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※發文無1~6小標格式或未依順序任意刪除者會被刪文

1.媒體來源:
金融時報

2.記者署名

Hudson Lockett and George Hammond in Hong Kong 5 HOURS AGO

(中譯非來自其中文網)

3.完整新聞標題:

China lines up record-breaking dollar bond

中國擬發行規模破紀錄的60億美元公債

Debt deal potentially worth $6bn would double last year’s dollar issuance
total

可能發行的這個公債預估可達60億美元，如果成真，將是去年全年發行的兩倍

4.完整新聞內文:

China is preparing to launch its largest ever dollar bond issue, in a move
that could double last year’s issuance and help slake global investor demand
for higher-yielding dollar debt.

中國準備發行有史以來最大量的美元債券，此次發行將會是去年金額的兩倍，期望能填補
全球投資人對高收益美元債的需求。

The government bond offering could raise as much as $6bn, people familiar
with the deal said. They said the issuance, which would mark the biggest
dollar offering on record by China’s Ministry of Finance, according to
Dealogic data, could hit the market as early as Tuesday.

據熟知消息人士指出，此次發行的主權債最高可能達到60億美元。據傳這將是中國財政部
發行過金額最大的美元主權債；Dealogic的數據顯示最快可能在星期二發行。

Yields on China’s 10-year US dollar sovereign bonds were just shy of 3.2 per
cent on Friday, compared with yields of less than 1.8 per cent for US
Treasuries of the same maturity.

截至上周五，中國的10年期美元主權債收益率略低於3.2%，美國同樣年限的債券收益率
則低於1.8%。

One banker working on the deal said the size of the offering reflected high
demand for increased liquidity among large institutional investors and Beijing
’s view that dollar issuance in recent years had helped to establish a
benchmark for other borrowers and investors.

一位和發行相關的人員說這次的發行量反映了機構投資者手中資產的流動性增加，以及

that the past two years have been perceived as successful by the Ministry of
Finance,” the banker said. He added that previous offers were “not enough
to match demand”.

該人員表示：「發行金額將是去年的翻倍，這顯示了過去兩年財政部的成功是有目共睹
的事實。」
他補充道：「之前發行的量尚不足以應付需求。」

The dollar debt deal comes after the Ministry of Finance sold a trio of
euro-denominated government bonds earlier this month for the first time in 15
years, raising a total of €4bn.

此次發行的美元債之前，本月初，中國財政部發行了三款歐元主權債；這個15年來首次
發行的歐元主權債籌得了40億歐元。

That offering attracted close to €20bn of orders from investors. The
issuance helped to set a new price benchmark after the maturity of the last
euro-denominated sovereign bond issued in 2004.

該發行吸引了投資人申購將近200億歐元。而繼2004發行的歐洲主權債到期後，這次
的歐洲主權債設立了新的債券價格指標。

After a 15-year hiatus, China returned to the dollar bond market in 2017 with
an offer of $2bn, Dealogic data show. The country followed that up in October
2018 with an offering of $3bn, again selling bonds with maturities of five,
10 and 30 years.

據Dealogic資料顯示，在停擺了15年之後，中國在2017年以發行20億的美元主權債
重返債券市場。該國接著在2018年10月發行了30億美元，此次同樣是發行了五年，10年，
和30年期債券。

Joint lead managers and joint bookrunners for the upcoming deal are Bank of
China, Bank of Communications, China Construction Bank, China International
Capital Corporation, Bank of America, Crédit Agricole, CTBC Bank, Deutsche
Bank, Goldman Sachs, HSBC, JPMorgan, Mizuho Securities and Standard
Chartered, according to a term sheet viewed by the Financial Times.

金融時報檢視了投資條款清單(term sheet)，發現本次即將發行債券的發行商和承銷商
包含了中國銀行、交通銀行、中國建設銀行、中國國際金融股份公司、法國農業信貸

difficulties faced by a local government-run company in repaying its own
dollar debt.

投資人對中國政府所發行債券的渴望，和中國地方企業最近在償還債務方面的困難
形成對比。

On Friday the Tianjin-based company, Tewoo Group, told investors in an
exchange filing that they could either take delayed repayment and reduced
interest payments on $1.25bn in dollar bonds, or accept repayment between 33
and 64 per cent lower than the bonds’ principal amounts.

上周五，設立在天津的天津物產(TeWoo Group)在一換券發行中告訴投資人，他們要就接受
一個12.5億的債券用低於原本的利率延後償債，不然就接受以低於本金的35%至64%價值
償債。

5.完整新聞連結 (或短網址):
http://alturl.com/dfmmn

6.備註:

發大債～

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