The Asset Events

12th Asian Bond Markets Summit

第十二届亚洲债券市场峰会-亚太区市场

Ushering an era of balanced growth

30 May 2018 Shanghai
二零一八年五月三十日 上海
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China continues to be a dominant player in Asia’s bond markets, accounting for the majority of issuance activity in the G3 space. The country also leads the region in green bond issuance. Its regulators have issued special green bond guidelines for listed companies, introducing a supervisory scheme broadly modelled after the widely-accepted Climate Bonds Standard and Certification. China’s Belt and Road projects remain a priority for the Chinese government, with the bond market seen as a source of financing for some of these projects. Panda bonds, meanwhile, are on the rebound with more sovereign issuance in the pipeline. At the same time, cash-rich Chinese investors have underpinned the growth of the Reg S market, one of the most defining trends in the Asian capital market in recent years. It means that Asian issuers are no longer dependent on US institutions when raising dollar bonds.

But there are headwinds in the horizon. Due to tightening liquidity, China is likely to see the first default in local government funding vehicle (LGFV) bonds. LGFVs have become regular issuers in the US dollar bond market. With Asia’s burgeoning savings, its growing affluence, coupled with a generally low interest rate environment, the region is a key market for global issuers and investors. China, in particular, is becoming an important part of global investment mandates. The launch of the investment scheme Bond Connect paves the way for global investors to easily access a largely untapped Chinese onshore market. The entry of global rating agencies into China is expected to promote improved credit risk assessment, which in turn, will provide global investors a better understanding of Chinese issuers’ profile.

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 (ADB), the summit is part of the ADB’s Asian Bond Markets Initiative that aims to deepen the development of Asian bond markets.

中国目前仍是亚洲债券市场的重要成员,G3债券的大部分发行活动皆由中国主导。通过引入基于广为人知的气候债券标准与认证制度建立的监管计划,中国引领着亚洲绿色债券市场的发展方向。“一带一路”项目仍是中国政府工作的重中之重,而债券市场恰恰能为其中一些项目提供资金。与此同时,随着更多的主权债券发行,熊猫债券呈现反弹趋势。资金充裕的中国投资者为Reg S市场的增长提供了有力支持,这是近年来影响亚洲资本市场发展趋势的最重要因素之一,也意味着亚洲发行人在发行美元债券时无须再依赖美国机构。

但上述大好形势中也暗藏汹涌。流动性的收紧可能导致中国地方政府融资平台债券(LGFV)出现首次违约。地方政府融资平台已成为美元债券市场的常规发行机构。随着亚洲迅速增长的存款与财富量,再加之利率普遍较低的大环境,亚洲成为全球发行人和投资者关注的关键市场。尤其中国,正成为全球投资委托的重要组成部分。“债券通”投资机制的推出,为全球投资者轻松进入尚待开发的中国境内市场铺平道路。全球评级机构纷纷来华,预计将推动信贷风险评估体系的改善,从而帮助全球投资者更清楚了解中国发行人的现况。

亚洲债券市场峰会作为亚洲区最具影响力的固定收益峰会,吸引最大规模的发行人和机构投资者。此次盛会由《财资》杂志与亚洲开发银行联合举办,是其亚洲债券市场倡议的一部分,旨在进一步深化亚洲债券市场的发展。

Venue
Grand Kempinski Hotel Shanghai
China
Grand Kempinski Hotel Shanghai, Grand Ballroom, Level 3
1288 Lujiazui Ring Road, Pudong
Shanghai
Date: 30 May 2018
地点
Grand Kempinski Hotel Shanghai
中国
上海凯宾斯基大酒店,三楼 宴会厅
浦东陆家嘴环路1288号
上海
日期:2018年5月30日
Keynote Speakers
致辞嘉宾
Noritaka Akamatsu
senior advisor, financial cooperation and integration, economic research and regional cooperation department
Asian Development Bank
Noritaka Akamatsu
可持续发展及气候变化局高级顾问
亚洲开发银行
Aldo Romani
Aldo Romani
deputy head of funding
European Investment Bank
Aldo Romani
欧元融资副主管
欧洲投资银行
Ren Qing
Ren Qing
deputy head of the international cooperation department
National Association of Financial Market Institutional Investors
任晴
国际部助理主任
中国银行间市场交易商协会(NAFMII)
Zongjun
chief business officer
China Central Depository & Clearing
宗军
总监
中央国债登记结算有限责任公司
Leslie Maasdorp
Leslie Maasdorp
vice president and chief financial officer
New Development Bank
Leslie Maasdorp
副总裁及首席财务官
新发展银行
Lan Hong
China Chair, Greening the Belt and Road
Renmin University of China
蓝虹
中英绿化“一带一路”投资倡议中方主席,中国人民大学生态金融研究中心副主任
中国人民大学
Zhang Hua
Zhang Hua
general manager assistant, global market department
ICBC
张桦
金融市场部总经理助理
中国工商银行总行
Yao Wang
Yao Wang
deputy secretary general , green finance committee, China Society for Finance and Banking/ director General
International Institute of Green Finance (IIGF)
王遥
中央财经大学绿色金融国际研究院院长
中国金融学会绿色金融专业委员会副秘书长

