“这两年来，已经有越来越多的大企业选择发债融资，对银行贷款形成很大的替代。这些企业以往都是银行旱涝保收的客户，一家企业一年就可以给银行带来几个亿的收入，但随着企业脱媒化的加剧，银行日子会越来越难过。”一位国有大行公司业务部人士如此感慨。

“The two years，Already more and more large enterprises to choose the translated financing，On bank loans into big instead。The enterprise ever is bank of drought or waterlogging customers，A enterprise a year can bring to the bank a few income，But with the enterprise to take off the media, the worse，Bank day will be more and more sad。”A state-owned company business people do so regrets。

　　公开数据显示，今年上半年信用债发行明显放量。短融及中票共发行8789亿元，同比增长7.2%，其中短融发行规模达5709.77亿元，继续创下历史新高，同比增长约15%；企业债券发行规模为3123亿元，同比飙升119%；公司债发行规模为1030亿元，同比亦大幅增长91%。

Public data shows，In the first half of this year credit debt issuance tumbled obvious。Blend in total votes short and issued 878.9 billion yuan，Year-on-year growth of 7.2%，One short melt issue size of 570.977 billion yuan，Continue to set a new record，Year-on-year growth of about 15%；Enterprise bond issue size is 312.3 billion yuan，Soared by 119% year-on-year；The company debt issue size for 103 billion yuan，A sharp increase 91% year-on-year also。

　　除了银行间市场交易商协会、发改委和证监会等债券发行相关部门都在推动债市扩容的因素外，今年以来伴随着债市持续走牛，信用债收益率大幅下降，相对贷款融资成本节约的优势明显提升，亦激发了债券对贷款的替代性。

In addition to the inter-bank market traders association、The national development and reform commission and the CSRC and bond issue related departments have been pushing the bond market expansion outside factors，Since this year with the bond market continue bullish，Credit debt yields sharply down，Relative loans financing cost saving obvious advantages of ascension，Also inspired bonds for loans alternative。

　　近期，央行在一个月内连续两次不对称降息，且贷款利率最多可下浮30%，一定程度上减轻了银行的脱媒化压力，但从目前来看，发债替代贷款效应或将持续。

recent，The central bank in a month two successive asymmetry to cut interest rates，And loan interest rate up to 30% of the past，To a certain extent, reduce the bank to take off the media pressure，But for now，Alternative loan effect or translated will continue。

　　据中金统计，截至7月20日，7 月短融（含超短融）和中票净增量分别为638 亿和360 亿（到期量已经计算至月末，月内后续发行将全部体现为净增量），已然超过了6 月全月规模，分别为385 亿和235 亿。

According to the statistics zhongjin，By July 20,，July short melt（Include the short melt）And in the net increment ticket respectively for 63.8 billion and 36 billion（Due to the amount has been calculated end，Subsequent months will be published all embodied in the net increment），Already more than June on the scale，For 38.5 billion and 23.5 billion respectively。

　　其中高等级信用债发行量占比明显提高，例如7月20日当周发行的698 亿短融中，AAA 评级占比超过90%；348 亿中票中，AAA 级占比也达到83%。这表明高等级发行人对于融资成本比较敏感，替换贷款的动力更强。

Among them high grade credit debt of circulation than obviously improved，For example, July 20, 69.8 billion issue of the new short in harmony，AAA rating accounted for more than 90% than；In the 34.8 billion ticket，The AAA level accounted for more than 83%。This suggests that high grade the issuer for financing costs are more sensitive，Replace loans more strong power。

　　比较一下降息后的贷款和发债融资成本。目前一年期和三年期贷款利率分别为6%和6.4%，按照最低下浮30%计算分别为4%和4.2%，但实际上能够拿到这一“折扣”的企业少之又少，只可能是大型央企，而这类企业若发短融或中票，可以拿到比贷款利率低得多的发行利率。

