Listing dim sum bonds in Luxembourg

在卢森堡上市点心债券

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Introduction

The People’s Republic of China’s (PRC) government’s decision to continue promoting the internationalisation

of the Chinese yuan or renminbi (RMB) has significantly improved the position of companies in search of RMB

funding. The more transparent and practical regime for foreign direct investment in RMB has taken away a large

part of the uncertainty in terms of the repatriation of dim sum bond proceeds onshore. Coupled with improved

offshore RMB liquidity (sparked by the broader use of the currency in international trade and proliferation of

offshore RMB hubs such as Luxembourg) these developments are likely to encourage more issuers and investors

to come to the dim sum market. With its straightforward regulatory regime and listing process, and a welcoming

attitude towards RMB business in general, the Grand-Duchy of Luxembourg offers companies an attractive

platform to source RMB from a large pool of European investors.

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saw the first deal by a corporate issuer (Hopewell

Highway Infrastructure), followed by the first

multinational issuer (McDonalds) in September 2010.

Developments continued after that with the first RMB

bond to be registered with the US Securities and

Exchange Commission (American Movil) and the first

Shariah-compliant dim sum sukuk (Axiata) in 2012.

New and innovative structures have popped up and

will likely continue to pop up on a regular basis.

So why are dim sum bonds so attractive? For

issuers, they can be a tool to source RMB that is

needed to cover onshore expenditure, hedge foreign

exchange exposure, and settle trade balances

in RMB. They offer an alternative and potentially

cheaper way to tap RMB funds compared to

fundraising in the PRC. In some cases, offshore

issuers without a business need for RMB manage to

take advantage of the market by swapping proceeds

from RMB into euros or another currency and still

achieve a competitive cost of capital.

For investors, dim sum bonds are a way to gain

access to the Chinese market and diversify

investment portfolios. Dim sum bonds are also one of

the few ways to gain offshore exposure to the RMB,

which is still perceived by many as an appreciating

currency. Recent market developments show that

investors’ focus on RMB exposure is shifting back

to yield as a consequence of more volatile currency

movements, causing the gap between yields on

onshore and offshore bonds to narrow. But this

development has failed to deter a strong appetite for

dim sum bonds in the first half of 2014. In the year to

date, companies have raised USD10.8bn in offshore

RMB bonds – including both Hong Kong and Taiwan

issued debt – more than double the amount during

the same period last year, according to sources in

the industry.

RMB internationalisation

Recent developments illustrate that the PRC’s

central government is determined to further

internationalise its currency. It is a key element

of the journey towards broader financial reform

which Beijing embarked upon several years ago.

Recent milestones include the intention expressed

by the State Council to make the PRC’s currency

convertible on capital account, to liberalise interest

rates and exchange rates, and to allow individuals

to invest offshore as well as the landmark RMB 350

billion currency swap agreement concluded between

the European Central Bank and People’s Bank of

China late 2013.

Beijing’s efforts seem to pay off. According to several

reports circulating in the industry, the international

use of the currency has soared approximately

nine-fold since 2010. The business includes trade

settlement and other international payments in RMB,

offshore RMB deposits, foreign exchange turnover

and the onshore and offshore RMB bonds market.

Although dampened a bit by the PRC’s declining

growth rate and weakened trade figures and a

rare fall of the RMB in the early months of 2014,

the expectation that the RMB will appreciate in the

long-term is still a key driver of demand for dim sum

bonds.

Dim sum bonds

The first RMB denominated bonds outside of the

PRC were issued in Hong Kong by the China

Development Bank in 2007. This was part of the

bank’s efforts to increase the global use of the

RMB. But the market did not really take off until July

2010 when the PRC government started to allow

businesses other than mainland and Hong Kong

banks to issue dim sum bonds. The same month

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Distributions and liquidityRMB funds are not freely distributable out of the

PRC, and the availability of RMB funds from an

issuer’s PRC operations for servicing the dim sum

bonds may be subject to limitations imposed by

Beijing. As a result of the restrictions on cross-border

RMB fund flow, the availability of RMB outside of

the PRC is limited. Although the offshore pool of

RMB is expected to continue to expand, its growth is

subject to many constraints as a result of PRC laws

and regulations on foreign exchange. The limited

availability of RMB outside the PRC may affect the

liquidity of dim sum bonds. To the extent a paying

agent is required to source RMB in the offshore

market to make timely payments on the bonds, there

is no assurance that they will be able to source

enough RMB on satisfactory terms, if at all.