Speakers / Agenda

演讲嘉宾及议程安排

08.00
Registration
登记
09.00
Asset Events Speaker
Welcome remarks
开幕致辞
Noritaka Akamatsu
senior advisor, financial cooperation and integration, economic research and regional cooperation department
Asian Development Bank
Noritaka Akamatsu
可持续发展及气候变化局高级顾问
亚洲开发银行
09.10
Asset Events Speaker
Morning keynote address
上午主题演讲
Zhang Hua
Zhang Hua
general manager assistant, global market department
ICBC
张桦
金融市场部总经理助理
中国工商银行总行
09.30
Asset Events Panel
Panel one: Ushering an era of balanced growth
小组讨论一:开创平衡增长新时代
Underpinned by a strong government support, China’s dominance in Asia’s bond markets is set to continue. Developments in the green bond space, Belt and Road initiatives and the Panda bond market will further expand China’s capital markets. But as the country embarks on its journey towards social and economic stability, achieving balance growth becomes the priority. Deleveraging will continue as the country battles its burgeoning debt and issuers are faced with tightening liquidity.
  • How can China sustain growth in the era of deleveraging?
  • How will China’s transition to a more balanced economy impact the global bond markets?
  • What will be the likely impact of US tax reforms on Asian bond markets?
在政府大力支持下,中国将继续维持其在亚洲债券市场的主导地位。绿色债券、“一带一路”倡议和熊猫债券市场的发展将进一步扩大中国的资本市场。但是,随着中国愈加注重社会和经济的稳定性,实现平衡增长成了当务之急。中国正对抗不断膨胀的债务,因此去杠杆化政策将继续延续下去,发行人面临着流动性紧缩的问题。
  • 中国在去杠杆化时代如何保持经济增长?
  • 中国的经济再平衡转型将对全球债券市场产生何种影响?
  • 美国税收改革可能对亚洲债券市场产生什么影响?
Brian Murray
Brian Murray
group chief economist, group investment department
AIA Group
穆柏龄
投资部首席经济学家
友邦保险集团
Sophia Zhou
Sophia Zhou
portfolio manager fixed income department
E Fund Management
周怡
固定收益部投资经理
易方达
George Yang
SVP, head of rates & credit trading
Sinopac Securities
杨重志
固收自营部主管及协理
永丰金证券
Andrew Fennell
director, Asia-Pacific Sovereign Ratings
Fitch Ratings
Andrew Fennell
亚太区主权评级主管
惠誉
Daniel Yu
Daniel Yu
Editor-in-Chief
The Asset
杨韪铭
总编辑
《财资》
10.10
Networking and coffee
茶歇交流时间
10.40
Asset Events Panel
Panel two: Bond Connect – a year on
小组讨论二:债券通机制的一年回顾
China continues to further open its domestic market through the Bond Connect. Foreign investor participation is on the rise, accounting for a third of fund inflows for the past year. Recent talk on a similar scheme between UK and China are adding to the excitement. Yet challenges surrounding trading, regulations and tax are yet to be addressed.
  • What are the opportunities for investors using the Bond Connect?
  • Who are currently using the scheme and what has been their experience so far?
  • What are the prospects for real-time DVP in the Bond Connect?
  • How will CNH and CNY trading be implemented on the Bond Connect?
中国继续通过债券通机制推动国内市场的开放进程。外国投资者参与规模正持续扩大,海外资金占去年流入资金的三分之一。近期中英两国之间有关类似计划的磋商更令人振奋。然而,贸易、监管和税收相关的一系列挑战仍然有待解决。
  • 投资者可以通过哪些机会利用债券通?
  • 债券通当前的参与者有哪些,迄今的现状如何?
  • 实时券款对付(DVP)结算在债券通机制中的前景如何?
  • 如何通过债券通实现离岸人民币和在岸人民币交易?
Liu Youhui
Liu Youhui
general manager of treasury
Agricultural Development Bank of China
刘优辉
资金部总经理
中国农业发展银行
Brad Gibson
Brad Gibson
senior vice president & portfolio manager, Asia-Pacific Fixed Income
AllianceBernstein
Brad Gibson
亚太固定收益业务高级副总裁及投资组合经理
联博
Zhanying Li
director, The Yield Book and Fixed Income Indexes
FTSE Russell
李战鹰
固定收益组合分析平台和债券指数总监
FTSE Russell
Ren Qing
Ren Qing
deputy head of the international cooperation department
National Association of Financial Market Institutional Investors
任晴
国际部助理主任
中国银行间市场交易商协会(NAFMII)
Bayani Cruz
Bayani Cruz
Executive Editor
The Asset
Bayani Cruz
執行編輯
《财资》
11.20
Asset Events Panel
In focus: The need for a common language in green finance
