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September 14, 2021

Chinese Dollar Bonds Market and Credit Analysis Forum in Shandong

On 14 September 2021, the Chinese Dollar Bond Market and Credit Analysis Forum jointly organized by China Chengxin International (CCXI), China Chengxin Asia Pacific (CCXAP), Shenwan Hongyuan, and Shenwan Hongyuan (HK) was successfully held in Jinan, Shandong. Around three hundred representatives from CCXI, CCXAP, Shengwan Hongyuan, Moody’s, Bank of Qingdao, Fangda Partners, and the issuers of the Shandong region attended the event.

 

 

In recent years, the issuance of offshore dollar bonds has become one of the important financing channels for Chinese enterprises. At the same time, major economies around the world provide continuous policy supports to boost the economy while the market liquidity is expected to be stable in the short term. As a result, the US dollar bonds are still attractive to Chinese issuers. The guests at the meeting conducted in-depth discussions regarding the following topics. Looking ahead, given more complicated macro environment of the internal and external markets, what is the future trend of the Chinese dollar bond markets? In the face of big differences between onshore and offshore markets, what are the key issues concerned by Chinese enterprises when issuing bonds in the offshore market?

 

Yan Yan, Chairman of the board and President of CCXI

 

Shao Jinhong, CEO of CCXAP

 

The meeting was hosted by Shao Jinhong, CEO of China CCXAP. Yan Yan, Chairman and President of CCXI, and Fan Wei, General Manager of Fixed Income Financing Department of Shenwan Hongyuan, made keynote speeches. Yan elaborated on the challenges of economic recovery, analyzed the “quasi-stagflation” risks of the economy, the future trend of the credit environment, and the impact of newly implemented rating policy on the bond market. In addition, Yan said that the financing cost of US dollar bonds remained relatively low which was attractive to the Chinese issuers.

 

Fan Wei, General Manager of Fixed Income Finance Headquarters of Shenwan Hongyuan

 

Fan made a speech titled "The Outlook for the Global Economic Situation after the Boxer", analyzing of the economic cycle, the international monetary system, and the factors affecting the Chinese dollar bond market environment.

 

Ke Weili, Associate Managing Director of Debt Capital Market Department of Shenwan Hongyuan

 

Wei Li, Associate Managing Director of Debt Capital Market Department of Shenwan Hongyuan, delivered a speech titled "Review and Outlook of Offshore Debt Capital Market". Wei introduced Shenwan Hongyuan's related businesses and reviewed the situation of offshore debt capital market in recent years. In addition, she elaborated on the advantages of issuing US dollar bonds and analyzed the hot issues with regard to the issuance of US dollar bonds by Chinese issuers.

 

Zhang Guo, Managing Director of CCXAP

 

Zhang Guo, Managing Director of CCXAP, delivered a speech titled "Market Environment and Credit Analysis of Chinese Dollar Bond Market". Zhang focused on the characteristics of Chinese dollar bonds in the Jiangsu region and introduced the rating methodology of CCXAP. She especially analyzed the details of the Chengtou industry, in terms of policy evolution, development pattern, and rating methodology.

 

Yang Liu, Vice President and Senior Analyst of Moody's

 

Yang Liu, Vice President and Senior Analyst of Moody's, delivered a speech on "Rating Methodology of LGFV in China", introducing Moody's rating methodologies for LGFV in detail from the aspects of government support capabilities and the LGFV factors that affect government support.

 

Zhang Lingfei, Head of Foreign Exchange and Derivatives Trading Center, Financial Market Division, Bank of Qingdao

 

Zhang Lingfei, Head of Foreign Exchange and Derivatives Trading Center, Financial Market Division, Bank of Qingdao, introduced the current investment direction of commercial banks, and discussed the investment of Chinese dollar bonds from the perspective of the buy-side in banks.

 

Ning Zitong, Attorney of Fangda Partners

 

Ning Zitong, Attorney of Fangda Partners, analyzed the relevant issues of the Chinese offshore bond issuance in the course of practical operations, and gave a detailed explanation of Chinese offshore bond issuance from the perspective of lawyers. Ning also conducted an in-depth analysis of the main type of offshore bond issuance, the issuance structure, and key points of implementation.

 

Zhao Jing, Financing Director of Shuifa Group Co Ltd

 

Zhao Jing, Financing Director of Shuifa Group Co Ltd, as the representative of issuers, explained the experience of Shuifa Group’s offshore bond issuance, and shared specific problems and solutions during the bond issuance process.

 

Xu Zhibin, Vice President of Qingdao West Coast New Area Ocean Holdings Group Co Ltd

 

Xu Zhibin, Vice President of Qingdao West Coast New Area Ocean Holdings Group Co Ltd, as the representative of issuers, introduced the situation of the Company, and explained its main business and business model. Xu also shared the positive effect of offshore bond issuance on the Company’s future development.