中国完成首批地方债置换发行

The Chinese province of Jiangsu completed a landmark bond sale on Monday that marks the start of a massive local government debt bailout that some have described as quantitative easing with “Chinese characteristics”.

周一，中国江苏省完成了一宗里程碑式的债券发行交易，标志着中国启动了对地方政府债务的大规模纾困。这轮纾困被称为“中国特色”的量化宽松。

After an initial failure in April that forced the province to postpone its bond sale, the central government issued administrative orders, guarantees and preferential policies to convince state-owned banks to buy the bonds, the first in a wider Rmb1tn ($161bn) local government debt swap.

今年4月，对地方债务置换的最初尝试未能取得成功，迫使江苏省推迟了地方债券的发行。在那之后，中国中央政府发出了行政性的命令、担保及优惠政策，以便说服国有银行买入这批地方债券。从更大的范围来说，这批债券是1万亿人民币（合1610亿美元）的地方政府债务置换计划中发行的首批地方债券。

On Monday Jiangsu sold Rmb52.2bn with a coupon rate only slightly higher than equivalent sovereign Treasury rates, after the central bank capped the premium local governments could offer.

周一，在央行对地方债券溢价的上限加以限制之后，江苏省以只比相同期限国债利率略高一点的折扣率，发行了522亿人民币的债券。

The Jiangsu government estimated that Monday’s bond sale would reduce its interest burden by about half, since most of the proceeds would be used to repay expiring short-term bank loans with interest rates of 7-8 per cent.

多数发行债券所得收益，会用来偿还利息在7%到8%的银行到期短期贷款。出于这个原因，江苏省政府估计，周一发行的债券会令其偿息负担减轻一半左右。

The three, five, seven and 10-year bonds are sold at rates ranging from 2.94 per cent to 3.41 per cent, only slightly higher than China’s Treasury bond rates, which ranged from 2.77 per cent to 3.39 per cent for 10-year notes on Monday.

三年期、五年期和十年期债券的票面利率在2.94%到3.41%之间，只比中国国债的利率高一点。周一，中国十年期国债的收益率在2.77%到3.39%之间。