聚焦:绿色金融需要通用语言
Aldo Romani
Aldo Romani
deputy head of funding
European Investment Bank
Aldo Romani
欧元融资副主管
欧洲投资银行
11.30
Asset Events Panel
In focus: Greening the Belt and Road
聚焦:绿化“一带一路”金融
Lan Hong
Lan Hong
China chair, Greening the Belt and Road Initiative / vice director, Research Center of Ecological Finance
Renmin University of China
蓝虹
中英绿化“一带一路”投资倡议中方主席,中国人民大学生态金融研究中心副主任
中国人民大学
11.40
Asset Events Panel
Panel: Green finance – China and beyond
小组讨论三:绿色金融——中国及其他地区
China’s green bond market continues to expand. The release of guidelines for listed companies on green bond issuance and verification as well as well as recent talk of a green bond channel between China and Europe are seen as key steps to further internationalize the market. Global investor participation, however, have been stifled by concerns surrounding criteria for green bonds as well as varying reporting standards. How can Chinese green bonds become more mainstream?
  • How can we improve transparency in tracking use of proceeds?
  • How do investors view clean coal in relation to green bonds?
  • How will the introduction of the green bond verification guidelines impact the market?
  • How can China further attract global investors to participate?
中国继续推动绿色债券市场发展。上市公司绿色债券发行与核查指南的发布,以及近期有关中欧绿色债券渠道的讨论,被视为进一步推动中国市场走向国际化的关键措施。然而,对于绿色债券标准及各类报告规范的担忧,抑制了全球投资者的参与热情。中国的绿色债券如何才能成为主流选择?
  • 如何提高收益使用状况的透明度?
  • 投资者如何看待清洁煤与绿色债券的关系?
  • 绿色债券核查指南的颁布将对市场产生何种影响?
  • 中国应如何进一步吸引全球投资者?
Zongjun
chief business officer
China Central Depository & Clearing
宗军
总监
中央国债登记结算有限责任公司
Aldo Romani
Aldo Romani
deputy head of funding
European Investment Bank
Aldo Romani
欧元融资副主管
欧洲投资银行
Yao Wang
Yao Wang
deputy secretary general , green finance committee, China Society for Finance and Banking/ director General
International Institute of Green Finance (IIGF)
王遥
中央财经大学绿色金融国际研究院院长
中国金融学会绿色金融专业委员会副秘书长
Helen He
Helen He
China climate finance advisory lead
International Finance Corporation
何懿伦
气候变化融资及咨询业务中国区负责人/银行业专家
国际金融公司(IFC)
Lan Hong
Lan Hong
China chair, Greening the Belt and Road Initiative / vice director, Research Center of Ecological Finance
Renmin University of China
蓝虹
中英绿化“一带一路”投资倡议中方主席,中国人民大学生态金融研究中心副主任
中国人民大学
Darryl Yu
Darryl Yu
assistant editor
The Asset
杨义位
助理编辑
《财资》
12.30
Luncheon
午宴
14.00
Asset Events Panel
Panel: Pandas on the rebound?
小组讨论四:熊猫债券反弹?
More than a decade after its introduction into the market, Panda bonds’ potential to further internationalize the renminbi is yet to achieve its goal. Panda bonds are mostly issued by Chinese companies incorporated overseas. Foreign issuers, who wish to tap the onshore market, have shied away as concerns on regulatory policies on approvals as well as use of proceeds remain unclear. As China introduces a more relaxed regulatory policy, will Panda bond issuance soar?
  • What are the challenges faced by issuers?
  • How can the issue of repatriation of proceeds outside China be resolved?
  • How can the Belt and Road initiative support the Panda bond market?
  • How can China further attract global issuers to its onshore market?
在上市十多年后,熊猫债券未能充分发挥潜力,实现人民币进一步国际化的目标。熊猫债券主要由在海外注册的中国公司发行。希望进入中国内地市场的国外发行人对熊猫债券采取回避态度,原因是他们对于审批及收益利用监管政策的疑虑仍然存在。随着中国出台更宽松的监管政策,熊猫债券的发行量是否会大幅激增?
  • 发行人将面临哪些挑战?
  • 如何解决将收益从中国汇出的问题?
  • “一带一路”能够为熊猫债券市场提供怎样的支持?
  • 中国如何进一步吸引全球发行人进入在岸市场?
Leslie Maasdorp
Leslie Maasdorp
vice president and chief financial officer
New Development Bank
Leslie Maasdorp
副总裁及首席财务官
新发展银行
Flora Dai
Flora Dai
treasury director
Air Liquide
戴嘉澍
中国区资金总监
法国液化空气集团
Weifeng Li
assistant to general manager, sovereign department
