中國(guó)匯金擬發(fā)行800億元人民幣債券

The subsidiary of China's sovereign wealth fund that controls the country's largest state-owned banks is planning to sell bonds in the interbank market for the first time in what could be the country's biggest bond issue to date, according to people familiar with the matter.

據(jù)知情人士透露，控股中國(guó)最大一些國(guó)有銀行的中國(guó)主權(quán)財(cái)富基金的子公司，擬首次在銀行間市場(chǎng)發(fā)債，這可能是該國(guó)有史以來最大的一次債券發(fā)行。

Central Huijin Investment, which holds the government's controlling stakes in lenders such as Bank of China and China Construction Bank, will use money from the planned bond sales to recapitalise state-owned financial institutions that have not yet been restructured.

中央?yún)R金投資公司(Central Huijin Investment)代表政府持有中國(guó)銀行(BoC)、中國(guó)建設(shè)銀行(CCB)等銀行的控股股權(quán)。它將利用從計(jì)劃的債券發(fā)行中融得的資金，對(duì)尚未重組的國(guó)有金融機(jī)構(gòu)進(jìn)行資本結(jié)構(gòu)調(diào)整。

The move would also allow the government to mop up liquidity in the system at a time of growing concerns about the formation of asset bubbles in China.

此舉還能讓政府在人們?nèi)找鎿?dān)憂中國(guó)正形成資產(chǎn)泡沫之際，消除金融體系中的部分流動(dòng)性。

Huijin's planned bond sale could be as big as Rmb80bn ($11.7bn) and the money raised will be used to inject capital into Export-Import Bank of China and China Export and Credit Insurance Corp (also known as Sinosure), according to Bloomberg.

據(jù)彭博(Bloomberg)報(bào)道，匯金計(jì)劃的債券發(fā)行可能多達(dá)800億元人民幣（合117億美元），發(fā)債所募得的資金將用來注資中國(guó)進(jìn)出口銀行(Export-Import Bank of China)和中國(guó)出口信用保險(xiǎn)公司（China Export & Credit Insurance Corporation，也稱Sinosure）。

A spokesperson for Huijin had no knowledge of the planned bond sale.

匯金的一位發(fā)言人稱不了解債券發(fā)行計(jì)劃。

But analysts said that the plan would provide a neat way for the state to recapitalise some institutions and also remove liquidity from the system. “It is quite likely that Huijin is considering raising remninbi onshore through a bond sale so it can invest in state financial institutions that are still lacking in funds,” according to Lin Zhaohui, a senior analyst at Guotai Junan Securities.

但分析師表示，該計(jì)劃將會(huì)為政府提供一個(gè)理想的方式，來調(diào)整一些金融機(jī)構(gòu)的資本結(jié)構(gòu)，同時(shí)還能消除金融體系中的流動(dòng)性。國(guó)泰君安證券(Guotai Junan Securities)高級(jí)分析師林朝暉表示：“很有可能匯金正在考慮通過發(fā)債，在國(guó)內(nèi)募集人民幣資金，這樣，它就可以對(duì)仍缺乏資金的國(guó)有金融機(jī)構(gòu)進(jìn)行投資。”

Huijin was established in 2003 to manage the recapitalisation of China's largest banks using a portion of the country's foreign exchange reserves. Huijin was later merged into China Investment Corp, the sovereign wealth fund set up late in 2007.

匯金成立于2003年，旨在用中國(guó)的部分外匯儲(chǔ)備，來調(diào)整中國(guó)最大幾家銀行的資本結(jié)構(gòu)。后來，匯金并入了成立于2007年末季的主權(quán)財(cái)富基金——中國(guó)投資公司(China Investment Corp)。

The government has spent hundreds of billions of dollars bailing out the country's financial institutions after years of government-directed lending left most of them technically insolvent by the late 1990s.

在數(shù)年的政府指令放貸導(dǎo)致多數(shù)金融機(jī)構(gòu)到上世紀(jì)90年代末在技術(shù)上資不抵債后，中國(guó)政府花了數(shù)千億美元對(duì)這些機(jī)構(gòu)進(jìn)行紓困。

Other institutions that have been recapitalised by Huijin and in which it holds a significant stake include Industrial and Commercial Bank of China, Agricultural Bank of China and China Development Bank.

其它已接受匯金注資、且匯金持有相當(dāng)大股權(quán)的機(jī)構(gòu)包括中國(guó)工商銀行(ICBC)、中國(guó)農(nóng)業(yè)銀行(ABC)和國(guó)家開發(fā)銀行(China Development Bank)。

If the Huijin bond sale goes ahead it could be the largest ever by a Chinese institution. Some other state companies and banks have said in recent months that they intend to launch larger bond sales but those have not gone ahead yet.

如果匯金的發(fā)債計(jì)劃得以進(jìn)行，這可能是中國(guó)機(jī)構(gòu)有史以來最大的一次債券發(fā)行。其它一些國(guó)有企業(yè)及銀行近月表示打算進(jìn)行更大的債券發(fā)行，但迄今尚未推進(jìn)相關(guān)計(jì)劃。

Analysts said that any Huijin bond sale would not need its own credit rating because Huijin is essentially an arm of the state and would receive China's sovereign rating.

分析師表示，匯金的任何債券發(fā)行，都不會(huì)需要其自身的信用評(píng)級(jí)，因?yàn)閰R金本質(zhì)上是政府的一個(gè)部門，將得到中國(guó)的主權(quán)評(píng)級(jí)。

Huijin may eventually ask the Ministry of Finance to issue the bonds on its behalf, Bloomberg reported.

彭博報(bào)道稱，匯金可能最終會(huì)要求財(cái)政部(Ministry of Finance)代其發(fā)債。