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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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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。

Venue
Grand Kempinski Hotel Shanghai
Grand Kempinski Hotel Shanghai
Grand Ballroom, Level 3
1288 Lujiazui Ring Road, Pudong
Shanghai
Date: Thursday, 18th May 2017
地点
Grand Kempinski Hotel Shanghai
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:2017年5月18日,星期四

Speakers / Agenda

演讲嘉宾及议程安排

08.00
Registration
登记
09.00
Asset Events Speaker
Opening keynote
开幕致辞
A. Noy Siackhachanh
senior advisor of sustainable development & climate change department
Asian Development Bank
A. Noy Siackhachanh
可持续发展及气候变化部门资深顾问
亚洲开发银行
09.10
Asset Events Speaker
Morning address
上午主题演讲
Tang Lingyun
vice general manager, global market department
ICBC
唐凌云
金融市场部副总经理
中国工商银行
09.30
Asset Events Panel
Panel one: Open access – Overcoming challenges, unlocking opportunities
小组讨论一: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?
Sean Chang
head of Asian debt investment
Baring Asset Management
郑达成
亚洲债券投资主管
霸菱资产管理有限公司
Eddie Pong
director, research & analytics
FTSE Russell
庞兆恩博士
分析研究部总监
富时集团
He Jie
He Jie
head of treasury department
Hong Kong branch, China Development Bank
He Jie
资金交易部主管
国家开发银行, 香港分行
Angus To
Angus To
deputy head of research
ICBC International
涂振声
研究部副主管
工银国际
Julien Martin
head of fixed income and currency
Hong Kong Exchanges
Julien Martin
固定收益与货币主管
香港交易所
Philip Tan
head of sales trading division, fixed income business group
SinoPac Securities Corp
谭佐权
固定收益销售交易部主管,资深协理
永丰金证券
Daniel Yu
Daniel Yu
Editor-in-Chief
The Asset
杨韪铭
总编辑
《财资》
10.30
Networking and coffee
茶歇交流时间
11.00
Asset Events Conversation
In conversation one: Chinese investors in the G3 bond markets
主题对话一: G3债券(美元、日元、欧元债)市场上的中国投资者
As the spotlight shines on international investors entering China’s bond market, Chinese institutional investors are starting to expand their investment activity internationally. What are the strategies Chinese investors use when they invest in the G3 bond market? What are the key criteria for G3 bond investment?
随着国际投资者进入中国债券市场成为焦点,中国机构投资者亦开始向国际市场进行投资。中国投资者在投资G3债券时使用哪些策略?他们在G3债券投资上最看重哪些特质?
Liu Xiaochun
Liu Xiaochun
president
China Zheshang Bank
刘晓春
行长
浙商银行
Derrick Hong
editorial analyst
The Asset
洪德康
撰稿编辑
《财资》
11.30
Asset Events Panel
Panel two: The black and white of panda bonds
小组讨论二: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?
Nie Ni
research director
China Lianhe Credit Rating
聂逆
研究总监
联合资信评估有限公司
Irina Burukina
Irina Burukina
principle professional, treasury,
New Development Bank
Irina Burukina
principle professional, treasury,
新开发银行
Ricco Zhang
director, Asia Pacific
International Capital Market Association
张顺荣
亚太区总监
国际资本市场协会
Chito Santiago
managing editor
The Asset
Chito Santiago
执行主编
《财资》
12.10
Asset Events Speaker
In conversation two: The rise of LGFV bonds
主题对话二: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.
  • What make panda bonds attractive to issuers?
  • How are the recent regulatory restrictions and renminbi volatility impacting the panda bond market?
  • How should the regulators address such issues as differences in auditing and accounting standards, credit rating and use of funds raised for the panda bond market to take off?
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。
  • 熊猫债券何以吸引发行人?
  • 人民币的监管限制及波动性如何影响熊猫债券市场?
  • 监管机构如何向业内人士带出如熊猫债券缺乏共同审核标准、信用评级以及熊猫债券使用的限制等问题?
Terry, Junjie Gao
director, International Public Finance Team ,
Fitch Ratings
高俊杰
联席董事
惠誉评级国际公共财政团队
Ma Li
