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在线翻译:
szdaily -> Markets
More firms to sell foreign bonds
    2017-November-2  08:53    Shenzhen Daily

CHINA’S top economic planning agency has granted approvals to a number of mainland companies to sell bonds overseas, according to bankers with knowledge of the matter, a move that will help keep the record pace of issuance alive.

Some of the quotas from the National Development and Reform Commission expire in March instead of at year end, said the bankers.

The approvals were received last week when the 19th Communist Party congress concluded and the country undertook its first dollar bond offering since 2004. The new issuance may add to the record US$150 billion of year-to-date sales of dollar bonds by Chinese borrowers, which is 78 percent higher than for the same period a year ago.

“It is reasonable to assume offshore Chinese corporate issuance to pick up after the successful issuance of China dollar sovereign bonds,” said Jenny Zeng, a Hong Kong-based portfolio manager and head of credit research for Asian fixed income at AllianceBernstein Holding LP.

Still, Zeng said she would be surprised if companies were able to price tighter to their current curves given existing levels.

The benefit of China’s sovereign dollar bond sale may extend beyond State-owned firms to other firms, said Ding Yu, general manager of the treasury department at China Grand Automotive Services Co., one of the nation’s largest automobile dealers. The firm sold a junk-rated dollar perpetual last week. (SD-Agencies)

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