The Asset Events

11th Asian Bond Markets Summit - APAC Edition

第十一届亚洲债券市场峰会-亚太区市场

 

18 May 2017 - Shanghai, China
二零一七年五月十八日,中国上海
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China Lianhe Credit Rating Co., Ltd.
FTSE

More than a year following China’s decision to widen foreign investors’ access to its interbank bond market, things are starting to fall into place. China’s inclusion in the Emerging Markets Government Bond Index and such other indices as the Asian Government Bond Index and the Asia-Pacific Government Bond Index is a positive development that promises more foreign inflows.

In the G3 market, Chinese issuers account for the lion’s share of primary activity as local government financing vehicles join government and private corporates in issuing bonds. Chinese issuers now account for up to 60% of the total market activity worth over US$200 billion a year. Analysts expect more Chinese issuers will debut in the international market in the next few years.

China’s activity in both the onshore and offshore bond markets reflect the country’s rising stature in the global financial markets. There is increasing interest in China’s bond markets among foreign investors. For now, foreign investment accounts for less than 2% of China’s US$9.5 trillion onshore bond market.

An understanding of Chinese issuers and the onshore market is vital for any global fixed income manager planning to invest in China. While opportunities abound, the challenges around investing in the country often are quite complex. The weakening of the renminbi, concerns around credit ratings, recent corporate defaults and a general lack of clarity about the inner workings of the onshore bond market have slowed efforts of global investors to access China’s debt market.

Now on its 11th year, the Asian Bond Markets Summit is the definitive fixed income event in Asia that draws the largest participation of issuers and institutional investors. Organized in association with the Asian Development Bank, the Asian Bond Markets Summit is a part of Asean Bond Markets Initiative especially in deepening the development of Asia’s bond markets.

中国决定向境外长期投资者开放中国银行间债券市场(CIBM)已逾一年,市场现正处于平稳发展中。中国被纳入新兴市场政府债券指数、亚洲政府债券指数以及亚太政府债券指数等,即表明市场处于正向发展中,这为更多外资流入市场建立信心。

G3债券市场上,地方政府的融资平台通过加入国企和私企发行债券,使中国发行者成为占据市场份额中的绝大多数。中国发行人以每年超过两千亿美元的资金,占市场总量的近60%。分析师预计,在未来几年将会有更多的中国发行人在国际市场亮相。

中国在离岸和在岸债券市场的活跃度,反映了其在全球金融体系中日益壮大的地位。使得外国投资者对中国债券市场的兴趣日渐浓厚。目前,外国投资在中国的9.5万亿美元在岸债券市场中,资金占比不到2%。

了解中国发行人和在岸市场,对于全球任何有计划在中国投资的固定收益经理都至关重要。尽管机会处处,但在该国投资所需面临的挑战仍相较复杂。人民币的疲软、信用评级的隐忧、近期的企业违约以及在岸债券市场的内部运作普遍缺乏透明度等问题,都减缓了全球投资者进入中国债券市场的脚步。

允许外国投资者发行人民币债券的熊猫债券,成功重新引起投资者的兴趣。但中国对债券募集回国的限制,仍然困扰着诸多投资者。另一方面,证券化市场正提高市场规范化程度,以期吸引更多外国参与者的加入。在中国的“一带一路”战略规划中,一系列有关管道运输的基础建设项目需要资金支持,而亚洲债券市场正可帮助解决这些需求。

