<p>[北京] 中国正在收紧海外借款的审批，导致一些公司急于筹集现金，因为今年约有 1000 亿美元的债券到期。</p>
<p>根据知情人士的说法，国家发展和改革委员会（NDRC）对期限为一年或更长的债券和贷款的配额审批需要四到六个月，这大约是之前的两倍。在某些情况下，审批过程甚至延长至九个月，他们表示，因未获授权公开发言而要求匿名。</p>
<p>知情人士补充说，审批过程的延长源于监管机构要求提供更多关于还款和资金用途的细节，尤其是针对 2025 年底之后的项目。</p>
<p>为了避免违约，中国公司不得不出售短期债券，这使得他们在投资需求与现金流之间的平衡变得更加困难。更高的门槛表明，NDRC 正在加大力度控制弱势企业和地方政府融资平台（LGFVs）所产生的膨胀债务。</p>
<p>对于一些借款人来说，审批可能会在现有债券到期前一个月才获得，知情人士表示，这给投资者带来了重大不确定性。</p>
<p>NDRC 未对此请求作出回应。</p>
<h3>在新的全球秩序中导航亚洲</h3>
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<p>由于更严格的审查，迄今为止，中国公司通过出售到期在 12 个月内的海外债券筹集了至少 23 亿美元，这些债券不需要 NDRC 的批准。这一金额创下了该时期的记录。</p>
<p>“NDRC 现在要求的细节水平和问题远比一年前要严格得多，” 摩根大通亚太区股权联动资本市场负责人 Mahesh Ahlawat 表示，他负责该银行在该地区的可转换债券业务。“现在，有时公司获得该审批需要四到五个月。”</p>
<p>知情人士表示，更严格的监管和审批延迟影响了 LGFVs 和其他公司。除了这些短期的离岸债券，借款人还转向了不在 NDRC 管辖范围内的在岸银行贷款。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5c42368721df82d202f80b2bb8c0a11fd11557c7a0b401321593f7baa6465343/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5c42368721df82d202f80b2bb8c0a11fd11557c7a0b401321593f7baa6465343/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中国 51 万亿美元的储蓄帮助债券在战争期间表现优于其他投资</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/a27f3b02ffad7e76bc875398c92ce0035ef524412d3f95b29d62e978655ac8b8/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/a27f3b02ffad7e76bc875398c92ce0035ef524412d3f95b29d62e978655ac8b8/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>寻求避风港以应对战争和滞胀？看看中国的债券市场</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4f54ff871bf9bf2772437cdd6ac107c577e280a94989f7b0dd85fe0d7abf7ecb/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4f54ff871bf9bf2772437cdd6ac107c577e280a94989f7b0dd85fe0d7abf7ecb/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>菲律宾债券面临的油价风险在亚洲最高，中国则相对独立</h3>
<p>过去十年左右，中国领导层开展了一项运动，以遏制地方政府的表外债务快速增长，这些债务主要以 LGFV 债券和贷款的形式存在。这些融资工具在北京为缓解 2008 年全球金融危机冲击而进行的基础设施建设热潮中发挥了关键作用。</p>
<p>当然，一些信用状况较强或受到国家支持的行业的公司仍然能够在大约三个月内获得 NDRC 的外债批准，知情人士表示。</p>
<p>更长的配额申请过程也促使一些借款人和贷款人提前做出再融资决策。</p>
<p>例如，一家全球银行的香港分行选择在客户的离岸贷款到期前很久就进行展期，因为他们看到 NDRC 的审批有时需要八到九个月，知情人士之一表示。</p>
<p>在中国公司面临约 1000 亿美元的离岸债券到期之际，监管不确定性加剧，根据彭博社汇编的数据，明年再融资压力将进一步加大，到期高峰将达到 1310 亿美元。BLOOMBERG</p>
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<p>中国正在收紧海外借款的审批，导致企业寻求现金，因为今年有 1000 亿美元的债券到期。国家发展和改革委员会（NDRC）的审批时间延长至四到六个月，是之前时间的两倍，某些案例甚至延长至九个月。这一延迟是由于对还款细节的审查加强。企业转向短期债券以避免违约，这使得它们的现金流管理变得更加复杂。NDRC 的严格措施旨在控制来自弱势企业和地方政府融资平台（LGFVs）上升的债务</p>

<p>[BEIJING] China is tightening approvals for overseas borrowings, leading some companies to scurry for cash with around US$100 billion of bonds coming due this year.</p>
<div class="lb-trans"><p>[北京] 中国正在收紧海外借款的审批，导致一些公司急于筹集现金，因为今年约有 1000 亿美元的债券到期。</p>
</div><p>The National Development and Reform Commission (NDRC) is taking four to six months to approve quotas for bonds and loans with tenors of one-year or longer, according to sources familiar with the matter, which is about twice as long as before. In some cases, the process stretches to nine months, they said, asking not to be identified as they’re not authorised to speak publicly.</p>
