中国企业境外融资超过境内

Chinese companies have borrowed more money from the international bond market than from domestic investors this year, breaking with tradition as authorities in Beijing focus on curbing capital outflows.

中国企业今年以来从国际债券市场借入的资金多于它们向国内投资者借入的资金，这一现象打破了传统，其背景是中国官方侧重于遏止资本外流。

Banks and other corporate borrowers have been quietly encouraged to raise money offshore in other currencies, limiting the need for Chinese companies to sell renminbi to finance overseas investments. Borrowing more outside the mainland also allows for the possibility that companies will remit some of the cash back home, bolstering the Chinese currency in the process.

银行和其他企业借款人被悄悄鼓励在境外筹集外币资金，以限制中国企业出售人民币为境外投资买单的需要。在境外增加借款还带来这样一种可能性，即企业将会把一部分资金汇回境内，在此过程中支撑人民币汇率。

Led by banks and property developers, corporate China has raised $26.1bn from offshore bond sales compared with $21bn at home, according to Dealogic. Chinese companies have also been prompted to seek foreign-based funding by the higher interest rates that policymakers have introduced this year.

Dealogic的数据显示，在银行和房地产开发商的引领下，中国企业已通过境外债券发售筹集了261亿美元，相比之下在国内债市筹集了210亿美元。中国企业寻求境外资金来源的另一个推动因素是政策制定者今年引入的较高利率。

Banks have long been among the most active in raising money in other currencies to support expansion overseas. This month the Hong Kong units of Bank of China and ICBC tapped investors for $4bn in two, three-year dollar-denominated deals, while China Construction Bank’s European arm raised €500m.

在以本币以外的货币筹集资金方面，银行长期跻身于最活跃的市场参与者之列，其目的是支持境外扩张。本月，中国银行(Bank of China)和中国工商银行(ICBC)的香港部门以两、三年期美元计价交易向投资者筹集40亿美元，而中国建设银行(CCB)的欧洲分支筹集了5亿欧元。

The flood of deals beyond the mainland also suggests a measure of corporate confidence that China has the renminbi’s depreciation under control, bankers say, since borrowers’ liabilities would increase sharply if the currency were to plunge.

银行家们表示，境外的交易洪流还似乎表明了一定程度的企业信心，即中国已经控制住了人民币贬值，因为如果人民币汇率大跌，借款人的债务负担将大幅加重。

Last year the renminbi weakened 5.8 per cent against the dollar in offshore markets and 6.5 per cent onshore. So far in 2017, the offshore rate has gained 1.7 per cent as the dollar’s rally has paused.

去年离岸市场人民币兑美元汇率下跌5.8%，在岸市场人民币汇率下跌6.5%。进入2017年以来，随着美元涨势暂停，离岸市场人民币汇率已经上涨1.7%。

“There is a combination here of China encouraging borrowing offshore and people making judgments that the depreciation story may not be as severe as they thought,” said CG Lai, head of global markets for Greater China at BNP Paribas.

“两方面的因素在结合起来产生作用：一是中国鼓励境外借款，二是人们判断人民币贬值的情况可能没有他们原来想象的那么严重，”法国巴黎银行(BNP Paribas)大中华区环球市场部主管赖长庚(CG Lai)表示。

Mr Lai added that the early year uncertainty over the direction of Chinese interest rates also damped domestic activity as borrowers and investors faced tighter monetary conditions than expected. The People’s Bank of China surprised markets by tightening a series of money market rates after the week-long lunar new year holiday.

赖长庚补充说，年初中国利率走势的不确定性也抑制了国内活动，借款人及投资者都面临着比预期更紧的货币状况。中国人民银行(PBoC)在春节黄金周过后收紧一系列货币市场利率，令市场惊讶。

“January was extremely uncertain but people are now more comfortable that China is not changing its policy to ‘tight’ straight from ‘easy’, but is more neutral,” said Mr Lai. Those jitters were enough to push onshore yields far higher, with three-year corporate bonds averaging 5.56 per cent this year compared with 4.63 per cent in the last quarter of 2016.

“1月的形势极不确定，但现在人们更为放心：中国并没有将政策由‘宽松’转向‘紧缩’，而只是在更大程度上趋于‘中性’，”赖长庚表示。那些紧张情绪已大幅推高在岸债市的收益率，今年以来三年期公司债券平均收益率达到5.56%，远高于2016年第四季度的4.63%。

Bankers do expect corporate China’s borrowing patterns to revert to type, with borrowing in the mainland outstripping foreign activity.

银行家们确实预期中国企业的借款模式将恢复常规，即在境内借款超过境外。

‘This is temporary because the onshore bond market is experiencing something of a market correction with a significant shift in the yield curve,” said one banker.

“这是暂时的，因为在岸债券市场正在经历某种市场回调，收益率曲线出现显著变化，”一位银行家表示。