公司債與金融債劵

advertisement
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: [email protected]
Permission to reprint or distribute any content from this presentation requires the prior written approval of
Taiwan Ratings Corporation. Copyright © 2013 by Taiwan Ratings Corporation. All rights reserved.
Copyright © 2014 by Taiwan Ratings Corporation (TRC). All rights reserved.
No content (including ratings, credit-related analyses and data, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse
engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of TRC. The Content shall not be
used for any unlawful or unauthorized purposes. TRC and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively TRC Parties)
do not guarantee the accuracy, completeness, timeliness or availability of the Content. TRC Parties are not responsible for any errors or omissions (negligent or otherwise),
regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is"
basis. TRC DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED
OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall TRC be liable to any party for any direct, indirect,
incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and
opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. TRC credit
ratings are opinions about relative credit risk. TRC's opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell
any securities or to make any investment decisions, and do not address the suitability of any security. TRC assumes no obligation to update the Content following publication in any
form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients
when making investment and other business decisions. TRC does not act as a fiduciary or an investment advisor except where registered as such. While TRC has obtained
information from sources it believes to be reliable, TRC does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.
TRC cannot guarantee the accuracy, completeness, or timeliness of the information relied on in connection with a rating or the results obtained from the use of such information.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, TRC reserves
the right to assign, withdraw or suspend such acknowledgement at any time and in its sole discretion. TRC disclaims any duty whatsoever arising out of the assignment, withdrawal or
suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
TRC keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain
business units of TRC may have information that is not available to other TRC business units. TRC has established policies and procedures to maintain the confidentiality of certain
non-public information received in connection with each analytical process.
TRC may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. TRC reserves the right to disseminate its
opinions and analyses. TRC's public ratings and analyses are made available on its Web sites, www.taiwanratings.com (free of charge), and rrs.taiwanratings.com.tw (subscription),
and may be distributed through other means, including via TRC publications and third-party redistributors.
Download
Related flashcards

Legal entities

13 cards

Business law

31 cards

Cooperatives

51 cards

Collective pseudonyms

40 cards

Create Flashcards