Enter Luxembourg

Although researchers report that Hong Kong still

accounts for about four-fifths of the offshore RMB

business, governments and (semi-governmental)

organisations across the globe are trying to

encourage the development of offshore RMB

business as part of their own financial sectors. The

Grand-Duchy of Luxembourg – an important bonds

hub in Europe for years – has been particularly

active in promoting itself as the place to be for

cross-border RMB business in the eurozone. And

not without success: London is the dominant center

for RMB trading outside the PRC and Hong Kong,

with a current market share of approximately 60%;

but, Luxembourg has the largest pool of RMB in the

eurozone, with roughly RMB 60 billion in deposits,

RMB 60 billion in loans, RMB 30 billion in listed dim

sum bonds, and over RMB 250 billion assets in

mutual funds.

PRC capital control

The PRC’s regulatory framework for capital control

entails two main points of attention for issuers and

investors: (i) restrictions on the use of offshore

bond proceeds in the PRC and (ii) restrictions on

distributions to foreign bond holders and limited

availability of RMB outside of the PRC.

Use of proceedsAs of 2011, a number of regulatory changes in the

PRC have facilitated the flow of dim sum bond

proceeds from offshore issuers into the PRC. The

funds flow into the PRC can basically be effected

either by way of equity (through a new foreign

invested enterprise (FIE), new capital in an existing

FIE, the acquisition of a domestic company or the

acquisition of an FIE from a domestic shareholder) or

by way of debt (e.g. a cross-border intragroup loan).

At present, the PRC‘s Ministry of Commerce requires

evidence in respect of the source of the funds for

both alternatives, in addition to the documentation

and information required for foreign direct investment

in foreign currencies. Getting the dim sum bond

proceeds onshore by way of equity injection into

an onshore company requires a local certificate of

approval, a business licence, and an onshore bank

account to ensure that the proceeds are separated

from RMB obtained onshore and that the use of

proceeds can be monitored by the account bank,

because there are limits to what the proceeds can

be used for. For example, they cannot be used to

invest in securities, financial derivatives and non-

owner occupied real estate. Getting the dim sum

bond proceeds into the PRC by way of a loan from

a shareholder or otherwise affiliated company of the

onshore end-user also requires a specific deposit

bank account for earmarking and monitoring the

proceeds, due to similar limitations on the use of the

funds originating from offshore.

The international use of the currency has soared approximately nine-fold since 2010

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It is difficult for Chinese companies without a

Hong Kong or other overseas subsidiary to tap

international bond markets. This is in large part due

to differences in content, language, and the format

of financial information, as well as differences in

accounting standards in the PRC, coupled with

the hurdles of government approvals and other

regulatory obstacles in the PRC. Use an overseas

special purpose vehicle to issue the bonds means

that disclosure documents – such as annual reports,

periodic announcements and financial statements –

can be in the English language and prepared under

the International Financial Reporting Standards

(IFRS). This often makes the offering less time-

consuming and complicated, allowing an issuer to

seize a market window quickly, which is crucial for a

successful bond offering.

For years the Luxembourg Stock Exchange (LuxSE)

has been a market leader for international eurobonds

(bonds denominated in a currency other than the

domestic currency of the issuer). And since the first

listing of European dim sum bonds by Volkswagen

in May 2011, it has quickly emerged as the largest

listing platform for dim sum bonds in Europe. In May

2014, LuxSE reports 45 listed dim sum bonds from

29 different issuers with a total volume of over RMB

30billion, giving Luxembourg a global market share

of around 20%. Besides a stable government, legal

system and economy and a sophisticated financial

infrastructure and services industry, one of the key

drivers is the responsive and business-minded

attitude of the LuxSE and the financial supervisor, the

Commission de Surveillance du Secteur Financier

(CSSF). This facilitates and shortens the process

from preparing for application to the final admission

to trading dim sum bonds on the LuxSE.

