China’s top securities houses have already raked in more than half last year’s record fees from bond sales as the country’s rapidly developing debt markets reshape the Asian landscape.

中国各大证券公司从债券销售斩获的费用收入已达去年创纪录水平的一半以上。目前中国迅速发展的债券市场正在重塑亚洲格局。

Soaring issuance in China’s onshore markets also comes at the expense of international rivals such as Citigroup, JPMorgan, and Deutsche Bank, who lack the licences to underwrite onshore deals and as a result now hold a shrinking part of the overall fee pool in the region.

中国在岸市场发行量飙涨，也意味着国际竞争对手如花旗集团(Citigroup)、摩根大通(JPMorgan)和德意志银行(Deutsche Bank)付出代价，因为它们没有承销在岸交易的许可，结果便是在地区费用池中所占份额越来越小。

So far this year, Chinese groups, led by China Securities and Citic Securities, account for one-quarter of the fee pool among the top players, up from 6 per cent five years ago, according to Dealogic estimates. International banks have seen their share halve to just under a fifth over that time.

根据Dealogic的估算，今年迄今，以中信建投证券(China Securities)和中信证券(Citic Securities)为首的中资机构在大型证券公司的费用池中占到四分之一，远高于五年前的6%。同期海外银行所占份额减半，降至不到五分之一。

The shift in rankings is largely the result of China’s rapidly developing bond markets — already the world’s third-largest, behind the US and Japan. Corporate bond issuance has grown even faster than overall credit in China as companies have sought lower financing costs than those available on bank loans.

这种排名变化在很大程度上是中国快速发展的债券市场的结果；这个市场的规模已经是世界第三大，仅次于美国和日本。随着企业寻求比银行贷款成本更低的融资，公司债券发行的增长速度甚至超过了中国整体信贷增长。

Chinese banks this year make up 9 of the top 20 banks by fee income from bond sales, and have so far earned $450m, compared with $797m in total last year.

按债券销售费用收入排名，中资机构今年在前20家机构中占了9家，迄今斩获4.5亿美元，而去年全年为7.97亿美元。

While the fees involved in debt deals are a fraction of those for equity issuance, they are a key form of relationship-building for banks. Dealogic’s fee data involve estimates and may not capture all private deals but they are still widely used across the industry.

尽管债务交易涉及的费用与股票发行相比只是一小部分，但它们对承销机构来说是打造关系的重要形式。Dealogic的费用数据涉及估计，可能没有覆盖所有私募交易，但这些数据仍在业内被广泛使用。

International banks have pulled in $317m compared with $1.03bn last year — hampered by a slowing demand for bond sales outside of China. Corporate issuance elsewhere in Asia-Pacific so far this year is about a third lower than the same time in 2015 while Chinese companies’ onshore bond sales are running more than 50 per cent above last year’s levels.

海外银行从债券销售斩获了3.17亿美元，而去年为10.3亿美元；它们受到中国以外债券发行需求放缓的拖累。今年迄今亚太地区其他地方的公司债券发行量比2015年同期低了大约三分之一，而中国企业在岸债券的发行量比去年同期水平高出50%以上。

Mainland bond deals are held to be less profitable for banks than offshore issuance, where deals are usually bigger and are typically led jointly by Chinese and international banks.

据信在岸债券交易对承销机构而言不如离岸发行那么有利可图；离岸交易往往规模更大，而且一般由中资和国际机构联合牵头。

Cheap borrowing rates have encouraged Chinese groups to tap local markets rather than banks. The weighted-average interest rate on bank loans across all maturities was 5.7 per cent in the first quarter, according to central bank data. By contrast, the yield on 10-year triple A rated corporate bonds averaged only 3.8 per cent in the same period, according to China’s main bond clearing house. For shorter maturities, the cost of bond finance is even lower.

低借款利率也鼓励中资企业利用本地债市，而不是从银行贷款。根据央行的数据，第一季度各种期限的银行贷款的加权平均利率为5.7%。相比之下，中国主要债券结算机构的数据显示，同期10年期AAA级公司债券的收益率平均只有3.8%。对于期限较短的债券，这种融资方式的成本更低。

As a result of this cost advantage, the bond share of overall net new corporate external financing rose to 19 per cent in 2015, up from only 10 per cent in 2013, according to central bank data.

这种成本优势带来的结果是，根据央行的数据，2015年企业总体新增净外部融资中债券的份额升至19%，而2013年的这个比例只有10%。

Policymakers have encouraged this development. Zhou Xiaochuan, governor of the People’s Bank of China has repeatedly emphasised the need to increase the role of capital markets in China’s overall financial system in an effort to reduce reliance on bank loans and introduce more market discipline.

政策制定者鼓励这一发展。中国人民银行(PBoC)行长周小川一再强调需要提高资本市场在中国整个金融体系中的作用，以求降低对银行贷款的依赖，并引入更多市场纪律。

RankBank% Share

排名 机构 份额(%)

1China Securities 5.2

1 中信建投证券 5.2

2Morgan Stanley5.0

2 摩根士丹利(Morgan Stanley) 5.0

3CITIC Securities5.0

3 中信证券 5.0

4Guotai Junan Securities 3.4

4 国泰君安证券(Guotai Junan Securities) 3.4

5Mizuho3.2

5 瑞穗(Mizuho) 3.2

6Citi3.2

6 花旗 3.2

7JPMorgan2.5

7 摩根大通 2.5

8Bank of China2.5

8中国银行(Bank of China) 2.5

9GF Securities2.3

9 广发证券(GF Securities) 2.3

10Haitong Securities 2.1

10 海通证券(Haitong Securities) 2.1

11CICC2.1

11 中金公司(CICC) 2.1

12Bank of America Merrill Lynch2.1

12 美银美林(Bank of America Merrill Lynch) 2.1

13UBS2.1

13 瑞银(UBS) 2.1

14China Merchants Securities 2.0

14 招商证券(China Merchants Securities) 2.0

15HSBC2.0

15 汇丰(HSBC) 2.0

16Nomura1.9

16 野村证券(Nomura) 1.9

17Sumitomo Mitsui Financial Group1.7

17 三井住友金融集团(Sumitomo Mitsui Financial Group) 1.7

18Goldman Sachs1.7

18 高盛(Goldman Sachs) 1.7

19Daiwa Securities1.7

19 大和证券(Daiwa Securities) 1.7

20Industrial Securities 1.6

20 兴业证券(Industrial Securities) 1.6