青島希尼爾翻譯公司（www.shreekrishnajewellers.com）整理發(fā)布2016-05-24

希尼爾翻譯公司（www.shreekrishnajewellers.com）2016年5月24日了解到：China is reopening its securitised bad debt market with two deals worth Rmb534m ($81.6m) this month, eight years after regulators shuttered the market at the onset of the global financial crisis.

中國(guó)正重啟不良貸款證券化市場(chǎng)，本月的兩筆證券化交易規(guī)模達(dá)5.34億元人民幣(合8160萬(wàn)美元) 。8年前，中國(guó)監(jiān)管機(jī)構(gòu)在全球金融危機(jī)爆發(fā)時(shí)關(guān)閉了這個(gè)市場(chǎng)。

Securitisation is among several methods adopted in an effort to whittle down China’s mounting bad debt. Net debt grew to $25tn in the first quarter of the year, equivalent to a record 237 per cent of gross domestic product.

證券化是降低中國(guó)日益增加的壞賬所采取的多種舉措之一。今年第一季度，中國(guó)的凈債務(wù)增至25萬(wàn)億美元，占國(guó)內(nèi)生產(chǎn)總值(GDP)的237%，達(dá)到創(chuàng)紀(jì)錄水平。

Much of this sits on bank balance sheets, spooking investors who fear that the slowing economy will result in more loans souring. The official average non-performing loan ratio at China’s commercial banks was 1.75 per cent at the end of March but analysts reckon it could be as high as 19 per cent and eventually require a government bailout.

其中很多壞賬位于銀行資產(chǎn)負(fù)債表上，這引起投資者恐慌，他們擔(dān)心，經(jīng)濟(jì)放緩將導(dǎo)致更多貸款無(wú)法償還。3月底，中國(guó)商業(yè)銀行的官方平均壞賬率為1.75%，但分析師估計(jì)，實(shí)際壞賬率可能高達(dá)19%，最終需要政府紓困。

Francis Cheung, CLSA’s head of China strategy, estimates Beijing will need to inject Rmb10.6tn of new capital into the banking system, or 15.6 per cent of GDP, assuming a non-performing loan ratio of 20 per cent and provisions at 100 per cent of losses.

里昂證券(CLSA)中國(guó)策略主管鄭名凱(Francis Cheung)估計(jì)，假設(shè)壞賬率為20%，不良貸款撥備覆蓋率為100%，那么中國(guó)需要向銀行體系注入10.6萬(wàn)億元人民幣的新資金。

Kicking off the bad debt securitisation programme, which is expected to see issuance of Rmb50bn this year, are Bank of China with a Rmb301m deal next week, according to a filing at ChinaBond.com, and China Merchants Bank with a Rmb233m product.

根據(jù)中國(guó)債券信息網(wǎng)上的一份申請(qǐng)文件，首先啟動(dòng)不良貸款證券化項(xiàng)目的是中國(guó)銀行(Bank of China)和招商銀行(China Merchants Bank)，前者將于下周發(fā)行3.01億元人民幣的不良資產(chǎn)證券，招商銀行將發(fā)行2.33億元人民幣的證券化產(chǎn)品。預(yù)計(jì)中國(guó)今年將發(fā)行500億元人民幣的不良資產(chǎn)證券。

Analysts fear that state players such as insurers and banks will dominate the market under the government’s guidance, in effect spreading the risk associated with bad debt within only the state financial sector.

分析師擔(dān)心，保險(xiǎn)公司和銀行等國(guó)有參與者將在政府的指導(dǎo)下主宰這個(gè)市場(chǎng)，實(shí)際上與壞賬有關(guān)的風(fēng)險(xiǎn)只會(huì)在國(guó)有金融領(lǐng)域內(nèi)部蔓延。

“It’s very uncertain what the market will look like at this point?.?.?.?The worst-case scenario would be for the government to come in and tell life insurance companies to buy up the products at a certain price,” said Matthew Smith, China financials analyst at Macquarie Securities in Shanghai. “What we would like to see is rational pricing and interest from private equity players.”

“目前來(lái)看，我們非常不確定市場(chǎng)會(huì)變成什么樣子……最糟的結(jié)果是政府介入要求壽險(xiǎn)公司以某種價(jià)格全部買下這些產(chǎn)品，”麥格理證券(Macquarie Securities)駐上海的中國(guó)金融分析師馬修?史密斯(Matthew Smith)表示，“我們希望看到的是合理定價(jià)以及來(lái)自私募股權(quán)參與者的興趣。”

International investors specialising in bad debt expect only muted demand as global rating agencies will not rate the early versions of the products.

預(yù)計(jì)專門從事壞賬業(yè)務(wù)的國(guó)際投資者的需求有限，因?yàn)槿蛟u(píng)級(jí)機(jī)構(gòu)不會(huì)對(duì)初期產(chǎn)品評(píng)級(jí)。

Over the past 15 years, China’s lenders have relied on government-controlled asset management companies, or AMCs, to buy up non-performing loans, sometimes at face value. However, in recent years the level of bad loans — many from zombie companies — has exceeded the AMCs’ appetite.

過(guò)去15年，中國(guó)銀行一直依賴政府控制的資產(chǎn)管理公司來(lái)收購(gòu)不良貸款，有時(shí)是以面值收購(gòu)。然而，最近幾年，壞賬水平（很多來(lái)自僵尸企業(yè)）超出了資產(chǎn)管理公司的承受能力。

“The AMCs’ ability to absorb the bad debt cannot keep up with the pace of bad debt,” said Chen Shujin, an analyst at DBS Vickers in Hong Kong. “This is a new opportunity for the banks to get their money back on loans quickly and also scrape the bad debt off their balance sheets.”

“資產(chǎn)管理公司吸收壞賬的能力無(wú)法跟上壞賬累積的速度，”星展唯高達(dá)香港有限公司(DBS Vickers)分析師陳書錦(Chen Shujin)表示，“這是銀行迅速收回貸款并將壞賬剝離資產(chǎn)負(fù)債表的新機(jī)遇?！?span id="fznv7bvjx7t" class="style52">

China Construction Bank was the last Chinese bank to issue an asset-backed security using bad debt in 2008. Regulators halted all ABS issuance in 2009 as securitised products wreaked havoc in western markets. China has since resumed the market for ABS products backed by auto loans and credit card debt.

中國(guó)建設(shè)銀行(China Construction Bank)是2008年最后一家利用壞賬發(fā)行資產(chǎn)擔(dān)保證券(ABS)的中國(guó)銀行。2009年，監(jiān)管機(jī)構(gòu)叫停了所有的資產(chǎn)擔(dān)保證券的發(fā)行，因?yàn)樽C券化產(chǎn)品在西方市場(chǎng)造成了破壞。此后，中國(guó)重啟了以汽車貸款和信用卡債務(wù)為擔(dān)保的資產(chǎn)擔(dān)保證券市場(chǎng)。來(lái)源:可可英語(yǔ)