<div class="lb-trans"><p>根据知情人士的说法，国家发展和改革委员会（NDRC）对期限为一年或更长的债券和贷款的配额审批需要四到六个月，这大约是之前的两倍。在某些情况下，审批过程甚至延长至九个月，他们表示，因未获授权公开发言而要求匿名。</p>
</div><p>The lengthened process comes from the regulator asking for more details about repayment and use of proceeds from late 2025, the sources added.</p>
<div class="lb-trans"><p>知情人士补充说，审批过程的延长源于监管机构要求提供更多关于还款和资金用途的细节，尤其是针对 2025 年底之后的项目。</p>
</div><p>To avoid defaulting on their overseas debt, Chinese companies are resorting to selling short-term bonds, making it harder for them to balance investment needs with cash flows. The higher bar suggests the NDRC is escalating its efforts to rein in ballooning debt incurred by weaker enterprises and local government financing vehicles, or LGFVs.</p>
<div class="lb-trans"><p>为了避免违约，中国公司不得不出售短期债券，这使得他们在投资需求与现金流之间的平衡变得更加困难。更高的门槛表明，NDRC 正在加大力度控制弱势企业和地方政府融资平台（LGFVs）所产生的膨胀债务。</p>
</div><p>For some borrowers, approval can come as late as one-month before existing bonds are due, the sources said, leading to significant uncertainty for investors.</p>
<div class="lb-trans"><p>对于一些借款人来说，审批可能会在现有债券到期前一个月才获得，知情人士表示，这给投资者带来了重大不确定性。</p>
</div><p>The NDRC did not respond to a request seeking comment.</p>
<div class="lb-trans"><p>NDRC 未对此请求作出回应。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
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<div class="lb-trans"><p>获取洞察，直接送达您的邮箱。</p>
</div><p>The spillover from the tighter scrutiny can be seen in how Chinese firms have raised at least US$2.3 billion so far this year from selling overseas bonds maturing in less than 12 months, which does not require the NDRC’s approval. The amount is a record for the period.</p>
<div class="lb-trans"><p>由于更严格的审查，迄今为止，中国公司通过出售到期在 12 个月内的海外债券筹集了至少 23 亿美元，这些债券不需要 NDRC 的批准。这一金额创下了该时期的记录。</p>
</div><p>“The level of detail and the questions the NDRC is asking are far more intensive now than they were one-year ago,” said Mahesh Ahlawat, head of Asia-Pacific Equity-Linked Capital Markets at JPMorgan Chase, who is in charge of the bank’s convertible bond business in the region. “It now sometimes takes four to five months for a company to obtain that approval.”</p>
<div class="lb-trans"><p>“NDRC 现在要求的细节水平和问题远比一年前要严格得多，” 摩根大通亚太区股权联动资本市场负责人 Mahesh Ahlawat 表示，他负责该银行在该地区的可转换债券业务。“现在，有时公司获得该审批需要四到五个月。”</p>
</div><p>The tighter oversight and approval delays have affected both LGFVs and other firms, said the sources familiar with the matter. In addition to those short-dated offshore bonds, borrowers have also turned to onshore bank loans that are outside NDRC’s jurisdiction, they added.</p>
<div class="lb-trans"><p>知情人士表示，更严格的监管和审批延迟影响了 LGFVs 和其他公司。除了这些短期的离岸债券，借款人还转向了不在 NDRC 管辖范围内的在岸银行贷款。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5c42368721df82d202f80b2bb8c0a11fd11557c7a0b401321593f7baa6465343/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/5c42368721df82d202f80b2bb8c0a11fd11557c7a0b401321593f7baa6465343?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China’s US$51 trillion savings help bonds to outperform during war</h3>
