各国“特色”外国债券

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国际债券一般可以分为外国债券和欧洲债券两种,其中外国债券是指某一国借款人在本国以外的某一国家发行以该国货币为面值的债券。根据国际惯例,国外金融机构在一国发行债券时,一般以该国最具特征的吉祥物命名。

 

中国——熊猫债券(Panda Bond)

Panda bonds are onshore renminbi-denominated debt issued in China by overseas companies. The panda bond market is used as a capital-raising platform for foreign firms targeting domestic investors and hence, domestic investors are the main purchasers of these bonds. 

熊猫债券是境外机构在华发行的人民币债券,属于外国债券。2005年9月28日,国际多边金融机构首次获准在华发行人民币债券, 财政部部长金人庆将首发债券命名为“熊猫债券”。

推动境外机构在境内发行债券是债券市场对外开放的重要举措。自2005年国际开发机构首次在银行间债券市场发行人民币债券以来,境外机构的境内债券融资渠道不断扩宽,主体类型日益丰富。为了规范熊猫债券的发展,2018年9月中国人民银行、财政部联合发布《全国银行间债券市场境外机构债券发行管理暂行办法》;2019年以来,中国银行间市场交易商协会先后发布《境外非金融企业债务融资工具业务指引(试行)》和境外非金融企业熊猫债分层分类管理机制;2020年5月,国务院金融委办公室发布11条金融改革措施,其中包括发布《外国政府类机构和国际开发机构债券业务指引》,进一步完善熊猫债信息披露要求,细化熊猫债发行规则,鼓励有真实人民币资金需求的发行人发债,稳步推动熊猫债市场发展;2020年12月28日,中国银行间市场交易商协会发布《外国政府类机构和国际开发机构债券业务指引(试行)》,明确了外国政府类机构、国际开发机构熊猫债的注册发行流程、信息披露要求、中介机构管理等。

 

美国——扬基债券(Yankee Bond)

A Yankee bond is a debt obligation issued by a foreign entity, such as a government or company, which is traded in the United States and denominated in U.S. dollars. Yankee bonds are subject to U.S. securities laws, as they trade on U.S. exchanges. Yankee bonds offer the issuer to chance to get cheaper financing and reach a broader investment audience; they offer investors the chance for better yields. On the downside, Yankee bonds can take a long time to come to market, subjecting them to interest rate risk; they are also vulnerable to currency risk and other problems in their home country's economy.

扬基债券是在美国债券市场上发行的外国债券,即美国以外的政府、金融机构、工商企业和国际组织在美国国内市场发行的、以美元为计值货币的债券。“Yankee”意为美利坚合众国(“美国佬”)。由于在美国发行和交易的外国债券都是同“美国佬”打交道,故名扬基债券。主要特点是:期限长、数额大;美国政府对其控制较严,申请手续比一般债券繁琐。

 

日本——武士债券(Samurai Bond)

Samurai bonds are issued in Japan by foreign companies, denominated in yen, and subject to Japanese regulations. Companies might issue bonds in yen to capitalize on low Japanese interest rates, or to gain exposure to Japanese markets and investors. Risks associated with raising capital in Japanese yen can often be mitigated with cross-currency swaps and currency forwards.

武士债券是在日本债券市场上发行的外国债券,是日本以外的政府、金融机构、工商企业和国际组织在日本国内市场发行的以日元为计值货币的债券。武士是日本古时一种很受尊敬的职业,后来人们习惯将一些带有日本特性的事物同“武士”一词连用,“武士债券”也因此得名。武士债券均为无担保发行,典型期限为3-10年,一般在东京证券交易所交易。我国金融机构进入国际债券市场发行外国债券就是从发行武士债券开始的。

 

英国——猛犬债券(Bulldog Bond)

A bulldog bond is a type of foreign bond issued by non-British corporations seeking to raise capital in pound-sterling (GBP) from British investors. Bulldog bond is a bond, traded in the United Kingdom, that is purchased by buyers interested in earning a revenue stream from the British pound. These foreign, pound denominated, bonds are referred to as bulldog bonds given that the British bulldog is a national icon of England.

猛犬债券指由非英国本国企业在伦敦发行的英镑债券或者说是非英国借款人在英国市场上发行的英镑债券,因斗牛犬是英国的一个标志而得名。 1979年英国外汇管制条例被撤销后,英国外国债券市场重新得以恢复。在英国发行的英镑外国债券被称为猛犬债券。发行者可以是外国政府,也可以是外国私人企业。

 

澳大利亚——袋鼠债券(Kangaroo Bond)

A kangaroo bond is a type of foreign bond issued in the Australian market by non-Australian firms and is denominated in Australian currency. The bond is subject to the securities regulations of Australia. A kangaroo bond is also known as a “matilda bond”. The benefit of kangaroo bonds to Australian investors is that they are not subject to currency risks that they would be if purchasing the same bonds in a foreign currency.

袋鼠债券(又称“Matilda债券”)是在澳大利亚债券市场上发行的外国债券,即澳大利亚以外的政府、金融机构、工商企业及国际组织在澳大利亚国内市场发行的以澳元为计值货币的债券。袋鼠作为澳大利亚国宝之一,也是该国国徽上的两种动物之一,是澳大利亚的象征。袋鼠债券受澳大利亚证券法规约束。对于澳大利亚的投资者而言,袋鼠债券可以分散其货币风险。

 

加拿大——枫树债券(Maple Bond)

Maple Bond is denominated in Canadian dollars (CAD), transacts on the secondary market and gives foreign issuers access to the Canadian debt market. Maple bond gives Canadian investors the opportunity to invest in foreign companies without worrying about the effects of foreign exchange fluctuations. Elimination of the foreign property rules (FPR) in 2005, which placed restrictions on registered investors access to foreign investments, led to a surge in maple bond popularity.

枫树债券是在加拿大债券市场上发行的外国债券,即加拿大以外的政府、金融机构、工商企业及国际组织在加拿大国内市场发行的以加元为计值货币的债券。加拿大素有“枫叶之国”的美誉,因而得此名。

 

 

参考:

1. Investopedia

2. 百度百科

发布于 2021-03-31 10:34:27
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