中資證券公司債券銷售費用收入激增

China’s top securities houses have already raked in more than half last year’s record fees from bond sales as the country’s rapidly developing debt markets reshape the Asian landscape.

中國各大證券公司從債券銷售斬獲的費用收入已達去年創紀錄水平的一半以上。目前中國迅速發展的債券市場正在重塑亞洲格局。

Soaring issuance in China’s onshore markets also comes at the expense of international rivals such as Citigroup, JPMorgan, and Deutsche Bank, who lack the licences to underwrite onshore Deals and as a result now hold a shrinking part of the overall fee pool in the region.

中國在岸市場發行量飆漲，也意味着國際競爭對手如花旗集團(Citigroup)、摩根大通(JPMorgan)和德意志銀行(Deutsche Bank)付出代價，因爲它們沒有承銷在岸交易的許可，結果便是在地區費用池中所佔份額越來越小。

So far this year, Chinese groups, led by China Securities and Citic Securities, account for one-quarter of the fee pool among the top players, up from 6 per cent five years ago, according to Dealogic estimates. International banks have seen their share halve to just under a fifth over that time.

根據Dealogic的估算，今年迄今，以中信建投證券(China Securities)和中信證券(Citic Securities)爲首的中資機構在大型證券公司的費用池中佔到四分之一，遠高於五年前的6%。同期海外銀行所佔份額減半，降至不到五分之一。

The shift in rankings is largely the result of China’s rapidly developing bond markets — already the world’s third-largest, behind the US and Japan. Corporate bond issuance has grown even faster than overall credit in China as companies have sought lower financing costs than those available on bank loans.

這種排名變化在很大程度上是中國快速發展的債券市場的結果；這個市場的規模已經是世界第三大，僅次於美國和日本。隨着企業尋求比銀行貸款成本更低的融資，公司債券發行的增長速度甚至超過了中國整體信貸增長。

Chinese banks this year make up 9 of the top 20 banks by fee income from bond sales, and have so far earned $450m, compared with $797m in total last year.

按債券銷售費用收入排名，中資機構今年在前20家機構中佔了9家，迄今斬獲4.5億美元，而去年全年爲7.97億美元。

While the fees involved in debt deals are a fraction of those for equity issuance, they are a key form of relationship-building for banks. Dealogic’s fee data involve estimates and may not capture all private deals but they are still widely used across the industry.

儘管債務交易涉及的費用與股票發行相比只是一小部分，但它們對承銷機構來說是打造關係的重要形式。Dealogic的費用數據涉及估計，可能沒有覆蓋所有私募交易，但這些數據仍在業內被廣泛使用。

International banks have pulled in $317m compared with $1.03bn last year — hampered by a slowing demand for bond sales outside of China. Corporate issuance elsewhere in Asia-Pacific so far this year is about a third lower than the same time in 2015 while Chinese companies’ onshore bond sales are running more than 50 per cent above last year’s levels.

海外銀行從債券銷售斬獲了3.17億美元，而去年爲10.3億美元；它們受到中國以外債券發行需求放緩的拖累。今年迄今亞太地區其他地方的公司債券發行量比2015年同期低了大約三分之一，而中國企業在岸債券的發行量比去年同期水平高出50%以上。

Mainland bond deals are held to be less profitable for banks than offshore issuance, where deals are usually bigger and are typically led jointly by Chinese and international banks.

據信在岸債券交易對承銷機構而言不如離岸發行那麼有利可圖；離岸交易往往規模更大，而且一般由中資和國際機構聯合牽頭。

Cheap borrowing rates have encouraged Chinese groups to tap local markets rather than banks. The weighted-average interest rate on bank loans across all maturities was 5.7 per cent in the first quarter, according to central bank data. By contrast, the yield on 10-year triple A rated corporate bonds averaged only 3.8 per cent in the same period, according to China’s main bond clearing house. For shorter maturities, the cost of bond finance is even lower.

低借款利率也鼓勵中資企業利用本地債市，而不是從銀行貸款。根據央行的數據，第一季度各種期限的銀行貸款的加權平均利率爲5.7%。相比之下，中國主要債券結算機構的數據顯示，同期10年期AAA級公司債券的收益率平均只有3.8%。對於期限較短的債券，這種融資方式的成本更低。

As a result of this cost advantage, the bond share of overall net new corporate external financing rose to 19 per cent in 2015, up from only 10 per cent in 2013, according to central bank data.

這種成本優勢帶來的結果是，根據央行的數據，2015年企業總體新增淨外部融資中債券的份額升至19%，而2013年的這個比例只有10%。

Policymakers have encouraged this development. Zhou Xiaochuan, governor of the People’s Bank of China has repeatedly emphasised the need to increase the role of capital markets in China’s overall financial system in an effort to reduce reliance on bank loans and introduce more market discipline.

政策制定者鼓勵這一發展。中國人民銀行(PBoC)行長周小川一再強調需要提高資本市場在中國整個金融體系中的作用，以求降低對銀行貸款的依賴，並引入更多市場紀律。

RankBank% Share

排名 機構 份額(%)

1China Securities 5.2

1 中信建投證券 5.2

2Morgan Stanley5.0

2 摩根士丹利(Morgan Stanley) 5.0

3CITIC Securities5.0

3 中信證券 5.0

4Guotai Junan Securities 3.4

4 國泰君安證券(Guotai Junan Securities) 3.4

5Mizuho3.2

5 瑞穗(Mizuho) 3.2

6Citi3.2

6 花旗 3.2

7JPMorgan2.5

7 摩根大通 2.5

8Bank of China2.5

8中國銀行(Bank of China) 2.5

9GF Securities2.3

9 廣發證券(GF Securities) 2.3

10Haitong Securities 2.1

10 海通證券(Haitong Securities) 2.1

11CICC2.1

11 中金公司(CICC) 2.1

12Bank of America Merrill Lynch2.1

12 美銀美林(Bank of America Merrill Lynch) 2.1

13UBS2.1

13 瑞銀(UBS) 2.1

14China Merchants Securities 2.0

14 招商證券(China Merchants Securities) 2.0

15HSBC2.0

15 匯豐(HSBC) 2.0

16Nomura1.9

16 野村證券(Nomura) 1.9

17Sumitomo Mitsui Financial Group1.7

17 三井住友金融集團(Sumitomo Mitsui Financial Group) 1.7

18Goldman Sachs1.7

18 高盛(Goldman Sachs) 1.7

19Daiwa Securities1.7

19 大和證券(Daiwa Securities) 1.7

20Industrial Securities 1.6

20 興業證券(Industrial Securities) 1.6