台灣債劵市場及寶島債之
發展潛力與展望
王張財
副總裁
客戶關係管理部
四月, 2014
Permission to reprint or distribute any content from this presentation
requires the prior written approval of Standard & Poor’s. Copyright © 2014
by Standard & Poor’s Financial Services LLC. All rights reserved.
台灣債劵市場及寶島債之發展潛力與展望
公司債、金融債及可轉換公司債發行量趨於
穩定
新的籌資工具興起-人民幣債劵
投資人須知-發行體評等與債務發行評等的差異
性
2
公司債、金融債劵及可轉換公司債發行量趨於穩定
現況:
1.2013年債劵發行量低於2012年，主因為金融債發行的減少
2.QE退場時間不明，使無立即資金需求之企業或金融機構，延後發行
3.較低評級企業。在債劵發行時，仍有銷售上的困難，twA-投資人內規依舊存在。
4.2013年進入可轉債市場發債發行體數量有所增加，但每筆可轉債發行量相對較小。
展望:
1. 2014年本國發行體新債發行量應與去年(2013)，但還是以大型企業債務發行為主
2. 國內外經濟前景改善，企業籌措資金因應業務所需。公司債為其選項之一
3. 經濟復甦及QE退場時間可能趨近，企業借款選擇成本較為固定方式籌資
4. 2013年金融債劵新債發行量減少情況，2014年將不復見，而維持穩定
5. 受評等級較高的發行體仍將是公司債新債發行量的主要來源，但期望低評等等級企
業能有所突破。
6. 因台灣經濟回復，可轉債市場的供需會有所成長。
台灣債劵市場發行量概況(公司債與金融債劵)
公司債發行概況(依評等等級分)
5
台灣可換債與交換債市場現況
公司債殖利率與公債利率比較(依評等分)
新的籌資工具興起-人民幣債劵
一. 現況
2013年的公司債與金融債劵新債發行總量中，國際債劵的占比已由2012年時的1%，
大幅提高至10%。且2013年國際新債發行量，97%屬於人民幣計價債劵。
二. 限制
1.間接金融籌資管道偏低的利率水準
2.發行體的限制，目前分為三類。
3.離岸發行人民幣計價債劵，暫無法將資金匯回中國運用(需透過申請)
三. 需求
1. 有海外營運業務的國企業及海外機構可選擇在台發行人民幣債劵
2.較低的融資成本
3. 如發行於專業版，審核及申報的法規較以往簡便許多，如無需事前取得金
管會及央行核准….等等。
寶島債市場發行現況-1
2013年上半年共有6檔寶島債，金額為39億人民幣
發行機構
發行日期
產業
年期
票面利率
(%)
發行人評等/
債務發行評等
發行金額
(億元)
中國信託
2013/03/12
銀行
3
2.9
A
10
遠東新世紀
2013/05/16
紡織
3
2.95
twA+
5
東元電機
2013/05/20
電機
3
3.00
twA
3
彰化銀行
2013/05/29
銀行
3
2.90
twAA
10
德意志銀行
2013/06/21
銀行
3
2.45
A+
10
德意志銀行
2013/06/21
銀行
5
2.45
A+
1
寶島債市場發行現況-2
2013年下半年共有4家陸資銀行來台發行寶島債，金額為67億人民幣
發行機構
發行日期
產業
年期
票面利率
(%)
發行人評等/
債務發行評等
發行金額
(億元)
交通銀行
香港分行
2013/12/10
銀行
3
3.40
A-
8
交通銀行
香港分行
2013/12/10
銀行
5
3.70
A-
4
農業銀行
香港分行
2013/12/10
銀行
3
3.30
A
12.5
農業銀行
香港分行
2013/12/10
銀行
5
3.60
A
2.5
中國銀行
香港分行
2013/12/10
銀行
2
3.15
A
10
中國銀行
香港分行
2013/12/10
銀行
3
3.25
A
10
建設銀行
香港分行
2013/12/10
銀行
3
3.25
A
20
寶島債市場發行現況-3
2014年現有2檔寶島債發行，金額為15億人民幣
發行機構
發行日期
產業
年期
票面利率
(%)
發行人評等/
債務發行評等
發行金額
(億元)
統一中控
2014/01/23
食品
3
3.60
twAA-
10
韓國進出口
銀行
2014/01/27
銀行
10
4.50
Aa3
5
發行體評等與債務發行評等的差異
1. 發行體信用評等: 通常是反映一家公司對其所有財務上的義務發生違約的
可能性
2. 債務發行評等: 綜合考量受評債務的違約風險，以及債權人在發行體發生
破產情境時相對的求償順位
3. 債務信用評等是有可能低於、等於或高於發行體評等，端看有無擔保、債
權順位及違約時債權回收比率高低而定。
4. 是以債權人的觀點而非投資觀點審視受評公司，故有時會與市場其他的參
與者不同的觀點
5. 評等不是對特有的有價證劵買、賣或持有之推薦意見
.
12
Thank You
王張財
副總裁
客戶關係管理部
T: 02-8722-5888| F: 02-8722-5879
Emaii: jason.wang@taiwanratings.com.tw
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