文档介绍：中中中银国际中银国际固定收益研研研究研究究究中敯银愇国际固定收益惵研悁究
Fixed e Research
中敯银愇国际固定收益惵研悁究利枬率样、、、汇率样、汇率样、、、信用、信用研悁究专斥题季度合订本
BOCI Fixed e Research Rates, Currencies & Credits Quarterly Collection
2010. 08. 01
环球利枬率样、、、汇率样与信用市场策略桁、汇率样与信用市场策略桁
Global Rates, Currencies & Credit Strategy
目录栩/CONTENT:
王卫(Steve Wang)
+ (852) 2867-6358
香港银愇行次级债---近来快速增长的投资旇级债券板块-近来快速增长的投资旇级债券板块
@ HK Bank subnotes – a fast growing investment-grade
bond sector
张威(Vivian Zhang) -P2
+(86) 10-66229195
人和商业惄---中敯国独占鳌头的地下商城开发商-中敯国独占鳌头的地下商城开发商
@ Renhe – a dominant leader in Chinese underground
shopping mall development
吴琼(Qiong Wu) -P7
+(852) 2905-2134 国美电器---中敯国刺激消费的政策的受益惵者-中敯国刺激消费的政策的受益惵者
@ GOME – beneficiary of China’s consumer stimulus
policy
刘栄溪(Lucy Liu) -P17
+(86) 21-68604866x8025 欧洲敽主斖权债务危机对人民币升值敔预期的影愝响
@ RMB outlook is clouded by European sovereign debt
crisis
-P24
中敯国房地产市场的气象解读:::风雨欲满楼栒:风雨欲满楼栒
Weather forecast for the Chinese real estate market:
A brewing storm
-P29
中敯银愇香港债———一惊支敆稳健的中敯资旇债—一惊支敆稳健的中敯资旇债
BOC(HK) bond: On a solid foundation
-P39
此报告仅代表该研究员个人观点,并不代表中银国际及其联营公司的观点。 1
This report only represents analysts ’ personal viewpoints, which don’t necessar ily represent those of BOCI Group and any of its affiliated entities .
中敯银愇国际固定收益惵研悁究
Fixed e R esearch
HK Bank subnotes – a fast growing invest-
ment-grade bond sector (Dated: 18 Jul. 香香香港港港银愇银愇银愇行行行次次次级级级债债债--- 近近近来来来快快快速速速增增增长长长的的的投投投资旇资旇资旇级级级债债债
2010) 券券券板板板块块块(((报报报告告告日日日期期期::: 222000111000...000777...111888)))
Summary: 要悹点:
There have been a total of 5 new subnote 今年至敠此,香港的银愇行共发行了柚 5 支敆次级
issuances from HK banks since the begin- 债。全部以惣 10 年期 LT2 的形式发行。
ning of this year. All are in the 10-year
bullet, lower tier 2 (LT2) form. 银愇行发行次级债最旫主斖要悹的缘由是需总要悹补充
The main drive of this surging issuance is 资旇本金。市场对高质敩量柎名字旓的需总求、加上
banks’ need to replenish th