China Lianhe Credit Rating
李为峰
主权部总经理助理
联合资信评估有限公司
Darryl Yu
Darryl Yu
assistant editor
The Asset
杨义位
助理编辑
《财资》
14.40
Asset Events Panel
In conversation: The internationalization of China’s credit rating industry
主题对话二:中国信用评级行业的国际化
The China credit rating industry has long been besieged by issues surrounding accuracy, transparency and methodology. As domestic and foreign investors increasingly demand for meaningful credit evaluations, China is making moves to strengthen its credit rating system. The entry of foreign rating agencies along with China’s bid to attract more foreign investment into its onshore markets will push Chinese players to improve their game and meet international standards. Yet, more has to be done for Chinese rating agencies to achieve the confidence bestowed by global investors on their US counterparts.
长期以来,中国信用评级行业一直面临着准确性、透明度和研究方法相关问题的困扰。随着国内外投资者对可靠信用评估的需求不断增长,中国现正采取措施加强其信用评级体系。外国评级机构入华趋势以及中国为吸引更多外资进入国内市场所作的种种努力,有助于督促中国企业改善竞争环境,对接国际标准。不过,中国评级机构还需要完成更多工作,才能赢得全球投资者给予其美国同行那样的信心
Jenny Ai
vice president and head of credit rating committee
United Credit Ratings
艾仁智
副总裁
联合信用评级有限公司
Derrick Hong
editorial analyst
The Asset
洪德康
撰稿编辑
《财资》
15.10
Asset Events Panel
Panel: Tapping the Asian Reg S market
小组讨论五:开拓亚洲Reg S市场
Asia's burgeoning wealth, underpinned by the rising affluence of Chinese investors, paved the way for the explosive growth of the Reg S market in the region. Asian issuers, who traditionally rely on the US for funding, are now turning to Asian investors. But will this trend last?
  • Why do issuers favour the Reg S format?
  • What risks do a purely Asian investor base pose to issuers?
  • What are the challenges and opportunities in store for investors in this space?
  • Who are the issuers and which sectors/industries are attractive?
在新兴中国投资者资金的支持下,亚洲迅速增长的财富为本地区Reg S市场的爆炸性增长奠定了基础。传统上依赖美国市场进行融资的亚洲发行人,如今正在转向亚洲投资者的怀抱,但这种趋势会持续下去吗?
  • 发行人为何青睐Reg S市场?
  • 纯亚洲投资者群体会对发行人构成什么样的风险?
  • 投资者在这一领域面临哪些挑战和机遇?
  • Reg S市场的发行人有哪些,哪些部门或行业具有投资吸引力?
Helen Wong
Helen Wong
senior director, investor development team
Fitch Ratings
Helen Wong
投资者开发团队高级主管
惠誉评级
Fredric Teng
Fredric Teng
head of high yield product group, greater China North Asia
Standard Chartered
邓建华
大中华区高收益产品部主管
渣打银行
Bayani Cruz
Bayani Cruz
Executive Editor
The Asset
Bayani Cruz
執行編輯
《财资》
15.40
Asset Events Panel
The future of LGFVs
地方政府融资平台的未来
China’s local government spending has been a major concern for the central government. Robust issuance of local government financing vehicles (LGFVs) bonds in recent years have contributed to the country’s burgeoning debt. But as China’s deleveraging campaign continues, LGFVs will likely be impacted. Tightening liquidity, closer scrutiny of local government spending and talks of removal of guarantees will hit LGFVs bonds and the risk of a default is on the table. How will an LGFV bond default reshape China’s bond market?
中国地方政府支出一直是中央政府关注的重点事项。近年来,地方政府融资平台债券发行强劲,使中国债务规模迅猛攀升。但随着中国去杠杆化运动的推进,地方政府融资平台可能会受到影响。流动性收紧、加强对地方政府支出的审查以及取消担保将对地方政府融资平台债券造成打击,违约风险初露端倪。地方政府融资平台债券违约将如何重塑中国债券市场?
Jianguo Jiang
head of corporate ratings
China Lianhe Credit Rating
蒋建国
评级总监
联合资信评估有限公司
Angus To
Angus To
executive director and deputy head of research
ICBC International
涂振声
研究部副主管及执行董事
工银国际
Ivan Chung
Ivan Chung
associate managing director
Moody’s Investors Service
钟汶权
副董事总经理-大中华区信用研究分析主管
穆迪投资者服务公司
Derrick Hong
editorial analyst
The Asset
洪德康
撰稿编辑
《财资》
16.20
Asset Events Speaker
Closing remarks
闭幕致辞
16.40
Asset Events Cocktails
Networking and cocktails
峰会闭幕

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