The Asset Events

13th Asia Bond Markets Summit

第十三届亚洲债券市场峰会-亚太区市场

Financing and investing opportunities in the capital markets

资本市场中的融资与投资机遇

28 May 2019 Chengdu
2019年5月28日 成都
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The next twelve months could turn out to be a pivotal year for China’s capital markets, the largest in the Asia-Pacific and the world’s third largest bond market. The proposed inclusion of Chinese yuan bonds in the Bloomberg Barclays Global Aggregate Index, phased in over a 20-month period starting in April 2019, could further accelerate the participation of foreign investors.

Ahead of the index inclusion, international asset owners and managers have stepped up their activity. Tradeweb, the electronic trading venue linked to Bond Connect, recorded a healthy boost to trade levels, with an uplift of over 40% in the average daily volume, which accrued to US$0.5 billion each day for the 12-month duration end of December 2018. The number of approved overseas institutional investors on Bond Connect reached 503 at the end of 2018, a 74% increase from the 288 global institutional investors registered at the end of Q1 2018.

While there is much reason for optimism, the integration of China’s capital markets within the global financial system comes at a particularly challenging time. The ongoing China-US trade war has added to market uncertainty. The efforts by China to de-risk its financial system (especially in pursuing deleveraging) as it transitions away from fixed asset investment face headwinds. The slower global growth, with the World Bank cutting its forecast to 2.9% in 2019, is keeping investors on their toes and softens sentiment.

These short-term worries, however, do not detract from the longer-term expectation that once these issues are addressed, the region is on track to become one the foremost centres of economic activity in the coming two decades. This also means that capital markets will become an integral part of financing among corporates operating in this region while presenting tantalizing opportunities for investors looking at return and diversification.

As a share of G3 primary issuance, Chinese issuers now account for 60% of activity year-on-year. A study published in January 2019 by the Global Financial Markets Association notes that even based on relatively conservative assumptions, capital markets located in the Asia-Pacific region are set to experience the most rapid growth over the coming decade. Furthermore, Asia’s share of global capital markets activity will rise to just under half over the next 20 years from around one-third today. Much of what’s behind the region’s rise is driven by China, which accounts for 40% of Asian capital markets activity. As a share of G3 primary issuance, Chinese issuers now account for 60% of activity year-on-year.

作为亚太地区最大、世界第三的债券市场,未来一年将是中国资本市场关键的一年。自2019年4月起,中国债券将于20个月内逐步纳入彭博巴克莱全球综合指数,此举将吸引更多境外投资者。

在纳入指数之前,国际资产所有者和管理者已开始加大动作。与债券通相连的电子交易平台Tradeweb显示,交易额出现良性大幅增长。截至2018年12月31日止12个月期间,日累计交易额达到5亿美元,日均交易额增幅超过40%。截至2018年12月31日,债券通认可的海外机构投资者数量达503名,较2018年第一季度末(288名全球机构投资者)增加74%。

尽管有很多积极信号,中国资本市场融入全球金融体系进程仍面临挑战:持续的中美贸易战加剧了市场不确定性;在固定资产投资转向的同时,中国降低金融体系风险(尤其是去杠杆化)的举措遭遇逆风;全球经济增长放缓,世界银行将2019年经济增长预期下调至2.9%,投资者继续保持警惕,市场信心减弱。

但这些短期的隐忧,丝毫未削弱市场对亚洲地区的长期预期,一旦这些问题得以解决,亚洲地区有望在未来二十年内成为最重要的经济活动中心之一。这也意味着资本市场将成为亚洲企业融资的重要一环,为寻求回报和多样化的投资者提供了诱人的机会。

全球金融市场协会在2019年1月发表研究指出,保守估计,亚太地区资本市场将在未来十年迎来前所未有的高速增长。而在此后20年间,亚洲地区在全球资本市场活动中的份额将从目前的三分之一增长至近一半。中国占亚洲资本市场活动的40%,为亚太地区崛起贡献了巨大动力。中国发行人在G3债券初次发行中所占比重同比增长60%。

Venue
Chengdu
Grand Hyatt Chengdu
Chicony Square, No.8 South Chunxi Road, Jinjiang District
Date: 28 May 2019
地点
Chengdu
成都群光君悦酒店
成都市锦江区春熙路南段8号
日期:2019年5月28日

