<p>[香港] 香港曾经安静的本地货币债券市场正迅速成为亚洲最热门的融资场所之一，因为企业发行人寻求在这个希望吸引更多债务发行的城市中获得稳定性。</p>
<p>截至今年，全球和本地实体通过公开发行港元债券筹集了创纪录的 740 亿港元（121 亿新元）——这是一个市场的重大转变，该市场多年来一直面临需求疲软和发行人有限的问题，主要集中在小规模的私人交易上。</p>
<p>就在本周，当地机场运营商定价了一项 190 亿港元的发行，这是随着城市监管机构推动香港成为全球固定收益中心而涌现的一系列交易中的最新一笔。</p>
<p>在中东和其他地区动荡的背景下，香港作为避风港的吸引力帮助推动了近期的活动，使得该市约 3600 亿美元的本地货币市场引起了更多发行人的关注。</p>
<p>“我们多年来一直在积极向企业推介，因为港元市场值得更多关注，特别是在当前地缘政治不确定性下。它足够深厚，稳定，并且提供真正的节省，” 标准 Chartered 大中华区及北亚资本市场负责人 David Yim 说道，他是此类交易的顶级安排者。</p>
<p>多种因素促成了这一转变。本地银行系统流动性的增加导致融资成本降低，使得发行人能够以更紧的收益率定价港元债券。地缘政治风险也在推动这一趋势——首先是特朗普政府广泛征收关税，其次是伊朗战争，使得本地债务市场对重新考虑美元交易的公司更具吸引力。</p>
<h3>在新的全球秩序中导航亚洲</h3>
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<p>“当美元市场波动或成本高昂时，发行人越来越倾向于使用本地货币，” 汇丰大中华区债务资本市场负责人 Eugene Ng 说道，汇丰也是本地货币发行的主要安排者。</p>
<p>对于借款人来说，自去年中旬以来，以本地货币定价变得更加有利，当时香港银行同业拆息下降，扩大了与美国利率的利差。这是在香港金融管理局采取措施冷却本地货币的上涨后发生的，这增强了市场的流动性并降低了借款成本。</p>
<p>由于港元与美元挂钩，外汇风险很小。这使得发行人能够以低成本借入港元，转换为美元，并投资于收益更高的美国国债，从而锁定潜在的套利收益。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/39db143a1f6a61ef3588bdf68db339b4bf6c32ee5ecab29fc9022bb58ed2cb3f/query-dz0yNDAWZHByPTEWZj13ZWJw?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/39db143a1f6a61ef3588bdf68db339b4bf6c32ee5ecab29fc9022bb58ed2cb3f/query-dz0yNDAWZHByPTEWZj13ZWJw"/></p>
<h3>香港机场在本地债务繁荣中筹集 190 亿港元</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/aa1d1428221c46cb3c8e9fe2120d4d3d023956d8564eb9014dc7d6a08d62d154/query-dz0yNDAWZHByPTEWZj13ZWJw?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/aa1d1428221c46cb3c8e9fe2120d4d3d023956d8564eb9014dc7d6a08d62d154/query-dz0yNDAWZHByPTEWZj13ZWJw"/></p>
<h3>香港机场通过 19 亿美元计划利用本地债务繁荣</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/d104fc010eaec59259838e2e81206598b64881f586f67feab1cfad2d739f2a77/query-dz0yNDAWZHByPTEWZj13ZWJw?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/d104fc010eaec59259838e2e81206598b64881f586f67feab1cfad2d739f2a77/query-dz0yNDAWZHByPTEWZj13ZWJw"/></p>
<h3>港元债券销售激增，发行人利用避风港资金流入</h3>
<p>“港元利率在发达市场中曲线最陡，提供了有吸引力的收益，” 富达国际亚洲固定收益负责人 Lei Zhu 说道。长期、绿色和数字债券的增长、支持性监管和市场深化表明，港元信用正在从战术对冲演变为长期战略配置，她补充道。</p>
<p>尽管本地货币交易有所激增，但市场仍然年轻且相对较小。</p>
<p>港元相比美元更像是一种替代和 “安全选择”，远未成为全球债券货币，Natixis 高级经济学家 Gary Ng 说道。而且，由于 Hibor 对快速资本流动（如首次公开募股和套利交易）可能敏感，出售本地货币债务可能并不总是比以美元借款便宜，他补充道。</p>
<p>此外，一些中国和香港公司历史上一直避免将港元债券作为其融资策略的一部分。</p>
<p>“他们中的一些人可能更愿意将港元保留用于银团贷款，因为定价更为成熟，而选择以美元或离岸人民币发行债券，” 标准 Chartered 的 Yim 说道。</p>
<p>在过去 12 到 18 个月中，港元公共债券发行的激增是在城市金融机构流动性增长的背景下形成的。根据香港金融管理局截至 2 月的数据，港元贷款与存款比率自去年初以来一直低于 75%，这是自 2010 年以来未见的水平，表明现金缓冲正在增长。</p>
<p>这发生在高质量投资资产短缺的背景下，使得国内机构如保险公司和养老基金成为对具有良好信用评级和稳定收益的债券的渴望买家。</p>
<p>在发行人中，港铁公司作为政府支持的公共交通运营商和房地产开发商，刚刚定价其首个公开港元债券，筹集了 188.88 亿港元——这一规模在私人交易中是不可能实现的。旗舰航空公司国泰航空和世界银行的贷款机构也在最近几周发行了票据。</p>
<p>根据彭博社汇编的数据，汇丰、标准 Chartered 银行、中国银行（香港）和法国农业信贷银行是一些安排港元债券交易的顶级银行。</p>
<p>港元债券销售为发行人提供了今年最低的资金成本，UBS 亚洲债务资本市场联席负责人兼亚洲 DCM 承销负责人 Terry Schmassmann 说道。他补充道，该公司将在刚刚发行的五年和十年票据上获得接近 10 个基点的套利收益。</p>
<p>“这是一种持久的趋势吗？现在还为时已晚，” 施马斯曼说。“到目前为止，这仍然是一个高品质的本土市场，但多样化显然正在推动兴趣。”</p>
<p>解码亚洲通讯：您在新全球秩序中导航亚洲的指南。在这里注册以获取解码亚洲通讯。直接发送到您的邮箱。免费。</p>

港铁公司

<p>香港的本地货币债券市场正在经历活动激增，今年公共债券发行创下 74 亿港元的纪录。这一变化受到流动性增加、地缘政治不确定性以及在波动的美元市场中本地货币借贷吸引力的推动。包括本地机场运营商和港铁公司在内的主要发行者正在利用这一趋势，享受有利的借贷条件和对稳定收益日益增长的需求。然而，与全球标准相比，该市场仍然相对较小，一些公司仍然更倾向于使用美元债券进行融资</p>