Ma Li
managing director,
Moody's Investors Service
马力
企业融资董事总经理
穆迪投资者服务有限公司
Daniel Yu
Daniel Yu
Editor-in-Chief
The Asset
杨韪铭
总编辑
《财资》
12.30
Luncheon
午宴
13.30
Asset Events Conversation
In conversation three: China Belt & Road – how Asia’s bond markets can support?
主题对话三: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?
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?
Soren Elbech
treasurer
Asian Infrastructure Investment Bank
Soren Elbech
司库
亚洲基础设施投资银行
Chito Santiago
managing editor
The Asset
Chito Santiago
执行主编
《财资》
13.50
Asset Events Panel
In focus: Bonds, infrastructure and emerging markets
聚焦:债券、基础设施以及新兴市场
Zhang Wenhe
senior underwriter, infrastructure
Multilateral Investment Guarantee Agency
张文合
基础设施部门高级担保官员
系世界银行集团多边投资担保机构
14.10
Asset Events Panel
In conversation four: Building confidence - the role of rating agencies
主题对话四:建立信心 – 评级机构的角色
An essential element of a bond market is the well-functioning credit rating agencies. China's bond market is now among the largest in the world. Over time, it has spawned a growing number of rating agencies. What needs to happen next is for these agencies to win the confidence of international investors. What are the challenges facing the development of international and domestic credit ratings in China? What steps are the rating agencies undertaking to build confidence among institutional investors as well as to move towards international best practice?
完善的信用评级机构是债券市场的一个重要组成部分。中国债券市场现已成为全球最大的债券市场之一。随着时间的推移,中国债券市场越来越多的评级机构正蓄势待发。这些机构未来所要做的是赢得国际投资者的信心。中国的国际及本地信用评级机构在发展过程中将遇到哪些挑战?他们如何在建立机构投资者信心的同时逐渐向国际评级标准看齐?
  • 信用评级机构对中国资本市场的展望
  • 增长领域及未来发展形势如何?
  • 在中国,国内与国际信用评级机构的发展正面临哪些挑战?
  • 为建立机构投资者的信心,评级机构采取了哪些措施?
  • 投资者的需求以及在评级过程中如何进一步采用国际化的标准和惯例
Henry Hung
Henry Hung
head of international ratings business, China
Fitch Ratings
洪硕亨
国际评级业务主管
惠誉国际
Ma Li
Ma Li
managing director,
Moody's Investors Service
马力
企业融资董事总经理
穆迪投资者服务有限公司
Daniel Yu
Daniel Yu
Editor-in-Chief
The Asset
杨韪铭
总编辑
《财资》
14.40
Asset Events Panel
In focus: The China securitization market
聚焦: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?
Zhang Chi
rating director, structured finance
China Lianhe Credit Rating
张驰
评级总监
联合资信评估有限公司
15.10
Asset Events Panel
Panel three : Green bonds – China leading the way
小组讨论三: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
Shi Yingzhe
Shi Yingzhe
head of the Green Bond Lab
International Institute of Green Finance
史英哲
绿色债券实验室负责人
中央财经大学绿色金融国际研究院
Qi Jiuhong
director of R&D department
China Beijing Environment Exchange
綦久竑
研究发展部主任
北京环境交易所
Virgil Nae
head of representation office to China and Mongolia
European Investment Bank
Virgil Nae
中国代表处处长
欧洲投资银行
William Beloe
principal financial officer, climate finance lead, Asia
International Finance Corporation
William Beloe
中国气候金融项目,首席运营官
国际金融公司
Wei Liu
deputy director of bond markets
Shanghai Stock Exchange
刘蔚
债券业务部副总监
上海证券交易所
Darryl Yu
assistant editor
The Asset
杨义位
助理编辑
《财资》
16.00
Asset Events Speaker
Closing remarks
闭幕致辞
Daniel Yu
Daniel Yu
Editor-in-Chief
The Asset
杨韪铭
总编辑
《财资》
16.20
Asset Events Cocktails
End of summit
峰会闭幕

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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/基金公司/券商
- 机构/零售业务主管, 产品销售主管 -
投资银行/券商
- 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
Please enter code or leave it blank
如果您有优惠券代码,请於此处输入
Closed
Closed
Limited complimentary seats are available for senior representatives from the buyside.
提供免费参与名额予资深买方代表,名额有限。
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在此登记获取代码
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