Speakers / Agenda

演讲嘉宾及议程安排

08.00
Registration
登记
09.00
Asset Events Speaker
Opening remarks
开幕致辞
09.10
Asset Events Speaker
Morning keynote address
上午主题演讲
09.30
Asset Events Panel
Panel: Open access – Overcoming challenges, unlocking opportunities
小组讨论:开放市场 - 战胜挑战,面向机遇
The China Interbank Bond Market (CIBM) scheme that provides foreign investors direct access to China’s onshore bond market is shaping the global investment landscape. But concerns around credit ratings, defaults, and the weakening renminbi are making it difficult for global investors to access the CIBM. How can China boost foreign investor participation in its markets?
  • What does CIBM really mean for foreign investors?
  • What initiatives are being done to increase transparency and credibility of mainland ratings?
  • How will inclusion of onshore bonds in global indices impact the market?
  • RMB inclusion in IMF’s Special Drawing Rights basket (SDR) and how this might impact investors’ view of RMB
为外国投资者提供直接进入中国在岸债券市场方案的中国银行间债券市场(CIBM)正在构建全球投资版图。但对信用评级、违约和人民币走弱的担忧,使全球投资者在进入CIBM时有所顾虑。中国应如何提高外国投资者在其市场的参与度?
  • CIBM对于外国投资者意味着什么?
  • 为提高内地评级的透明度和可信度而实行的措施有哪些?
  • 在全球指数中纳入在岸债券将如何影响市场?
  • 人民币被纳入国际货币基金组织的特别提款权篮子(SDR)将如何影响投资者对人民币的取向?
10.20
Networking and coffee
茶歇交流时间
11.00
Asset Events Conversation
In conversation: The black and white of panda bonds
主题对话:熊猫债券的特质
The revival of the panda bond market, fuelled by the opening of the CIBM, promises to give foreign issuers access to renminbi-denominated assets. However, regulatory uncertainties and a general lack of clarity on rules have slowed activity. What must be done to shake the pandas out of their stupor?
随着CIBM开幕的推动,熊猫债券市场的复苏使外国发行人有望获得以人民币计价的资产。然而,监管的不确定性和普遍缺乏清晰度的规则减缓了有关进程的推进。有何必要措施可厘清熊猫债券市场?
11.40
Asset Events Conversation
Panel: The rise of LGFV bonds
小组讨论:地方政府融资平台的兴起
Local governments with massive funding requirements are increasingly tapping the international capital market and are driving the growth of the LGFV bond market. This trend is likely to continue as the central government eases rules and encourages offshore issuance. Despite relatively higher yields offered by LGFV bonds, Chinese investors remain the major buyers.
  • How can LGFVs be more attractive to offshore investors?
  • What initiatives are being done to increase data transparency?
  • The issue of ratings
  • Defaults and keepwell agreement: Where are we?
具有大量资金需求的地方政府越来越多地利用国际资本市场,并致力于推动地方政府融资平台债券市场的发展。随着中央政府放宽规则并鼓励海外发行,这一趋势还将持续。尽管地方政府融资平台债券的收益率较高,但主要买家仍为中国投资者。
  • 地方政府融资平台可如何增加对海外投资者的吸引力?
  • 为提高数据的透明度而实行的措施有哪些?
  • 评级问题
  • 违约与支持协议:何去何从?
12.20
Luncheon
午宴
14.00
Asset Events Speaker
Afternoon keynote address
下午主题演讲
14.20
Asset Events Panel
Panel: China Belt & Road – how Asia’s bond markets can support?
小组讨论:中国“一带一路”- 亚洲债券市场可如何实现项目融资?
China’s Belt and Road Initiative has a long list of projects that require massive funding. The bond markets are a potential source of funds for infrastructure projects that should deepen ties between China and trading partners in Asia, the Middle East and Europe. How can the Asian bond markets support China’s Belt and Road journey?
  • The rise of Silk Road bonds
  • The challenge of project bankability
  • What role will Hong Kong play in this initiative?
  • How can we further attract institutional investors?
中国“一带一路”战略规划中有许多需要大量资金的项目。债券市场作为基础建设项目的潜在资金来源,可加深中国与亚洲、中东及欧洲的之间的贸易伙伴关系。亚洲债券市场应如何支持中国的“一带一路”项目?
  • 丝路债券的兴起
  • 项目银行可贴现性的挑战
  • 香港在此计划中扮演怎样角色?
  • 如何进一步吸引机构投资者?
15.00
Networking and coffee
茶歇交流时间
15.30
Asset Events Panel
Panel: Green bonds – China leading the way
小组讨论:绿色债券 - 中国领军
Across the globe, climate change is high on the government agenda. State policy supporting environment-friendly projects are helping to fuel the growth of the green bond market. Last year, China led the green bond issuance in Asia Pacific. With China’s firm commitment to green finance, the country is expected to retain its spot as the biggest green bond issuer this year. Across Asia, countries including Indonesia, the Philippines and South Korea are also active in the green bond market.
  • Climate certification: When is a bond considered green?
  • How do we ensure effective information disclosure?
  • The green investor network: Attracting both domestic and international investors
  • Ratings for green bonds
在全球,气候变化在政府工作项目中占有重要地位。支持友善环保项目的国家政策正助力绿色债券市场的增长。去年,中国引领了绿色债券在亚太区的发行。随着中国对绿色金融的坚定承诺,更有望在今年保持其最大绿色债券发行国的地位。横跨亚洲,包括印度尼西亚、菲律宾和南韩等国家都在积极参与绿色债券市场。
  • 气候认证:债券在什么情况下被视为绿色?
  • 如何能保证信息的有效披露?
  • 绿色投资者人脉:吸引国内外投资者
  • 绿色债券的评级
16.10
Asset Events Panel
In conversation: The China securitization market
主题对话:中国证券化市场
China’s securitization market is getting a major boost as regulators push for alternative funding tools. Asset-backed securities (ABS), residential mortgage-backed securities (RMBS) as well as collateral loan obligations (CLOs) are common financial securities in China. Going forward, the securitization market is poised for growth as deals involving non-performing loans increase and rules around Public Private Partnerships (PPP) are relaxed. China is allowing PPP project proponents to tap the securitization market to raise capital. How will the market evolve in the next 12 months?
随着监管机构对多种融资工具的推动,中国证券化市场正在得到大规模的增长。资产抵押债券(ABS)、居民住房抵押贷款证券(RMBS)和担保债务凭证(CLOs)是中国常见的金融债券。展望未来,随着涉及不良贷款的交易增加、公共私营合作模式(PPP)规则的放宽,证券化市场将会保持平稳增长。同时,中国允许PPP计划的支持者通过证券化市场筹集资本,未来一年市场将如何发展?
16.50
Asset Events Speaker
Closing remarks
闭幕致辞
17.00
Asset Events Cocktails
End of summit & cocktails
峰会闭幕及酒会