<p>[HONG KONG] Hong Kong’s once-quiet local currency bond market is quickly becoming one of Asia’s hottest funding venues, as corporate issuers seek stability in a city looking to lure more debt offerings.</p>
<div class="lb-trans"><p>[香港] 香港曾经安静的本地货币债券市场正迅速成为亚洲最热门的融资场所之一，因为企业发行人寻求在这个希望吸引更多债务发行的城市中获得稳定性。</p>
</div><p>Global and local entities have raised a record HK$74 billion (S$12.1 billion) through public Hong Kong dollar bond issuance so far this year – a big turnaround for a market that for years has struggled with tepid demand and limited issuers, who mainly focused on small-scale private deals.</p>
<div class="lb-trans"><p>截至今年，全球和本地实体通过公开发行港元债券筹集了创纪录的 740 亿港元（121 亿新元）——这是一个市场的重大转变，该市场多年来一直面临需求疲软和发行人有限的问题，主要集中在小规模的私人交易上。</p>
</div><p>Just this week, the local airport operator priced a HK$19 billion offering, the latest in a wave of deals coming as the city’s regulators push to position Hong Kong as a global fixed income hub.</p>
<div class="lb-trans"><p>就在本周，当地机场运营商定价了一项 190 亿港元的发行，这是随着城市监管机构推动香港成为全球固定收益中心而涌现的一系列交易中的最新一笔。</p>
</div><p>Hong Kong’s appeal as a safe haven amid turmoil in the Middle East and other regions has helped fuel the recent activity, putting the city’s around US$360 billion local currency market on the radar of more issuers.</p>
<div class="lb-trans"><p>在中东和其他地区动荡的背景下，香港作为避风港的吸引力帮助推动了近期的活动，使得该市约 3600 亿美元的本地货币市场引起了更多发行人的关注。</p>
</div><p>“We have been pitching hard for years to corporates because the Hong Kong dollar market deserves more attention, especially under current geopolitical uncertainties. It’s deep enough, it’s stable, and it offers real savings,” said David Yim, head of capital markets for Greater China and North Asia at Standard Chartered, a top arranger of such deals.</p>
<div class="lb-trans"><p>“我们多年来一直在积极向企业推介，因为港元市场值得更多关注，特别是在当前地缘政治不确定性下。它足够深厚，稳定，并且提供真正的节省，” 标准 Chartered 大中华区及北亚资本市场负责人 David Yim 说道，他是此类交易的顶级安排者。</p>
</div><p>A confluence of factors has driven the shift. An increase in liquidity in the local banking system has led to cheaper funding costs, allowing issuers to price Hong Kong dollar bonds at tighter yields. Geopolitical risks are also fuelling the trend – first the Trump administration’s widespread imposition of tariffs, and then the Iran war, making the local debt market more appealing to companies rethinking US dollar deals.</p>
<div class="lb-trans"><p>多种因素促成了这一转变。本地银行系统流动性的增加导致融资成本降低，使得发行人能够以更紧的收益率定价港元债券。地缘政治风险也在推动这一趋势——首先是特朗普政府广泛征收关税，其次是伊朗战争，使得本地债务市场对重新考虑美元交易的公司更具吸引力。</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>
</div><p>Get the insights delivered to your inbox.</p>
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</div><p>“Issuers are increasingly turning to local currencies when US dollar markets are volatile or expensive,” said Eugene Ng, head of debt capital markets for Greater China at HSBC, which is also a major arranger for local currency offerings.</p>
<div class="lb-trans"><p>“当美元市场波动或成本高昂时，发行人越来越倾向于使用本地货币，” 汇丰大中华区债务资本市场负责人 Eugene Ng 说道，汇丰也是本地货币发行的主要安排者。</p>
