Panda debt welcomes a number of policy dividends, which is conducive to promoting the internationalization of RMB

4AUG

As of August 2, 35 Panda Bonds issued a total of 35 in the year, with a total amount of 56.6 billion yuan reporter Liu Qi as one of the cross -border investment financing tools of the bond market. Panda debt has become a cross -border cycle of RMB and steadily promoting the internationalization of the RMB. Important channels for processes. A few days ago, the People's Bank of China made a deployment of key tasks in the second half of this year. Among them, in terms of "steady improvement of RMB internationalization", it emphasized that "supporting the issuance of 'Panda Bonds' for the issuance of overseas entities". "Securities Daily" reporter through Wind data statistics, with bonds, with bonds. As of August 2, this year, panda bonds have issued a total of 35, with a total amount of 56.6 billion yuan. Although the distribution scale has shrunk compared with the same period last year, the highlights are in various highlights. Zhang Tingting, director of China Integrity International Business Ramen and General Manager of International Business Department, said in an interview with the Securities Daily reporter that at present, the size of the panda bond market accounts for a low proportion of the bond market, but there is huge room for development. With the further optimization of panda bond issuance access, the continuous expansion of the Panda Bond market is conducive to promoting the internationalization of the RMB. A total of 35 panda bonds issued the so -called panda bonds during the year refers to the bonds such as RMB such as RMB issued by the distributors from overseas issuers. According to statistics, as of August 2nd, the total issuance of panda bonds has been issued 56.6 billion yuan since August 2nd, involving a total of 17 issues of issuance, and a total of 35 issued bonds, which are reduced by 12.88%and 15%compared with the same period last year. And 20.45%, the overall distribution scale has shrunk. From the perspective of the distribution venue, as of August 2nd, since this year, the total number of panda bonds issued by the interbank market has increased by 54.6 billion yuan, an increase of 5.88%year -on -year. 85.07%. Regarding the year -on -year liter of two markets, Zhang Tingting said that this is mainly due to the transfer of some issuers from the exchange market to the inter -bank market to issue panda debt. Although the issuance of panda bonds has not been issued in the same period last year, there are also many highlights. For example, on May 18, the BRICS New Development Bank successfully issued a panda bond in the interbank bond market. The size of the bond was 7 billion yuan, with a term of 3 years, and the ticket rate was 2.70%. This is the largest panda debt issued by super sovereign agencies in the country's interbank market so far, which fully reflects the importance of my country's bond market in the global financial market. In addition, the country's first single private enterprise Green Panda Bond was also successfully issued on July 12 this year. The bond department was issued by Anta Sports Products Co., Ltd. and led the main underwriting of the Industrial Bank. Construction. According to estimates, after the construction of green construction projects corresponding to the funds raised by bonds in this issue is completed and put into operation, it is expected that energy consumption can save 554.32 tons of standard coal each year, reducing carbon dioxide emissions by 1225.04 tons, and effectively improve the energy utilization rate. From the perspective of the issuance of the interbank market, from the past, the interbank market is the main position for the issuance of panda bonds. In this regard, Cong Xiaoli, an analyst at the Department of Eastern Jincheng Research and Development Department, told reporters of the Securities Daily that in recent years, due to the rapid pace of the opening of the inter -bank market opening policy, the requirements for issuance and funds have continued to optimize Investor foundations and overseas institutions can participate in the advantages of the interbank market through "bonds", and are more likely to be understood and recognized by high -quality international issuers. Therefore, the interbank market has become the main place of issuance of panda bonds. It is worth mentioning that on July 26, the interbank dealer association issued the "Notice on the Pilot of Optimization of Panda Debt Registration and Distribution Mechanism" (hereinafter referred to as the "Notice"), which allows more overseas issuers to obtain the "unified multi -variety unified variety unified variety unified varieties unified") Registration (DFI) convenience, unified information disclosure requirements for overseas enterprises, piloting the "additional issuance mechanism" of specific international issuers, and the introduction of common issuance plans for panda bonds are improved. Zhang Tingting believes that the release of the "Notice" further facilitates the registration and issuance process of overseas panda bonds, and is also conducive to the development of the Panda debt market. For the relatively small -scale and relatively unconventional overseas bond issuance, the process of issuing panda bonds will be greatly simplified, which will help it to try the panda debt market. For mature companies, the simplification of information disclosure content is conducive to its more frequent issuance of panda bonds and increase market activity. For international development institutions and foreign government institutions, pilot enhancement will also help reduce workflow and increase market attractiveness. In the process of increasing opening up in the domestic bond market, the CSRC is also continuously promoting the formulation of Panda Bond issuance rules for the exchange market. In February this year, the CSRC stated in the response to the Fourth Meeting of the 13th National Committee of the CPPCC. In the level ofization, the CSRC is stealing the formulation of the issuance rules of the Panda Bonds of the Exchange's Bond market, and clarify the main scope of the main institution to issue bonds, reviewing and filing requirements, applicable accounting standards, intermediary agency access, and foreign exchange management. According to the huge market development space, according to Wind data, as of August 2, the cumulative issuance amount of Panda Bonds was 597.736 billion yuan, and the existing scale was 223.646 billion yuan, accounting for 0.16%of the stock size of my country's bond market in the same period.

In Zhang Tingting's view, there is still a huge development space in the panda bond market, and the development prospects are better. At present, due to the high inflation, the United States is in the interest rate hike channel, and the interest rate of China's market is stable. The interest spread between the 10 -year Treasury bonds in China and the United States has continued to be low. In this context, foreign companies' issuance of panda bonds can enjoy lower financing costs. In addition, there is a trend of offshore refunds in red -chip companies, which can also promote the expansion of the panda bond market. "Under the measures that further expand the scope and level of openness, the willingness to choose to raise financing on the exchange market will be increased. At the same time, the inter -bank market has continued to increase reform and openness on the distribution and investment end. International participants enter the market to enter the market. The convenience and standardization of the standards are steadily improved. With the continuous launch of new optimized management measures with the regulatory level, the high level of opening up in the interbank market will also usher in more overseas high -quality publishers. "Cong Xiaoli said. From the perspective of the internationalization of the RMB, Zhang Tingting believes that from the perspective of the issuance, as a high -quality customer RMB bond financing channel, the Panda Bond market will help attract overseas issuers who have long -term strategic layout in the Chinese market. By establishing long -term stable RMB financing channels, it will not only help foreign companies to continue to expand the Chinese market, but also accompany the relaxation of the outbound management of Panda debt raised funds. The overseas free use of RMB funds will continue to promote the enthusiasm of overseas issuers to raise RMB funds. From the perspective of investment, in recent years, regulatory multiple measures and continued to optimize the investment channels of existing overseas entities. Especially under the "Bond" arrangement, the overseas investor group has expanded significantly. Essence Panda bonds issued by pure overseas entities have attracted many high -quality overseas institutional investors to participate in the Chinese bond market, and also helped the internationalization of the RMB from the investment. Recommended reading

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