The Asset events are the perfect size to offer the best of both worlds to our delegates, our conferences are highly interactive and each offers a unique forum where both speakers and delegates can contribute and learn and our clients can forge new and profitable business relationships to help the industry advance.

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Registration

报名方法

买方
亚洲、中东和欧洲企业
- 首席财务官
- 司库主管
- 财务主管
机构投资者(主权财富基金、养老基金、保险公司),私人银行和家族办公室
- 首席投资官
- 投资组合管理主管
- 固定收益主管
- 基金选择主管
商业银行和零售银行
- 商业/零售银行部主管
- 投资产品主管
- 财务咨询主管
资产管理公司
- 首席投资官
- 投资组合管理主管
- 固定收益主管
原价
588美元
早鸟优惠:2017年4月10前付款
388美元
(省200美元)
Buyside
From corporates across Asia, Middle East and Europe
- Chief Financial Officer, Treasurer/Head of Treasury, Head of Finance -
From institutional investors (SWF, Pension funds, insurance companies), private banks and family office
- Chief Investment Officer, Head of Portfolio Management, Head of Fixed Income, Head of Fund Selection -
From commercial and retail banks
- Head of Commercial/Retail Banking, Head of Investment Products, Head of Financial Advisory -
From asset management companies
- Chief Investment Officer, Head of Portfolio Management, Head of Fixed Income -
Early Bird: Book and pay before 10 April 2017
US$388
Save US$200
Standard Price
US$588
Sellside
From asset management companies
- Head of Institutional/Retail Sales, Head of Product Distribution -
From investment banks
- Head of Debt Capital Markets, Head of Fixed Income Origination/ Sales/ Trading/ Research, Head of Credit, Head of Corporate Access -
From technology providers, rating agencies, consultancy and law firms
- Head of Business Development, Head of Sales -
Early Bird: Book and pay before 10 April 2017
US$1,088
Save US$200
Standard Price
US$1,288
卖方
资产管理公司
- 机构/零售业务主管, 产品销售主管 -
投资银行
- 债务资本市场主管, 固定收益发行/销售/交易/研究主管, 信贷业务主管, 企业关系主管 -
技术供应商,评级机构,咨询公司和法律公司
- 业务发展主管, 销售主管 -
原价
1288美元
早鸟优惠:2017年4月10前付款
1088美元
(省200美元)
Registration
报名方法
Package: Summit including access to all networking functions & food and beverage
门票包括:峰会包括当天所有活动交流及餐饮服务
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