麦当劳 McDonald’s 和卡特彼勒 Caterpillar ——发行过“点心债券”，时间分别在2010年时间。12月最新消息，俄罗斯第二大银行拟发行以人民币计价的“点心债券”的机构，这反映出中国在金融市场的地位日益上升。 Relevant Knowledge: 1.Erozone （欧元区） 欧元区是指由采用欧元作为单一的官方货币的国家组合而成的区域，由欧洲中央银行负责制定货币政策。至2013年，欧元区共有18个成员，另有9个国家和地区采用欧元作为当地的单一货币