Bourse de Luxembourg Euro MTFApproval of the prospectus CSSF LuxSE

Passport for the EU Yes No

Financial reporting IFRS mandatory IFRS or local GAAP

Issuers

The issuance of dim sum bonds in Luxembourg

does not require a Luxembourg or Hong Kong

incorporated vehicle. Today, issuers include

Japanese, Dutch, UK, German, Brazilian, US,

New Zealand, United Arab Emirates and Chilean

companies, among others. Approximately 65% of

the issuers on the LuxSE are financial institutions,

while corporates account for 28% and international

organisations seven percent. This is more or less in

line with the international dim sum investor spectrum

(as mentioned in the boxout).

Listing in Luxembourg

The LuxSE operates two markets: the regulated

Bourse de Luxembourg (the Regulated Market) and the unregulated multilateral trading facility Euro

MTF (Euro MTF). The distinction between ‘regulated’

and ‘unregulated’ follows from the regulatory

framework governing securities listed and traded in

Luxembourg, which in turn is based on the relevant

European Union regulation (such as the Prospectus

Directive, the Market Abuse Directive and the

Transparency Directive). It does not mean that the

Euro MTF is unregulated territory, but the regime is

significantly lighter.

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Admission to trading and ongoing reporting requirements

Overall timing for the approval from initial filing of

the prospectus to final admission to trading very

much depends on the quality and completeness of

the prospectus and supporting documentation and

information, but typically varies from 4 to 6 weeks.

In practice, the competent authority (CSSF or

LuxSE) will usually deliver a first set of comments

within 10 business days from filing. Once the

comments are implemented and a revised draft

is submitted, the CSSF and the LuxSE usually

revert within approximately five business days.

The effective listing of bonds can follow within a

couple of days from final approval by the listing

committee of the LuxSE. For a listing request on the

Regulated Market, the validation from the LuxSE

can be obtained within two business days after the

prospectus has been approved by the CSSF.

The specific ongoing requirements in respect of

transparency and anti-market abuse after listing

also depend on whether the securities are listed on

the Regulated Market or the Euro MTF. Subject to

exceptions for certain types of issuers and bonds,

dim sum bond issuers on the Regulated Market

need to disclose price sensitive information (e.g.

notification and disclosure of major holdings and

major shareholders etc.) and financial information

(annual reports, to be published within the four

months of the issuers’ year-end and comprising

audited financial statements, a management report,

a responsibility statement and an auditors’ report;

semi-annual reports, to be published within the two

months of the issuers’ half-year and comprising a

condensed set of financial statements, an interim

management report and a responsibility statement).

One of the more significant advantages of admission

to trading on the Regulated Market is that issuers

can use a simplified procedure to have their

securities listed on regulated markets of other EU

member states (so-called passporting). The Euro

MTF on the other hand facilitates issuers that are

interested in limiting their reporting obligations and

simplifying the listing process and are not necessarily

looking to list in other EU member states (yet).

Almost all admissions to trading, whether on the

Regulated Market or the Euro MTF, require an

approved prospectus, but specific requirements in

respect of content, format, approval process and

publication depend on the listing platform and the

specifics of the offering. The competent authority for

the approval of the prospectus for listing on the Euro

MTF, for example, is the LuxSE itself. For admission

to trading on the Regulated Market issuers will need

to have their prospectus approved by the CSSF. As

a general guideline, on both markets the prospectus

will need to cover the information which, according

to the particular nature of the issuer and the financial

instruments concerned, is necessary to enable

investors to make an informed assessment of the

assets and liabilities, financial position, profits and

losses and prospects of the issuer and of the rights

attached to such financial instruments.

It’s one of the few ways to gain offshore exposure to the RMB, which is still perceived by many as an appreciating currency

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The information has to be filed with the CSSF, the

LuxSE and published by way of announcements

through the media. Continuing obligations for the

issuers of dim sum bonds admitted to trading on

the Euro MTF market are generally limited to the

dissemination in Luxembourg of (i) information on

events or decisions affecting the security holders,

(ii) information on material changes to the issuer’s

shareholding structure and (iii) audited annual

financial statements and management report,

prepared in accordance with the issuer’s national

laws, in newspapers or on the website of the LuxSE.

