董云峰

DongYunFeng

　　[ 一位大型银行资深人士称，债市的政府兜底与信托业的刚性兑付，本身就蕴藏着新的风险 ]

[a large bank senior personage says,The government bond market out and trust industry rigid cash,Itself contains new risk]

　　从单一的银行贷款占据绝对主导，到债券与信托异军突起，中国地方政府融资平台的融资渠道正在发生前所未有的大变局。虽然银行贷款严格受限，但债券与信托却上演了一场静悄悄的“宽松”大戏。

From a single bank loan occupy a dominant,To bond with the rise of the trust,Chinese local government financing platform financing channels are taking place unprecedented big upheavals.Although the bank loan strictly restricted,But bond and trust but staged a silent"loose"one.the.

　　央行周一公布的数据显示，2012年10月，我国社会融资规模为1.29万亿元。其中，新增人民币贷款5052亿元，同比少增816亿元；企业债券净融资2992亿元，同比多增1353亿元；信托贷款增加1445亿元，同比多增1355亿元。

The central bank announced on Monday the data display,In October 2012,China's social financing scale for 1.29 trillion yuan.the,New RMB loans 505.2 billion yuan,Year-on-year increase 81.6 billion yuan less;Enterprise bond net financing is 299.2 billion yuan,Year-on-year increase more than 135.3 billion yuan;Trust loan an increase of 144.5 billion yuan,Year-on-year increase more than 135.5 billion yuan.

　　2012年以来，受益于债券市场准入的定向宽松，平台类债券全面井喷；与此同时，随着政信合作重新火爆，信托公司与地方平台又一次进入“蜜月期”。其结果是，许多地方平台的债券与信托融资规模，已经超过了银行贷款。

Since 2012,Benefit from the bond market access of the directional loose,Platform bonds comprehensive blowout;meanwhile,Along with the political cooperation letter to hot,Trust and local platform again into"Honeymoon period".The result is,Many local platform of bonds and the trust financing scale,Has more than the bank loan.

　　“通过债券和信托的替代效应，能够在一定程度上分散平台贷款对银行体系的压力；通过缓解地方平台的流动性风险，可以起到稳定银行资产质量的作用。”一位大型银行资深人士向《第一财经日报》记者表示，不过，债市的政府兜底与信托业的刚性兑付，本身就蕴藏着新的风险。

"Through the bond and trust of the substitution effect,Can, to some extent, dispersion platform loan to the bank system pressure;Through the ease the liquidity risk of local platform,Can rise to stable the quality of bank assets role."A large bank senior personage to[The first financial daily]reporters,but,The government bond market out and trust industry rigid cash,Itself contains new risks.

　　甘公投样本 Kennedy referendum sample

　　甘肃省公路航空旅游投资集团（下称“甘公投”）是这场另类“宽松”大戏的活跃主角。实际上，去年甘公投债券融资规模就达到了银行贷款的两倍。

Gansu province highway aviation tourism investment group(said"Kennedy referendum")Is the alternative"loose"Spectacular active protagonist.In fact,Last year a referendum on gump bond financing scale to reach a bank loan two times.

　　自2011年初成立以来，作为甘肃省最重要的融资平台大鳄，甘公投一方面积极争取银行授信，一方面迅速推进债券融资。尽管去年甘公投获得了近2000亿元授信额度，最终到手的贷款仅为50亿元；相形之下，通过发行80亿元中期票据和20亿元短期融资券，合计筹资100亿元。

Since 2011 since the establishment of the early,In gansu province as one of the most important financing platform big alligator,Kennedy referendum on one hand actively strive for bank credit,On the one hand of rapidly advancing bond financing.A referendum last year despite Kennedy won nearly 200 billion yuan line of credit,If the final loan is 5 billion yuan only;In contrast,Through the issue $8 billion of medium-term notes and 2 billion yuan of short-term financing bonds,Total raise 10 billion yuan.

　　“成功发行80亿元中期票据和20亿元短期融资券，成为全国类似企业唯一一家发行中票成功的企业，被省政府授予"2011年度省长金融奖"。”刊登在甘公投网站的新闻稿称。

"Successful issue $8 billion of medium-term notes and 2 billion yuan of short-term financing bonds,Become the similar enterprise only one issue ticket in the success of enterprise,Was the provincial government awarded the"2011 annual governor financial awards"."Published in the Kennedy referendum website releases says.