Compare the loans and cut the cost of financing translated。At present the one-year lending rate and three years to 6% and 6.4%, respectively，According to the minimum past 30% computation was 4% and 4.2% respectively，But in fact can get this“discount”Enterprise little little，Can only be large scholars from renmin，And this kind of enterprise if the hair short melt in or ticket，Can get a loan interest rates lower than the issue of interest rates。

　　以中国铝业(601600,股吧)7月17日发行的50亿元短融“12中铝CP001”为例，其主体和债项评级分别为AAA和A-1，发行利率仅为3.6%，与下浮30%之后的一年期贷款利率相比还低了400个基点，意味着发债可为企业一年节省20万元利息。

With China's aluminium(601600,Shares it)July 17, issue of the 5 billion yuan short melt“12 CP001 al”For example，The main body and debt rating respectively for AAA and A-1，Issue interest rate is only 3.6%，And 30% of the past after in the benchmark one-year loan interest rate is lower than the 400 basis points，Translated means for enterprise a year to save 200000 yuan interest。

　　与此同时，用发债替代贷款的企业还呈现出一个特点，即发行期限越短，发行量越大。以中国联通(600050,股吧)7月11日发行的短融“12 联通CP001”为例，该公司短融注册额150 亿元，本期一次发完，其中50%即75亿元用于替换贷款。事实上，截至2012 年3 月末，该公司还有未使用的银行授信达1191 亿元。

At the same time，With the enterprise also translated alternative loans present a characteristics，That is issued for a period shorter，The greater the circulation。To China unicom(600050,Shares it)July 11, issue of the short melt“12 unicom CP001”For example，The company 15 billion yuan registered amount short melt，This a hair out，50% of them that is $7.5 billion for replace loans。In fact，By the end of March 2012，The company is also not use of bank credit up to 119.1 billion yuan。

　　除此之外，交易商协会和发改委近期都有进一步扩大城投债发行范围的计划，在银行对城投公司贷款仍保持谨慎的背景下，不少城投公司可能利用这一契机用发债替代贷款。

In addition，Dealers association and the national development and reform commission recently have further expand the city for debt issuance scope of the plan，In the bank for the company to city loans are still cautious on background，Many city for the company may take the opportunity translated with alternative loans。

　　目前交易商协会将短融中票可发债平台放松为四类：一是产业类公司，有真实的现金流入；二是全民所有制企业；三是从事保障房建设；四是国发19 号文明确允许融资的，如地铁、轨道交通等。发改委则在酝酿将企业债发行人范围扩大到非百强县以外的县级主体。

Now traders will be in harmony association short ticket can be translated to relax for four types of platform：One is the industry class company，A real cash inflows；2 it is enterprise owned by the whole people；Three is engaged in security room construction；Four is guo fa 19, it allows the financing of civilization，As subway、Rail transportation。The national development and reform commission is in brewing will QiYeZhai issuer expanded to the counties outside of the subject at the county level。

　　中金公司认为，考虑到协会在放开初期可能对发行人资质的要求相对严格，而且短融中票的承销商主要是银行，对城投平台态度比较谨慎，城投短融中票扩容初期应该还是以资质相对较好，评级在AA 以上的主体为主。而企业债方面，行政级别较低、财政实力较弱地区的发行主体可能会更多，而绝对收益率也会高一些，体现出更强的高收益债特征。

Cicc think，Considering the association in the early of the issuer may let go of relatively strict qualifications requirements，And in the short melt ticket lead underwriters main is bank，The city of cast platform wary attitude，For short melt in the city expansion or early votes should be relatively good qualification，In the main body of AA rated above give priority to。And QiYeZhai aspects，Administrative level is low、Financial weaker areas of the main issue may be more，And absolute return will also higher，Reflects stronger high yield debt characteristics。

　　不论如何，更多城投企业加入到发债行列，都意味着银行的脱媒化压力加剧，不过，与大型央企相比，银行或许更乐见城投公司发债，至少可以将一部分平台贷款替换出来。

No matter how to，More city to join ranks for enterprise translated，All of the media means Banks take off the pressure intensified，but，Compared with large scholars from renmin，The bank may be more happy for city translated company，At least part of the platform will replace loans out。