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October 26, 2021

Chinese Dollar Bonds Market and Credit Analysis Forum in Zhejiang

On 26 October 2021, the Chinese Dollar Bond Market and Credit Analysis Forum jointly organized by China Chengxin International (CCXI), China Chengxin Asia Pacific (CCXAP), and China International Capital Corporation (CICC) was successfully held in Hangzhou, Zhejiang. Over a hundred representatives from CCXI, CCXAP, CICC, Zhejiang Provincial Development and Reform Commission, Shanghai Clearing House, Moody’s, and the issuers of the Zhejiang region attended the event.

 

 

The meeting was hosted by Shao Jinhong, CEO of CCXAP. He Minhua, Chief Supervisor of CCXI, Zhang Xing, Managing Director and Head of Fixed Income Business Development Committee and Overseas Fixed Income of CICC Investment Banking Department, and the representative of Zhejiang Development and Reform Commission made keynote speeches.

 

He Minhua, Chief Supervisor of CCXI

 

Shao Jinhong, CEO of CCXAP

 

He Minhua said that the issuance of Chinese dollar bonds have been an important financing channel for corporates. Although the market was volatile and the credit events occurred frequently in 2021, the issuance of Chinese dollar bonds was still attractive to the Chinese issuers.

 

Zhang Xing, Managing Director and Head of Fixed Income Business Development Committee and Overseas Fixed Income, Investment Banking Department, CICC

 

Zhang Xing indicated that since 2021, the Chinese dollar bond market fluctuated and some industries diverged internally. Also, given the expected monetary tightening of the US dollar , the future trend of the dollar bond market should be monitored.

 

The representative of the Zhejiang Development and Reform Commission stated that the issuance of offshore dollar bonds has become one of the important financing channels for Zhejiang enterprises. The Development and Reform Commission will continue to provide the offshore financing of enterprises in the region with policy services and relevant guidance.

 

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 Zhejiang 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.

 

Lu Feng, Managing Director, Fixed Income Team, Investment Banking Department, CICC

 

Lu Feng, Managing Director of Fixed Income Team of CICC Investment Banking Department, made a speech titled “The Recap and Outlook for the Offshore Debt Capital Market”. Lu reviewed and forecasted to the Chinese offshore bond market, and shared the recent major industries and regions of the offshore bond market.

 

Xu Chen, Assistant Vice President, Moody’s

 

Fu Yubin, Assistant Vice President, Moody’s

 

Xu Chen and Fu Yubin, Moody’s Assistant Vice President, together delivered a speech titled “The Methodology of Chengtou Companies in China”. They introduced the rating process and the rating scope of Chengtou, and shared Moody’s rating methodology.

 

Tao Ye, Senior Manager, Shanghai Clearing House

 

Tao Ye, Senior Manager of Shanghai Clearing House, delivered a speech titled “Introduction to the Yulan Bond in Shanghai Clearing House”, sharing the product launch background, product process, innovation significance, and prospects.

 

Chen Guang, Managing Director, Fixed Income Department, CICC

 

Chen Guang, Managing Director of Fixed Income Department of CICC, made a speech titled “Renminbi Exchange Rate and Risk Management in the New Paradigm”, focusing on the impact of exchange risk on enterprises, and the exchange rate risk management of dollar bonds.