　　进入2012年，甘公投制定了“完成融资250亿元，其中直接融资任务130亿元”的筹资计划，随即开始了紧锣密鼓地发债。1月，甘公投发行今年第一期30亿元中票；8月，甘公投发行25亿元企业债，同时发行20亿元短融；9月，甘公投发行第二期20亿元中票。

In the 2012 years,Kennedy has formulated the referendum"Complete financing is 25 billion yuan,The task of direct financing is 13 billion yuan"The financing plan,And immediately started being FaZhai.January,Kennedy referendum issue this year the first phase of 3 billion yuan tickets;August,Kennedy referendum issue $2.5 billion of QiYeZhai,At the same time issue $2 billion of short melt;September,Kennedy referendum issue of the second phase of the 2 billion yuan tickets in.

　　经过上述4次债券发行，甘公投累计融资95亿元。根据甘公投公布的数据，截至今年10月底，该公司共完成融资220亿元，其中，以债券为主的直接融资到账资金107亿元。

After the above four bond issue,A referendum on gump total financing is 9.5 billion yuan.According to data released by the referendum gump,By the end of October this year,The company completed a total of financing is 22 billion yuan,the,To bond primarily direct financing to account fund 10.7 billion yuan.

　　甘公投2012年第二期中票募集说明书显示，截至2012年3月末，该公司长期银行借款余额达到575.26亿元，其中相当一部分将在2013年到期。然而，与债券融资风生水起不同的是，整个一季度，甘公投除了1月份从中国农业发展银行拿到一笔3.02亿元的贷款，便再无斩获。

Kennedy referendum in 2012 in the second phase of the ticket collect specification display,By the end of 2012 by the end of march,The company long-term bank loan balance reached 57.526 billion yuan,Among them were some expires in 2013.however,And randy lerner bond financing is different,The entire quarter,The referendum in addition to gedaliah in January from agricultural development bank of China to get a $302 million loan,Then no gained ground.

　　甘公投能够在债券市场一路高歌猛进，还要归功于监管政策的定向宽松。今年以来，国家发改委全面放开了企业债发行审批，地市级与区县级平台蜂拥而至，城投类企业债发行量屡创历史新高。

Kennedy referendum in the bond market to the rapid development,Also due to regulatory policy orientation loose.Since this year,The national development and reform commission comprehensive let go of the QiYeZhai issue for examination and approval,Prefecture-level and district platform throng,City throw class QiYeZhai repeatedly issued a record.

　　紧接着，主管短融、中票等债务融资工具发行的交易商协会，正式向地方平台敞开大门，而私募发行、突破了净资产40%红线的定向工具，更是受到众多负债沉重的平台公司的追捧。

then,Competent short melt/Debt financing tools such as the ticket issued by the dealer association,Formal place to open the gate to the platform,And private issue/Broke through the net assets of 40% red line orientation tools,But also by numerous liabilities heavy platform company to chase after hold in both hands.

　　摆脱贷款依赖 Get rid of loans depend on

　　不仅是债券融资，还包括信托与租赁，地方平台试图打破对银行贷款的依赖。镇江市城市建设投资集团（下称“镇江城投”）算是一个典型案例。

Not only is the bond financing,Also includes trust and lease,Local platform to attempt to break the dependence of bank loans.Zhenjiang city construction investment group(said"Zhenjiang city for")As a typical case.

　　据镇江城投2012年第二期短融募集书披露，今年上半年，镇江城投发行了8亿元短融与10亿元中票，共筹资18亿元；同期该公司从国元信托借款5亿元，分3次从中融信托借款5亿元，从国联信托借款2亿元，从交银租赁借款1.44亿元，合计13.44亿元；相形之下，其仅从中信银行(601998,股吧)、恒丰银行和浙商银行等拿到了约13亿元贷款。

According to zhenjiang city in 2012 in the second period short melt collect books disclosure,In the first half of this year,Zhenjiang city cast issued 800 million yuan and 1 billion yuan short melt in the ticket,A total of raised funds of 1.8 billion yuan;Over the same period the company from countries yuan trust loan 500 million yuan,Three times to melt trust loan 500 million yuan,From the nl trust loan 200 million yuan,From pay silver lease loan 144 million yuan,Total 1.344 billion yuan;In contrast,Its only from citic bank(601998,guba)/Hengfeng bank and zhejiang business bank got about $1.3 billion loan.