Speakers / Agenda

演讲嘉宾及议程安排

08.00
Registration
签到
09.00
Asset Events Speaker
Opening keynote
开幕致辞
Zhu Li
deputy director of finance division
Sichuan Provincial Development and Reform Commission
朱 丽
财政金融处副处长
四川省发展和改革委员会
09.10
Asset Events Speaker
Morning keynote address
主题演讲(上午场)
Senior representative
ICBC
资深代表
中国工商银行
09.30
Asset Events Panel
Panel: Financing and investing opportunities in the capital markets
分组讨论:资本市场的融资与投资机遇
China’s economic development has entered a new phase, with lower rates of expansion the new normal, highlighted by a yearly growth rate of 6.7% by the end of the third quarter in 2018. Uncertainties such as Sino-US trade tensions and ongoing deleveraging have cast a shadow over China’s economic development. Bond defaults are isolated in nature but are occurring regularly, which may presage challenging times ahead. With the ongoing restructuring and adjustment of China’s economy, how will capital markets evolve?
  • How is the Sino-US trade war impacting finance and investment?
  • What opportunities are available for issuers and investors amidst deleveraging?
  • How is China dealing with bond defaults?
中国经济发展已迈入新阶段,经济增速放缓成为新常态。截至2018年第三季度末,中国经济年增长率为6.7%。中美贸易局势紧张和去杠杆化等因素给中国经济发展带来了一定不确定性。债券违约未形成常态化,但仍频繁发生,这也预示着未来极具挑战性。随着中国经济转型和调整不断深入
  • 中美贸易战如何影响金融和投资?
  • 去杠杆化期间发行人和投资者可抓住哪些机遇?
  • 中国将如何处理债券违约问题?
Donghyun Park
Donghyun Park
principal economist, economic research and regional cooperation department
Asian Development Bank
Donghyun Park
经济研究与区域合作部首席经济学家
亚洲开发银行
10.10
Networking and coffee
茶歇交流时间
10.40
Asset Events Panel
Panel: Index inclusion - Internationalization of the China bond market
分组讨论:纳入指数——中国债券市场走向国际
Yuan-denominated debt is set to be included in Bloomberg Barclays Global Aggregate Bond Index this April 2019. This move will further open up China’s debt market and is expected to boost foreign holdings of Chinese bonds. While global investors welcome the move, issues surrounding market infrastructure, liquidity and transparency remain.
  • What challenges will global investors face in reallocating capital to China?
  • How will the market evolve with increased capital from overseas?
  • What is the likely impact of the index inclusion on other emerging market bonds?
人民币计价债券将于2019年4月纳入彭博巴克莱全球综合指数。此举将进一步开 放中国债券市场,预计将大幅提升中国债券的境外持有量。全球投资者对此举表示欢迎,但对市场基础设施、流动性和透明度等问题的担忧仍然存在
  • 全球投资者向中国重新分配资本面临哪些挑战?
  • 海外资本增加,市场将随之如何演变?
  • 纳入指数对其他新兴市场债券有何影响?
Wang Chaoqun
Wang Chaoqun
director of financial engineering (strategic research)
ChinaBond Pricing Center
王超群
金融工程部/战略研究部总监
中债金融估值中心有限公司
Rong Tian
Rong Tian
managing director
China Chengxin Asia Pacific (CCXAP)
田蓉
董事总经理
中国诚信(亚太)信用评级有限公司
Peter Ru
Peter Ru
senior portfolio manager, emerging markets debt team and China fixed income strategy leader
Neuberger Bermen
Peter Ru
新兴债务市场与中国固收策略主管,资深基金经理
路博迈投资
Brian Lou
Brian Lou
China fixed income portfolio manager
UBS Asset Management
Brian Lou
China fixed income portfolio manager
UBS Asset Management
11.20
Asset Events Panel
In focus: Chomping on the green shoots
熊猫债券:抓住新机遇
Rule changes announced by the People’s Bank of China are refocusing international issuers’ attention on raising yuan-denominated bonds in the interbank bond market. Non-financial institutions based overseas may now raise funds onshore through panda bonds. Guidelines on green pandas - panda bonds whose proceeds are used for green projects - have also been launched. But will these new rules be able to unleash the full potential of the panda bond market?
  • What is the outlook for issuance for this year?
  • What are the barriers for foreign issuers in tapping the panda bond market?
  • How will the entry of foreign players impact the market?
中国人民银行公布的规则发生变更,再次激起国际发行人在银行间债券市场筹集人民币计价债券的兴趣。现在,境外的非金融机构可以通过发行熊猫债券在境内筹集资金。此外,中国还发布了绿色熊猫债券指南,其收益将用于绿色项目。但这些新规则是否能够充分发挥熊猫债券市场的潜力?
  • 今年熊猫债券发行前景如何
  • 境外发行人进入熊猫债券市场存在哪些阻碍?
  • 境外发行人的加入会对市场造成何种影响?
Christine Zhang
Christine Zhang
general manager, overseas business department
China Chengxin International (CCXI)
张婷婷
国际业务部总经理
中诚信国际信用评级有限责任公司
12.00
Luncheon
午宴
13.00
Asset Events Panel
Panel: LGFVs – ready for a comeback?
分组讨论:地方政府融资平台准备卷土重来?
