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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。
As our Event Partner you have the opportunity to create new industry connections and generate new business opportunities. You meet relevant decision makers, professionals and finance industry leaders.
成为我们的合作伙伴，您将有机会与相关决策者、专业人士及金融行业领导者会面，进而拓展业内关系和建立业务机会。