Conclusion

In line with the growing importance of the RMB as

a global currency, the investor-base of offshore

RMB denominated bonds is becoming increasingly

international. While Hong Kong continues to be the

undisputed leading offshore RMB hub, the likes of

Singapore, Taipei and London are also attracting

RMB business. Luxembourg is emerging as a leading

platform for the issuance and listing of dim sum

bonds in the eurozone. Luxembourg is an interesting

option for companies searching for alternative RMB

funding, while giving eurozone investors a chance

to diversify their risk exposure. The dim sum bonds

listed in Luxembourg today, combined with recent

initiatives in both the public and the private domain

to support the growth of RMB business, are evidence

that there are plenty opportunities for a wide array of

issuers and investors.

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funds – and to receive yield on those funds – in their

domestic currency (or preferred other currency)

while potentially profiting from an appreciation

of the RMB at the same time. The mechanics

usually involve payments to and from a conversion

agent who converts the funds at a spot exchange

rate determined in accordance with a pre-agreed

mechanism. Needless to say, this mechanism does

entail foreign exchange exposure,

including risks associated with new or modified

exchange controls by the relevant authorities.

Credit qualityDim sum bond issuers range from blue chip

multinationals to mid-sized higher risk companies,

and credit quality varies accordingly from investment

grade to high-yield. Dim sum bonds are often not

rated.

DocumentationThe primary dim sum bond documentation consists

of: an offering circular or prospectus regarding the

issuer and the offering; general terms and conditions;

a subscription agreement between the issuer and

the arrangers or initial purchasers; and, an agency

agreement or trust deed with the paying agent

or trustee. The primary documentation is often

governed by Hong Kong or UK law or, in case of dim

sum bonds in Luxembourg, Luxembourg law (not

strictly required though). Ancillary documents are

global notes, comfort letters, corporate approvals and

legal opinions.

Characteristics of dim sum bonds

Issuers and investorsOf the dim sum bond issuers globally, approximately

50% are financial institutions, 33% are non-financial

corporates, and the remainder are sovereign and

supranational institutions. Investors are typically

institutional investors, including asset management

companies, commercial banks, private banks,

insurers, pension funds and hedge funds. Direct

supply to retail investors is scarce because of

heavier regulation, but retail investors do have

access to dim sum bonds through commercial banks.

Basic offering termsThe coupon typically ranges between three percent

and five percent for investment grade issuers, to six

percent and higher for high yield. Dim sum bonds

generally mature after two to five years and a three-

year term is most common. Total offering sizes vary

significantly, from RMB 5 million up to RMB 4 billion.

Dim sum bonds are generally light on covenants and

most are either unsecured or security is limited to

a parent company guarantee (or similar instrument

such as a support letter or keepwell agreement), and/

or security rights over the shares in the issuer only.

SettlementBesides RMB denominated bonds, which are paid

and settled in RMB, there are also dim sum bonds

that are settled in other currencies such as US

dollars or euros (so-called synthetic dim sum bonds).

The latter enables non-Chinese investors to invest

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引言

中国政府决定继续推进人民币的国际化，这已经显著降低了公司募集人民币资金的难度。使用人民币进行外商直接投资的相关制度更加透明和实用，这在很大程度上降低了将点心债券的募集资金汇回中国境内的不确定性。随着离岸人民币流动性的加强（由于人民币在国际贸易中的应用更加广泛和离岸人民币中心如卢森堡的蓬勃发展），这些新发展很可能会鼓励更多的发行人和投资者进入点心债券市场。得益于简单明了的监管制度和上市程序，以及对人民币业务的普遍欢迎态度，卢森堡为公司提供了一个从大量欧洲投资者手中募集人民币资金的极具吸引力的平台。

