debt market industry in hong kong

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1、2May2012HKEconomy>HongKongIndustryProfiles>FinancialServicesDebtMarketIndustryinHongKongOverviewHongKongisoneofthemostliberaldebtmarketsintheworld.InternationalinvestorsarefreetoinvestindebtinstrumentsissuedinHongKong.Therearenorestrictionsonforeignborrowerstappingthe

2、domesticdebtmarkettofinancetheirbusiness.HongKonghasanactiveandliquidprivate-sectorbondmarket.Thesizeofthemarket,asmeasuredbytheoutstandingamountofnon-publicHongKongdollardebtsecurities,wasHK$556billion(US$71.7billion)asatend-2011,accountingforaround44%ofthetotaloutst

3、andingHongKongdollardebtinstruments.In2011,issuancesofnon-publicHongKongdollardebtinstrumentssurged26%from2010toHK$203billion,recoveringtopre-2008levelsincetheoutbreakofthefinancialtsunami.InJanuary2007,theChinesegovernmentgavethegreenlighttomainlandfinancialinstituti

4、onstoissueRenminbi(RMB)bondsinHongKong,markingamilestonedevelopmentofHongKong’sdebtmarket.In2011,issuanceofRMBbondsinHongKong(DimSumBonds)reachedRMB108billion,surpassingthetotalamountofissuesduring2007-2010.TheissuerbaseofRMBbondsbecamemorediversifiedin2011.Corporatio

5、nsincorporatedoutsideHongKongandthemainlandaccountedforover30%oftheRMBbondsissuedinHongKong,upfromlessthan10%in2010.Inaddition,Mainlandnon-finance-relatedenterpriseswereallowedtoissueRMBbondsinHongKongin2011.BaosteelGroupLimitedwasthefirstofsuchkindissuingatotalofRMB3

6、.6billionworthRMBbondsinDecember2011.HongKonggovernmentcontinuestoimplementtheGovernmentBond(GB)Programtopromotethenon-bankinvestorbaseinHongKong.In2011,HK$17.5billionworthofGBswereissuedtoinstitutionalinvestors.IndustryDataOutstandingAmountofHongKongDollarDebtInstrum

7、ents(US$2011billion)Total161.7Publicsegment90.0Privatesegment71.7Source:HongKongMonetaryAuthority(HKMA)HongKongisdevelopingintoamulti-currencycapitalmarketandamajordebtmarket.AftertheintroductionofaUSdollarClearingSysteminAugust2000,asecondforeignDebtMarketIndustryinH

8、ongKongcurrencyclearingsystemEuroClearingwasimplementedinApril2003,followedbytheimplementationofafullfledgedRenminbiRTGSsyst