China has implemented measures aimed at improving transparency, liquidity and management of local governments. Such measures have set the stage for a more sustainable path as local governments now try to balance economic growth and debt management. Amidst this backdrop, local government financing vehicle (LGFV) bonds are gaining favour among investors. However, issues concerning credit quality, Sino-US trade tensions as well as China’s economic restructuring continue to pose challenges to LGFVs. How will LGFV bonds fare in the next 12 months?
中国已采取措施提高地方政府的透明度、流动性和管理水平。目前,地方政府正在经济增长和债务管理之间寻找平衡点,这些措施为中国走上更加可持续发展的道路奠定了基础。在此背景下,城投债越来越受投资者欢迎。但是,信贷质量、中美贸易紧张局势以及中国经济转型等问题仍然困扰着地方政府融资平台。未来一年城投债将如何发展?
Samuel Lyu
Samuel Lyu
general manager of government finance rating department
China Chengxin International (CCXI)
吕修磊
政府融资评级部总经理
中诚信国际信用评级有限责任公司
Maggie Ren
Maggie Ren
executive director, deputy head of debt capital markets
Huatai International Financial Holdings
任佳
执行董事,资本市场部副主管
华泰国际金融控股
Cindy Yang
Cindy Yang
vice president – senior analyst, corporate finance group,
Moody’s Investors Service
杨柳
企业融资部副总裁
穆迪投资者服务公司
13.40
Asset Events Panel
Panel: Riding a volatile marketplace
分组讨论:重整“一带一路”倡议
China’s venture capital and private equity (VC/PE) industry has developed rapidly since “mass entrepreneurship and innovation 大众创业和万众创新” initiative launched in 2015. However, the unstable economic environment and the Sino-US trade war last year cast a shadow on the VC/PE industry. SMEs face difficulties in financing and cash flow is tight. How could market participants learn from the chaos and make rational decisions in the future?
  • What’s the difference between VC/PE industry in China and other markets?
  • How are the VC/PEs managing risks during this period of economic uncertainty?
  • What opportunities are out there despite the challenging environment?
  • How can the industry attract more international investors especially overseas LPs?
自2015年提出“大众创业和万众创新”倡议以来,中国创投界进入新一轮快速发展的阶段。然而受过去一年经济环境不稳定,中美贸易战等因素影响,创投界再次陷入资本寒冬。中小企融资出现困难,现金流紧张。市场参与者在乱象过后应如何汲取经验,回归理性?
  • 境内外股权创投行业的发展差异?
  • 股权创投如何在经济前景不明朗的情况下做好风险管控
  • 在充满挑战的环境中,仍有哪些机会?
  • 股权创投如何吸引外资,引进海外LP?
Zhang Hui
Zhang Hui
deputy general manager
Sichuan Development Industry Led Equity Investment Fund Management
张慧
副总经理
四川发展产业引导股权投资基金管理有限公司
14.20
Networking and coffee
茶歇交流时间
14.50
Asset Events Panel
Panel: Green finance
分组讨论:绿色金融
China’s green finance market continues to push ahead. However, enthusiasm is wavering amongst issuers due to higher issue costs and unclear criteria for obtaining third-party certificate for green bonds. Given the backdrop of China’s economic transformation and structural adjustment, how could green finance underpin economic activity towards sustainable and sound development?
  • Is there already a standard definition of green?
  • How important is the issue of environmental performance disclosure?
  • What new green products are available in the market?
中国绿色金融市场不断发展。然而,由于发行成本较高,获得绿色债券第三方证书的标准又不明确,债券发行人的信心有所动摇。在中国经济转型和结构调整的背景下,绿色金融如何支撑经济活动走上可持续和健康发展的道路?
  • 是否已有标准定义?
  • 环境绩效信息披露有多重要?
  • 市场上有哪些新的绿色产品?
Shu Tian
Shu Tian
economist, economic research and regional cooperation department
Asian Development Bank
Shu Tian
经济研究与区域合作部经济学家
亚洲开发银行
Katherine Han
Katherine Han
vice president, ESG research
Harvest Fund Management
韩晓燕
ESG研究部高级研究员
嘉实基金
Helen He
Helen He
program manager/banking specialist
IFC
何懿伦
项目经理/银行业专家
国际金融公司
Katherine Han
Senior representative
SinoPac Securities
Senior representative
SinoPac Securities
15.30
Asset Events Panel
In conversation: ABS & structured financing
对话:ABS融资和结构融资
From its fledgling roots just over a decade ago, China’s asset-backed security (ABS) market is now the largest in Asia. It is not just asset classes that are growing, the application of technology could change the way new issues are structured. What lays ahead for the ABS market in 2019?
尽管十多年前刚刚起步,中国资产抵押证券(ABS)市场目前已位列亚洲首位。不仅资产类别在不断扩大,科技应用也会改变新发行债券的结构。2019年ABS市场的前景如何?
16.00
Asset Events Speaker
Closing remarks
闭幕致辞

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买方
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原价
588美元
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Early Bird: Book and pay before 19 April 2019
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