1. What are the main types of overseas debts?
1, interest rate bonds, similar to domestic government bonds;
2. Credit bonds are generally called corporate bonds or corporate bonds because there is no domestic multi-head supervision and no specific subdivision abroad;
3. Asset securitization products, mortgage bond market, which is basically the same as the national debt market and much larger than the credit bond market. Traditionally, investors in China have basically covered the above three products, and have been increasing their investment in mortgage bonds and credit bonds.
4. From the bank's point of view, we observe that basically the main product of Chinese banks investing in overseas bonds is credit bonds, one of the reasons is that they are familiar with the credit of domestic enterprises or banks, and the other is that the yield of overseas credit bonds is still higher than that of national debt. The market of US dollar debt is about 40 trillion US dollars, most of which is national debt, followed by mortgage debt market and credit debt.
Look at the bond market in Asia. The most important issuers are institutions in China, followed by Japanese and Korean issuers, followed by Hong Kong issuers, but most of them are also Chinese-funded institutions. So basically, Hong Kong and China account for almost half of the Asian bond market. From the general market level, China's sovereign CDS is still much wider than Europe, America, Japan and South Korea. This is the so-called "China premium", which was obvious a few years ago and has recently narrowed.
Two. There are four main types of overseas issuance of China issuers.
The first category is the simplest direct issue, in which the listed company of the parent company or enterprise directly issues bonds abroad without guarantee structure;
The second category is the direct guarantee provided by the domestic parent company. Usually the issuer is an SPV established by the parent company overseas or a venture capital company established in Hong Kong.
The third category is issued through overseas SPV or window companies, but there is no guarantee. At this time, it is necessary to distinguish three small categories. The first category is that enterprises issue bonds directly from overseas listed companies, the second category is that enterprises issue bonds from overseas financial companies, and the third category is that SPV or window companies are listed in Hong Kong, and so-called maintenance agreements are established by overseas investors, but their legal effect is half a level lower than that of direct guarantees;
The last one is that the issuer is weak and the financial situation of the parent company is not very good. You can apply to commercial banks, especially to the four major state-owned banks, which will issue standby letters of credit to guarantee this enterprise to issue bonds abroad.
Investors need to decide whether to buy bonds according to their actual situation. Before buying, it is best to know the company's credit and development. After the issuance of these bonds, it is necessary to pay the corresponding principal and interest within a limited time range in accordance with established regulations.
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