資源描述：
《香港點(diǎn)心債券市場》由會員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫。
1、Creditprimer:Off-shoreRMBmarketEmergingMarketsCreditStrategy
2、Asia07February2011Dimsum(bonds)anyone?MicheleBarlow+85225363750ResearchAnalystMerrillLynch(HongKong)￠StateoftheCNH(dimsum)bondmarketsmichele.barlow@baml.comTheCNHbondmarkethasgrownataphenomenalrateinthelastyearalthoughJoyceLiang+852253638
3、17StructuredProductAnalysttheoutstandingmarketsizewasstillrelativelysmallatRMB76bn($12bn)atMerrillLynch(HongKong)YE2010.HGissuersdominatethemarketwithbanksandfundsbeingthemainjoyce.liang@baml.cominvestors.Tradingliquidityisrelativelyweakduetothesmalldealsize(RMB1-1.5bn)andtheshorttenor(2-3yrs)ofbon
4、ds.IngeneralCNHbondstradeatapremiumtoCNYbondsbutadiscounttoUSDbondsforIGissuersalthoughthereChart1:Off-shoreRMBbondmarketissuancehasbeensomearbitrageforHYissuersrelativetoUSDbonds.50,00045,000Historyanddriversofoff-shoreRMBgrowth/development40,000TheCNHmarketstartedin2007butgrowthreallytookoffin2H2
5、010whenHKMA35,00030,000allowedalargerrangeofissuerstoparticipate.Alsodrivingthegrowtharethe25,000rapidaccumulationinRMBdepositsandincreasingpoolofRMBholdersandRMBmn20,000rangeofRMB-settledinvestmentproductsofferedaftertheregulatoryrelaxation.15,00010,0005,000Syntheticbonds:The“other”RMBmarket0Thisi
6、snotanewmarketperseasChinesecompanieshaveissuedsynthetic20072008200920102011YTDRMBCBs,butarelativelynewmarketforstraightbondissuers.InterestinglyweCNHBondsSyntheticRMBBonds(Non-CB)CNHCDshaveseenmoreissuanceinsyntheticformatthanwehaveseeninCNHformatSource:Bloomberg,BofAMerrillLynchGlobalResearchsinc
7、ethestartoftheyear,butonlyfromHKandChinesepropertycompaniestodate.Theaveragedealsizeislarger,durationislongerandliquidityisgreaterthanforCNHbondsastheinvestorbaseisbiggerandmorediversified.PricingissimilartoUSDmarketincorporatingRMBappreciation.WecompareandcontrastRulesofthumbforconvertingRMBtheCNH
8、andsyntheticRMBmarketsforissuersandinvestors.bondstoUSDandback:Transferringbondproceedson-shore￠USDequivalentcoupon=RMBlinkedSimilartobringingFXonshore,theCNHbondproceedscanberepatriatedcoupon+$IRSrate–(ND)