</div><p>For borrowers, pricing in the local currency has become more advantageous since the middle of last year, when the Hong Kong interbank offered rate dropped, widening the spread with US interest rates. That came after the Hong Kong Monetary Authority (HKMA) took steps to cool a rally in the local currency, which boosted liquidity in the market and lowered borrowing costs.</p>
<div class="lb-trans"><p>对于借款人来说，自去年中旬以来，以本地货币定价变得更加有利，当时香港银行同业拆息下降，扩大了与美国利率的利差。这是在香港金融管理局采取措施冷却本地货币的上涨后发生的，这增强了市场的流动性并降低了借款成本。</p>
</div><p>Because the Hong Kong dollar is pegged to the greenback, there’s little foreign exchange risk. That’s allowed issuers to borrow cheaply in Hong Kong dollars, convert into US dollars, and invest in higher-yielding US Treasuries, locking in potential arbitrage gains.</p>
<div class="lb-trans"><p>由于港元与美元挂钩，外汇风险很小。这使得发行人能够以低成本借入港元，转换为美元，并投资于收益更高的美国国债，从而锁定潜在的套利收益。</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/39db143a1f6a61ef3588bdf68db339b4bf6c32ee5ecab29fc9022bb58ed2cb3f/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/39db143a1f6a61ef3588bdf68db339b4bf6c32ee5ecab29fc9022bb58ed2cb3f?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Hong Kong airport raises HK$19 billion amid local-debt boom</h3>
<div class="lb-trans"><h3>香港机场在本地债务繁荣中筹集 190 亿港元</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/aa1d1428221c46cb3c8e9fe2120d4d3d023956d8564eb9014dc7d6a08d62d154/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/aa1d1428221c46cb3c8e9fe2120d4d3d023956d8564eb9014dc7d6a08d62d154?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Hong Kong airport taps local debt boom with US$1.9 billion plan</h3>
<div class="lb-trans"><h3>香港机场通过 19 亿美元计划利用本地债务繁荣</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/d104fc010eaec59259838e2e81206598b64881f586f67feab1cfad2d739f2a77/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/d104fc010eaec59259838e2e81206598b64881f586f67feab1cfad2d739f2a77?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Hong Kong dollar bond sales boom as issuers tap into haven flows</h3>
<div class="lb-trans"><h3>港元债券销售激增，发行人利用避风港资金流入</h3>
</div><p>“Hong Kong dollar rates have the steepest curves in developed markets and offer attractive carry,” said Lei Zhu, head of Asian fixed income at Fidelity International. Growth in long-dated, green and digital bonds, supportive regulation and market deepening suggest that Hong Kong dollar credit is evolving from a tactical hedge into a long-term strategic allocation, she added.</p>
<div class="lb-trans"><p>“港元利率在发达市场中曲线最陡，提供了有吸引力的收益，” 富达国际亚洲固定收益负责人 Lei Zhu 说道。长期、绿色和数字债券的增长、支持性监管和市场深化表明，港元信用正在从战术对冲演变为长期战略配置，她补充道。</p>
</div><p>Even so, while there has been a jump in local currency deals, the market is young and remains relatively small.</p>
<div class="lb-trans"><p>尽管本地货币交易有所激增，但市场仍然年轻且相对较小。</p>
</div><p>The Hong Kong dollar is more of an alternative and “safe choice” compared with the US dollar, and is far from being a global bond currency, said Gary Ng, senior economist at Natixis. And as Hibor can be sensitive to fast capital movements, such as initial public offerings and carry trades, selling local currency debt may not always be cheaper than borrowing in US dollars, he added.</p>
