國海證券事件凸顯中國債市調整期的槓桿風險
A Chinese investment bank is under pressure from more than 20 financial institutions to honour a bond financing deal agreed by a rogue employee who allegedly forged the company’s official seal.
一家中國券商面臨來自20多家金融機構的壓力，要其兌現一份據稱由一名流氓員工僞造該公司印章簽訂的債券融資協議。
The incident spotlights the risks that leveraged bets on rising Chinese bond prices will inflict losses on financial institutions as a market correction runs its course.
這起事件凸顯出，在市場調整自然而言地到來之際，槓桿化押注中國債券價格上漲可能會給金融機構造成損失。
Chinese bond prices fell sharply last week after the US Federal Reserve indicated a faster pace of monetary tightening than markets had expected.
上週，當美聯儲(Fed)暗示收緊貨幣政策的步伐將快於市場之前的預期後，中國債券價格大幅下跌。
Capital outflows from China are also pushing up interest rates as liquidity drains out of the mainland banking system.
中國的資本外流也在推高利率，因爲它抽走了中國內地銀行體系中的流動性。
Before the recent correction, borrowed money used to buy bonds had been a key factor driving a bull market in Chinese bonds.
在最近的調整之前，借錢購買債券是驅動中國債券牛市的一個關鍵因素。
But the People’s Bank of China has allowed short-term borrowing rates to rise in recent weeks,
但中國央行最近幾周已讓短期借款利率上升。
in what analysts say is an effort to squeeze leverage out of the market.
分析師表示，此舉意在把槓桿擠出市場。
Shenzhen-listed Sealand Securities is facing huge losses on a bond financing deal involving Rmb10bn ($1.44bn) in bonds, the Beijing Times has reported.
據《京華時報》(Beijing Times)報道，在深圳上市的國海證券(Sealand Securities)在一筆涉及100億元人民幣（合14.4億美元）債券的債券融資交易中面臨巨大浮虧。
According to the paper, Zhang Yang, a senior executive in Sealand’s bond division, left the country and was unreachable.
該報稱，國海證券一債券團隊負責人張楊離開了中國，並已失聯。
The deal was reportedly a so-called proxy holding arrangement — a popular transaction structure for using leverage to invest in bonds or other securities.
據報道，這筆交易是所謂的代持安排——這是一種流行的、使用槓桿來投資債券或其他證券的交易結構。
Sealand said in a stock exchange filing last week that it had not authorised Mr Zhang and another employee to sign bond financing contracts on its behalf and that the company seal used on the documents was fake.
上週，國海證券在提交深交所的文件中表示，公司未授權張楊和另一名員工簽訂債券融資協議，相關文件上使用的公司印章是僞造的。
Trading in Sealand’s shares has been halted since Thursday pending an internal investigation into the incident.
國海證券的股票自上週四起停牌，等待該公司對這起事件展開內部調查。
The company said in a separate filing on Monday that it was actively communicating with financial institutions over the case.
週一，國海證券在另一份文件中表示，公司正在積極與事涉金融機構溝通覈實情況。
Police are investigating the incident, Sealand said on its website.
國海證券在公司網站上表示，警方正在調查此事。
Detailed notes of meetings between Sealand and 22 counterparties, including commercial banks and securities companies, have circulated online.
國海證券和22個對手方（包括商業銀行和證券公司）之間的詳細會議紀要已在網上流傳。
A Sealand representative is quoted as saying that counterparties should have verified the seal on the contracts against the Sealand’s official seal on record at the public security bureau.
會議紀要援引國海證券一位代表的話說，交易對手方本應拿協議上的印章與國海證券在公安機關備案的印章對照一下。
Counterparties respond that it is irresponsible of Sealand to try to push full blame for the incident on to two individual employees.
對手方迴應稱，國海證券試圖把此事的全部責任推給兩名員工是不負責任的。
Sealand ranked as China’s 31st largest securities company by total assets at the end of 2015, according to industry association data.
根據中國證券業協會的數據，截至2015年底，國海證券是以總資產規模計的中國第31大券商。
Fraudulent borrowing used to finance bets on a rising market also occurred during the boom and bust last year in China’s stock market.
利用欺騙性借款對不斷上漲的市場押注，也發生在去年中國股市的暴漲暴跌期間。
Agricultural Bank of China and China Citic Bank were among several lenders caught up in alleged fraud by employees using bankers’ acceptances to obtain funds for stock market investment.
中國農業銀行(ABC)和中信銀行(China Citic Bank)等銀行的員工被發現涉嫌欺詐、利用銀行承兌匯票獲取資金來炒股。
Similar to a repurchase agreement, a typical proxy holding deal involves the lender agreeing to use its own funds to buy and hold bonds on behalf of the borrower for a specific period of time in return for a fee.
與回購協議類似，典型的代持交易是指，貸款方同意用自己的錢代表借款方購買並持有債券一段時間，條件是收取一定費用。
The borrower profits if the bonds rise in price and is responsible for losses if prices fall.
如果債券價格上漲，借款方可收穫利潤，如果價格下跌，借款方要對虧損負責。
The practice, which is legal,
債券代持是合法的。
also came under scrutiny in 2013 during investigations of profit-skimming by bond traders,
2013年，在對債券交易員利益輸送展開調查期間，債券代持也曾受到審查。
which resulted in the arrests of several traders.
那次的調查導致幾名交易員被捕。
The local securities regulator in China’s southwest province of Guangxi, where Sealand is based, is investigating, Sealand said in a filing on Tuesday.
國海證券週二在一份申報文件中表示，公司總部所在的廣西省的證監局正對其展開調查。
The company did not respond to requests for further comment.
國海證券未回覆記者要其進一步置評的請求。
Mr Zhang could not be reached.
記者無法聯繫上張揚。