　　甘公投的尝试则多了一些创新色彩。甘公投称，在加大债券发行力度的同时，“积极探索融资租赁、资产证券化、委托贷款、融资担保和税收返还等多元化的融资方式，积极筹措发展资金”。

Kennedy referendum attempt is much some innovative colour.Kennedy referendum says,To increase the strength of the bond issue at the same time,"Actively explore financing lease/Asset securitization/Entrust loan/Financing guarantee and such as tax refund diversified financing way,Actively raising development fund".

　　这实为无奈之举，历时两年多的平台贷款调控政策尚无显著松动迹象。银监会主席尚福林近日称，截至今年9月末，平台贷款的余额为9.25万亿元，与去年同期基本持平。他并称，市县一级的融资平台贷款在减少，贷款向省一级集中；实行名单制管理，保在建、压重建和控新建。

This actually trepidation,For more than two years of platform loan adjustment and control policies, there is no significant signs of loosening.CBRC chairman said he recently,So far this year and the end of the month,Platform loan balance for 9.25 trillion yuan,Flat with the same period last year.He said,The level of cities and counties in reducing loan financing platform,Loans to the provincial level of concentration;The list system management,The construction in/Pressure reconstruction and control new.

　　“我们了解到，实际上银监会方面是希望加大债券发行来缓释平台贷款风险的，毕竟过去平台负债高度集中于银行贷款。”一位接近交易商协会的人士告诉记者。

"We understand that there is a,In fact the CBRC is hope to increase the bond issue to slow release platform of loan risk,After all, the past platform debt highly focused on bank loans."A close to dealers association sources told reporters.

　　城投债逆袭 City for debt counter attack

　　据Wind统计，今年前9月，各类城投债发行共401只，规模达到4713.7亿元，已经超过去年全年4257.4亿元的水平。

According to the Wind statistical,Before this year on September,All kinds of city for debt issued a total of 401 only,Scale up to 471.37 billion yuan,Last year more than 425.74 billion yuan level.

　　市场准入的放宽为地方平台“抢滩”债市创造了前提，而对政府兜底满怀信心的投资者，则献出了真金白银，使地方平台大规模从债市借钱变为现实。

The relax market access for local platform"beaching"Bond market created the premise,And for the government disclose the ins and outs are full of confidence of investors,It gave real gold and silver,So that the local platform mass from the bond market to borrow money into reality.

　　就城投债今年在一二级市场的表现，在本周二举行的“中国固定收益俱乐部冬季交流会”上，多位来自机构的资深市场人士用“没想到”表示了意外。

The city is cast debt this year 12 in the performance of the market,On Tuesday in a"China's fixed income club winter exchange"on,Many senior market participants from institutions with"Didn't expect"Said the accident.

　　“当时我们觉得经济可能会不太好，低等级产品的表现肯定会受到抑制，但实际情况没有。”银河证券债券投资部执行总经理郭济敏称，今年出现了多起信用事件，看似要违约，结果却没有违约，这导致城投债等中低评级品种一下子受到了市场热捧，这超出了预期。

"When we feel economy may not too good,Low grade product performance will surely is restrained,But no actual situation."Galaxy securities bond investment department executive general manager GuoJiMin says,This year appeared more than a credit event,Seem to be default,The results did not breach of contract,This leads to low ratings for debt city such as a species by the market hot holds,This is beyond the expected.

　　国信证券固定收益事业部首席研究员丁伟忠表示，现在大家都觉得城投债没什么风险，但是保不准流动性紧张的时候，高负债地区出现问题。他并称，明年政策上仍然会鼓励城投债发行，包括审核程序的简化等，城投债供给量还是会比较大。

Held securities fixed income division chief researcher DingWeiZhong said,Now everybody feel for the city's debt risk,But no guarantee liquidity strain,High debt problem areas.He said,Next year is still the policy will encourage city for debt issuance,Including the audit procedures such as simplified,City for debt supply will still is bigger.

　　尽管兜底氛围浓厚，一些理性的投资者已经提前展开了部署。丁伟忠说，尽管很难判断信用风险哪一天爆发，但一旦爆发就会很严重，所以必须要加强信用筛选。

Although out atmosphere is strong,Some rational investors have been launched in advance deployment.DingWeiZhong said,Although it is difficult to judge the credit risk which day broke out,But once the outbreak will be very serious,So must reinforce the credit screening.

　　“绝不在信用债上做投机。”丁伟忠向记者称，“迟早有一天潮水会退去，信用风险迟早有一天会爆发。”

"Never in the credit debt on speculation."DingWeiZhong says to the reporter,"Sooner or later one day the tide will recede,Credit risk a day sooner or later will outbreak."