<div class="lb-trans"><p>港元相比美元更像是一种替代和 “安全选择”，远未成为全球债券货币，Natixis 高级经济学家 Gary Ng 说道。而且，由于 Hibor 对快速资本流动（如首次公开募股和套利交易）可能敏感，出售本地货币债务可能并不总是比以美元借款便宜，他补充道。</p>
</div><p>In addition, some Chinese and Hong Kong companies historically have shunned Hong Kong dollar bonds as part of their funding strategies.</p>
<div class="lb-trans"><p>此外，一些中国和香港公司历史上一直避免将港元债券作为其融资策略的一部分。</p>
</div><p>“Some of them may prefer to reserve Hong Kong dollars for syndicated loans, due to the more established pricings, and issue bonds in US dollar or offshore yuan,” said Standard Chartered’s Yim.</p>
<div class="lb-trans"><p>“他们中的一些人可能更愿意将港元保留用于银团贷款，因为定价更为成熟，而选择以美元或离岸人民币发行债券，” 标准 Chartered 的 Yim 说道。</p>
</div><p>The rush of Hong Kong dollar public bond issuance has taken shape over the past 12 to 18 months as liquidity has grown at the city’s financial institutions. The Hong Kong dollar loan-to-deposit ratio has been below 75 per cent since early last year – a level not seen since 2010, according to HKMA data as at February, indicating a burgeoning cash cushion.</p>
<div class="lb-trans"><p>在过去 12 到 18 个月中，港元公共债券发行的激增是在城市金融机构流动性增长的背景下形成的。根据香港金融管理局截至 2 月的数据，港元贷款与存款比率自去年初以来一直低于 75%，这是自 2010 年以来未见的水平，表明现金缓冲正在增长。</p>
</div><p>That’s come amid a shortage of high-quality assets to invest in, making domestic institutions such as insurers and pension funds eager buyers of bonds with solid credit profiles and stable yields.</p>
<div class="lb-trans"><p>这发生在高质量投资资产短缺的背景下，使得国内机构如保险公司和养老基金成为对具有良好信用评级和稳定收益的债券的渴望买家。</p>
</div><p>Among the issuers, MTR, the government-backed public transport operator and property developer, just priced its first-ever public Hong Kong dollar bond, raising HK$18.888 billion – a size that would have been impossible in private deals. Flagship airline Cathay Pacific and the World Bank’s lending arm have also sold notes in recent weeks.</p>
<div class="lb-trans"><p>在发行人中，港铁公司作为政府支持的公共交通运营商和房地产开发商，刚刚定价其首个公开港元债券，筹集了 188.88 亿港元——这一规模在私人交易中是不可能实现的。旗舰航空公司国泰航空和世界银行的贷款机构也在最近几周发行了票据。</p>
</div><p>HSBC, Standard Chartered Bank, Bank of China (Hong Kong) and Credit Agricole CIB are some of the top banks arranging Hong Kong dollar bond deals, according to Bloomberg-compiled data.</p>
<div class="lb-trans"><p>根据彭博社汇编的数据，汇丰、标准 Chartered 银行、中国银行（香港）和法国农业信贷银行是一些安排港元债券交易的顶级银行。</p>
</div><p>Hong Kong dollar bond sales have offered the cheapest cost of funds this year for issuers such as MTR, said Terry Schmassmann, co-head of debt capital markets Asia and head of DCM syndicate Asia at UBS. The company will be able to get close to 10 basis points of arbitrage gains on the five-year and 10-year notes just sold, he added.</p>
<div class="lb-trans"><p>港元债券销售为发行人提供了今年最低的资金成本，UBS 亚洲债务资本市场联席负责人兼亚洲 DCM 承销负责人 Terry Schmassmann 说道。他补充道，该公司将在刚刚发行的五年和十年票据上获得接近 10 个基点的套利收益。</p>
</div><p>“Is this a lasting trend? It’s still too early to tell,” Schmassmann said. “So far, it’s been a very high-grade, domestic-name market, but diversification is clearly driving interest.” BLOOMBERG</p>
<div class="lb-trans"><p>“这是一种持久的趋势吗？现在还为时已晚，” 施马斯曼说。“到目前为止，这仍然是一个高品质的本土市场，但多样化显然正在推动兴趣。”</p>
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香港的本地债务市场意外地成为融资热点