穆迪：人民币债券市场监测报告

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1、June2017MARKETVIEWPOINTBondConnectLikelytoAttractMoreInvestorstoOnshore2CONTACTSMarketandMarginalizeOffshoreRMBBondMarketBondConnect,themutualbondmarketaccessschemebetweenHongKongandMainlandChina,IvanChung852-3758-1399AssociateManagingisexpectedtobeeffectiveinthesecond

2、halfof2017andshouldallowforeigninvestorstoexpandDirectortheirinvestmentsintheonshoremarketmorequickly.ivan.chung@moodys.comLiMa86-21-2057-4018MARKETTRENDMD-CorporateFinancemali@moodys.comTighteningRegulatoryEnvironmentDrivesIssuanceTrend5GaryLau852-3758-1377MD-Corporat

3、eFinanceRegulatoryeffortstotightensupervisionoffinancialinstitutions’fundingandinvestmentsinthegary.lau@moodys.combondmarketshaveresultedintighterliquidityandhigherfundingcostsintheonshoremarketthisyear,whichisdampeningissuancegrowth.Thehigherfundingcostswillincreaseth

4、erefinancingrisksofweakercredits.RepackagedNotesBackedbyLocalGovernmentBondsRaise10ProspectsforMoreCross-BorderIssuanceRecently,anumberofbondsissuedbyvariousChineseRLGshavebeenresoldthroughUSdollar-denominatedrepackagednotesissuedbyanoffshore-incorporatedspecialpurpose

5、vehicle.Repackagednotesprovideanadditionalavenuethroughwhichdollar-basedportfolioinvestorscanaccessChina'sinterbankbondmarket.RMBDASHBOARD12China-NPLSecuritization:HeardfromtheMarket:LackofSpecialServicersin17ChinaSpursJuniorInvestors'RoleinNPLResolutionCLOs-China:Chin

6、a'sDevelopingCLOSectorPosesVastlyDifferentCredit19RisksfromUSMarketBanks-China:ProfitabilityUnderPressure;CapitalandLiquidityWeaker20AmongSmallerBanksChinaCreditMarket:TighterCorporateBondCollateralizationRulesWillHelp21ReduceSystemicRisksBanks-China:CityandRuralCommer

7、cialBanksWillRemainActiveinCapital22Raisingin2017MarketplaceLendingABS-ChinaandUS:DifferentLendingModelsPresent24UniqueCreditChallengesandStrengthsMOODYS.COMMARKETVIEWPOINTBondConnectLikelytoAttractMoreInvestorstoOnshoreMarketandMarginalizeOffshoreRMBBondMarketOn16May2

8、017,thePeople’sBankofChina(PBOC)andtheHongKongMonetaryAuthority(HKMA)jointlyannouncedtheestablishmentofmutualbondmark