<div class="lb-trans"><h3>中国 51 万亿美元的储蓄帮助债券在战争期间表现优于其他投资</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/a27f3b02ffad7e76bc875398c92ce0035ef524412d3f95b29d62e978655ac8b8/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/a27f3b02ffad7e76bc875398c92ce0035ef524412d3f95b29d62e978655ac8b8?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Seeking shelter from war and stagflation? Take a look at China’s bond market</h3>
<div class="lb-trans"><h3>寻求避风港以应对战争和滞胀？看看中国的债券市场</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4f54ff871bf9bf2772437cdd6ac107c577e280a94989f7b0dd85fe0d7abf7ecb/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/4f54ff871bf9bf2772437cdd6ac107c577e280a94989f7b0dd85fe0d7abf7ecb?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Oil risk highest for Philippine bonds in Asia, China insulated</h3>
<div class="lb-trans"><h3>菲律宾债券面临的油价风险在亚洲最高，中国则相对独立</h3>
</div><p>China’s leadership has embarked on a campaign over the past decade or so to arrest a rapid buildup of off-balance-sheet debt by local governments, which mostly exists in the form of LGFV bonds and loans. The financing vehicles played a pivotal role in Beijing’s funding of an infrastructure boom to cushion the blow of the 2008 global financial crisis.</p>
<div class="lb-trans"><p>过去十年左右，中国领导层开展了一项运动，以遏制地方政府的表外债务快速增长，这些债务主要以 LGFV 债券和贷款的形式存在。这些融资工具在北京为缓解 2008 年全球金融危机冲击而进行的基础设施建设热潮中发挥了关键作用。</p>
</div><p>To be sure, some companies with stronger credit profiles or in industries backed by the state have continued to receive foreign-debt approvals from the NDRC within about three months, according to the sources familiar with the matter.</p>
<div class="lb-trans"><p>当然，一些信用状况较强或受到国家支持的行业的公司仍然能够在大约三个月内获得 NDRC 的外债批准，知情人士表示。</p>
</div><p>The longer quota application process also prompted some borrowers and lenders to bring forward refinancing decisions.</p>
<div class="lb-trans"><p>更长的配额申请过程也促使一些借款人和贷款人提前做出再融资决策。</p>
</div><p>One global bank’s Hong Kong unit, for example, chose to roll over an onshore client’s offshore loan well ahead of its year-end maturity, as they have seen cases in which the NDRC’s approval took eight to nine months, said one of the sources.</p>
<div class="lb-trans"><p>例如，一家全球银行的香港分行选择在客户的离岸贷款到期前很久就进行展期，因为他们看到 NDRC 的审批有时需要八到九个月，知情人士之一表示。</p>
</div><p>The regulatory uncertainties come at a time when Chinese companies are staring at about US$100 billion of offshore bonds due later this year, based on data compiled by Bloomberg. The refinancing pressures will intensify further next year, when the maturity wall peaks at US$131 billion. BLOOMBERG</p>
<div class="lb-trans"><p>在中国公司面临约 1000 亿美元的离岸债券到期之际，监管不确定性加剧，根据彭博社汇编的数据，明年再融资压力将进一步加大，到期高峰将达到 1310 亿美元。BLOOMBERG</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击这里注册以获取解码亚洲通讯，直接送达您的邮箱，免费。</p>
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China delays foreign debt sales with US$100 billion of bonds due

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中国推迟外债销售，面临 1000 亿美元债券到期的压力