Table 11 Bond Issuances in All Categories in H1 2017
Unit: RMB 100 million
| Type of bond | Issuances | Year-on-year growth |
| Government securities | 13,652 | -25 |
| Local government bonds | 18,610 | -17,145 |
| Central Bank bills | 0 | 0 |
| Financial bonds① | 121,371 | 32,985 |
| Of which: Financial bonds issued by the China Development Bank and policy financial bonds | 16,273 | -3,751 |
| Inter-bank certificates of deposits | 95,225 | 35,010 |
| Corporate debenture bonds② | 22,456 | -19,493 |
| Of which: Debt-financing instruments of non-financial enterprises | 16,676 | -10,697 |
| Enterprise bonds | 2,092 | -1,165 |
| Corporate bonds | 3,688 | -7,445 |
| Bonds issued by international institutions | 233 | 127 |
| Total | 176,322 | -3,552 |
Notes: ① Including financial bonds issued by the China Development Bank, policy financial bonds, ordinary bonds, subordinated bonds, and hybrid bonds issued by commercial banks, bonds issued by securities firms, inter-bank certificates of deposits, and so forth.
② Corporate debenture bonds include debt-financing instruments issued by non-financial enterprises, enterprise bonds, corporate bonds, convertible bonds, bonds with detachable warrants, privately placed SME bonds, and so forth.
Sources: People’s Bank of China, National Development and Reform Commission, China Securities Regulatory Commission, and China Central Clearing Co., Ltd.
The coupon rates of bonds generally increased. The rate of 10-year government bonds issued in June was 3.52 percent, an increase of 12 basis points from the rate of those of the same maturity issued in March. The rate of 10-year financial bonds issued by the China Development Bank was 4.15 percent, a decline of 14 basis points from those of the same maturity issued in March. The average rate of 1-year short-term financing bills (rated A-1) issued by AAA-rated enterprises was 5.16 percent, an increase of 53 basis points from March. The average coupon rate of 5-year medium-term notes was 6.01 percent, an increase of 78 basis points from March. The Shibor continued to serve as an important benchmark in the pricing of bonds and inter-bank CDs. In H1, a total of 66 floating-rate bonds were issued based on the Shibor, with a gross issuance volume of RMB 44.36 billion; 92 fixed-rate enterprise bonds were issued, with a gross issuance volume of RMB 89.16 billion, all based on the Shibor; and a total of RMB 135.23 billion of fixed-rate short-term financing bills was issued based on the Shibor, accounting for 68.5 percent of all fixed-rate short-term financing bills.
|
|
|
The outstanding volume of bill financing continued to decrease and interest rates fluctuated mildly
The bill acceptance business continued to fall. In H1, commercial bills issued by enterprises totaled RMB 9.5 trillion, an increase of 0.6 percent year on year; outstanding commercial bills posted RMB 8.3 trillion, a decline of 15.6 percent year on year. The balance of bill acceptances decreased each month, revealing a decline of RMB 750.3 billion between end-June and the beginning of 2017. In terms of industries, outstanding bankers’ acceptances were mainly issued by enterprises in the manufacturing, wholesale, and retail industries; in terms of the issuing entities, small- and medium-sized enterprises issued about two-thirds of the total.
The outstanding volume of bill financing declined, and bill market interest rates fluctuated mildly. In H1, financial institutions discounted a total of RMB 22.4 trillion of commercial bills, a decline of 56.9 percent year on year; at end-June, the outstanding balance of bill discounts stood at RMB 3.9 trillion, down 27.0 percent year on year. The balance of outstanding bill financing decreased each month, revealing a decline of RMB 1,588.2 billion between end-June and the beginning of 2017. The share of outstanding bill financing among the total outstanding loans was 3.39 percent, a decrease of 1.85 percentage points year on year. Interest rates on the bill market edged up among moderate fluctuations.
The stock indices remained broadly stable, whereas the trading volume and the amount of equity financing continued to decline year on year
The stock indices remained broadly stable, with a rally in the prices of blue chip stocks. The Shanghai Stock Exchange Composite Index closed at 3,192 points at end-June, down 0.9 percent from end-March but up 2.9 percent from end-2016. The Shenzhen Stock Exchange Component Index closed at 10,530 points, up 1 percent from end-March and up 3.5 percent from end-2016. The Shanghai Stock 50 Index closed at 2,550 points, up 8.1 percent from end-March and up 11.5 percent from end-2016. The Growth Enterprise Board (GEM Board) Index (Chinext Price Index) closed at 1,818 points, down 4.7 percent from end-March and down 7.3 percent from end-2016. The weighted average P/E ratio of the A-share market on the Shanghai Stock Exchange rose from 15.9 times at end-2016 to 17 times at end-June, whereas that of the Shenzhen Stock Exchange fell from 41.6 times to 36 times.
|
|
|
Turnover on the stock markets continued to drop. In H1, the combined turnover of the Shanghai and Shenzhen Stock Exchanges was RMB 52.3 trillion and the average daily turnover was RMB 439.1 billion, a fall of 17.7 percent year on year and a decline of 2 percent from Q1. Turnover on the GEM Board totaled RMB 7.8 trillion, a decrease of 32.1 percent year on year. At end-June, the combined market capitalization of the Shanghai and Shenzhen Exchanges posted RMB 41.6 trillion, an increase of 14.5 percent year on year; and the market capitalization of the GEM Board posted RMB 3 trillion, a decrease of 1.3 percent year on year.
The amount of equity financing declined year on year. In H1, a total of RMB 562.6 billion was raised by enterprises and financial institutions by way of IPOs, additional offerings, rights issuances, and warrant exercises on the domestic and overseas stock markets, representing a decrease of 15 percent year on year. Among this total, RMB 524.4 billion was raised on the A-share market, a decline of 18.6 percent year on year.
Дата добавления: 2018-02-28; просмотров: 302; Мы поможем в написании вашей работы! |
Мы поможем в написании ваших работ!