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1.媒体来源:
金融时报
2.记者署名
Hudson Lockett and George Hammond in Hong Kong 5 HOURS AGO
(中译非来自其中文网)
3.完整新闻标题:
China lines up record-breaking dollar bond
中国拟发行规模破纪录的60亿美元公债
Debt deal potentially worth $6bn would double last year’s dollar issuance
total
可能发行的这个公债预估可达60亿美元，如果成真，将是去年全年发行的两倍
4.完整新闻内文:
China is preparing to launch its largest ever dollar bond issue, in a move
that could double last year’s issuance and help slake global investor demand
for higher-yielding dollar debt.
中国准备发行有史以来最大量的美元债券，此次发行将会是去年金额的两倍，期望能填补
全球投资人对高收益美元债的需求。
The government bond offering could raise as much as $6bn, people familiar
with the deal said. They said the issuance, which would mark the biggest
dollar offering on record by China’s Ministry of Finance, according to
Dealogic data, could hit the market as early as Tuesday.
据熟知消息人士指出，此次发行的主权债最高可能达到60亿美元。据传这将是中国财政部
发行过金额最大的美元主权债；Dealogic的数据显示最快可能在星期二发行。
Yields on China’s 10-year US dollar sovereign bonds were just shy of 3.2 per
cent on Friday, compared with yields of less than 1.8 per cent for US
Treasuries of the same maturity.
截至上周五，中国的10年期美元主权债收益率略低于3.2%，美国同样年限的债券收益率
则低于1.8%。
One banker working on the deal said the size of the offering reflected high
demand for increased liquidity among large institutional investors and Beijing
’s view that dollar issuance in recent years had helped to establish a
benchmark for other borrowers and investors.
一位和发行相关的人员说这次的发行量反映了机构投资者手中资产的流动性增加，以及
北京认同近年发行美元主权债，有助于建立衡量债券发行者和投资者的指标(benchmark)。
“The size is twice of what it was last year, that just speaks to the fact
that the past two years have been perceived as successful by the Ministry of
Finance,” the banker said. He added that previous offers were “not enough
to match demand”.
该人员表示：“发行金额将是去年的翻倍，这显示了过去两年财政部的成功是有目共睹
的事实。”
他补充道：“之前发行的量尚不足以应付需求。”
The dollar debt deal comes after the Ministry of Finance sold a trio of
euro-denominated government bonds earlier this month for the first time in 15
years, raising a total of €4bn.
此次发行的美元债之前，本月初，中国财政部发行了三款欧元主权债；这个15年来首次
发行的欧元主权债筹得了40亿欧元。
That offering attracted close to €20bn of orders from investors. The
issuance helped to set a new price benchmark after the maturity of the last
euro-denominated sovereign bond issued in 2004.
该发行吸引了投资人申购将近200亿欧元。而继2004发行的欧洲主权债到期后，这次
的欧洲主权债设立了新的债券价格指标。
After a 15-year hiatus, China returned to the dollar bond market in 2017 with
an offer of $2bn, Dealogic data show. The country followed that up in October
2018 with an offering of $3bn, again selling bonds with maturities of five,
10 and 30 years.
据Dealogic资料显示，在停摆了15年之后，中国在2017年以发行20亿的美元主权债
重返债券市场。该国接着在2018年10月发行了30亿美元，此次同样是发行了五年，10年，
和30年期债券。
Joint lead managers and joint bookrunners for the upcoming deal are Bank of
China, Bank of Communications, China Construction Bank, China International
Capital Corporation, Bank of America, Crédit Agricole, CTBC Bank, Deutsche
Bank, Goldman Sachs, HSBC, JPMorgan, Mizuho Securities and Standard
Chartered, according to a term sheet viewed by the Financial Times.
金融时报检视了投资条款清单(term sheet)，发现本次即将发行债券的发行商和承销商
包含了中国银行、交通银行、中国建设银行、中国国际金融股份公司、法国农业信贷
银行、中国信托商业银行、德意志银行、高盛、汇丰银行、摩根大通、瑞穗证券、渣打等
Investor appetite for China’s central government debt contrasts with new
difficulties faced by a local government-run company in repaying its own
dollar debt.
投资人对中国政府所发行债券的渴望，和中国地方企业最近在偿还债务方面的困难
形成对比。
On Friday the Tianjin-based company, Tewoo Group, told investors in an
exchange filing that they could either take delayed repayment and reduced
interest payments on $1.25bn in dollar bonds, or accept repayment between 33
and 64 per cent lower than the bonds’ principal amounts.
上周五，设立在天津的天津物产(TeWoo Group)在一换券发行中告诉投资人，他们要就接受
一个12.5亿的债券用低于原本的利率延后偿债，不然就接受以低于本金的35%至64%价值
偿债。
5.完整新闻连结 (或短网址):
http://alturl.com/dfmmn
6.备注:
发大债～