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点心债券为何有如此吸引力呢？对于发行人来

说，发行点心债券可以获得人民币资金用于负担

中国境内开支、对冲外汇风险和用人民币进行贸

易结算。与在中国境内筹资相比，点心债券提供

了一个替代性的筹集人民币资金的方案，而且成

本可能更低。在某些情况下，一些离岸发行人即

使没有人民币的商业需求也可以利用点心债券市

场，在付出较低资本成本的情况下，将筹集到的

人民币资金转换成欧元或者其他货币。

对于投资者而言，点心债券是进入中国市场的一

个渠道，并且可以使投资组合更加多样化。此

外，鉴于许多人仍预计人民币会不断升值，点心

债券也是在境外获得人民币敞口为数不多的渠道

之一。最近的市场动向表明，由于人民币价值更

加起伏不定，投资者的关注点从获得人民币敞口

重新转向获得更高收益率，这导致在岸和离岸人

民币债券的收益率差别逐渐缩小。但是在2014年上半年，这个变化并没有影响市场对点心债券的

强烈需求。根据该行业多个信息来源，今年到目

前为止，多家公司已经通过离岸人民币债券筹得

108亿美元的资金——包括在香港和台湾发行的

债券——这个数额是去年同期的两倍以上。

中国资本控制

中国资本控制的监管框架将发行人和投资者的关

注焦点集中到两方面：（1）离岸债券的募集资

金在中国境内使用所受到的限制；和（2）向外

国债券持有人进行分配的限制以及人民币在中国

境外有限的可用性。

募集资金的使用

从2011年起，中国一系列监管措施的改革为境

外发行人将点心债券的募集资金汇入中国提供了

便利。大致来说，资金流入中国既可以通过股权

方式（通过设立新的外商投资企业、向已有外商

投资企业新增资本、收购国内企业或者从国内股

东手中收购外商投资企业），也可以通过债权方

人民币国际化

最新的一些进展表明，中国中央政府已经决心进

一步推动人民币的国际化。几年前北京开始启动

一场范围更为广泛的金融改革，而人民币的国际

化则是这一改革进程中的关键一步。最近的重

大事件包括国务院有意向允许人民币在资本账

户下的兑换、放松对利率和汇率的管制以及允许

个人投资境外；另外一个具有里程碑意义的事件

是，2013年底中国人民银行和欧洲中央银行签署

了规模高达3500亿人民币的货币互换协议。

中国政府所做的努力似乎已有回报。根据多份行

业报告，人民币在国际上的使用自2010年起已经

激增了大约九倍。这项业务包括了人民币贸易结

算和其他国际支付、离岸人民币存款、外汇交易

以及在岸和离岸人民币债券市场。尽管中国经济

增长速度放缓、贸易数据疲软以及2014年初几个

月人民币的罕见下跌带来些许不利影响，从长远

来看人民币的升值预期仍然成为点心债券需求的

主要推动力。

点心债券

第一只在中国境外发行的人民币计价债券是由中

国国家开发银行于2007年在香港发行。这是国

家开发银行为了增加人民币在国际上的使用所作

的努力之一。但是人民币债券市场真正的蓬勃发

展是从2010年7月开始，那时中国政府开始允许

大陆和香港银行以外的商事主体发行点心债券。

在同一月，合和公路基建（Hopewell Highway Infrastructure）成为首家发行点心债券的公司，

麦当劳紧随其后于2010年9月作为首家跨国公司

发行了点心债券。此后，点心债券市场继续发

展，在2012年，出现了第一只在美国证券交易

管理委员会注册登记的人民币债券（American Movil），第一只符合伊斯兰教法的人民币伊斯

兰债券发行（Axiata）。新型和创新的结构已经

产生，并且在将来很可能会经常出现。

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进军卢森堡

尽管有研究报告指出香港始终占据人民币离岸业

务五分之四的份额，各国政府或者（半政府）机

构都在努力促进人民币离岸业务在其本国金融业

的发展。卢森堡多年以来作为欧洲举足轻重的债

券中心，非常积极地将自己打造成为在欧元区开

展跨境人民币业务的必选之地。这一努力已有所

成：伦敦是中国和香港地区之外人民币交易的主

要中心，现在的市场份额大约占据60%；但是，

在欧元区内卢森堡拥有规模最庞大的人民币资金

池，大约拥有高达600亿人民币存款、600亿人民

币贷款、300亿上市交易的点心债券和资产超过

2500亿人民币的人民币共同基金。

多年以来，卢森堡证券交易所（Luxembourg Stock Exchange）一直是国际债券

（international eurobonds，即以发行人本国货

币以外的货币计价的债券）市场的领军者。自

2011年5月大众（Volkswagen）在卢森堡上市第

一只欧洲的点心债券以来，卢森堡证券交易所已

经迅速地崛起为欧洲最大的点心债券上市平台。

根据卢森堡证券交易所的报告，截至到2014年5月，29个不同的债券发行人在卢森堡证券交易

所上市发行了45只点心债券，总额超过300亿人

民币，这使得卢森堡在全球市场上所占份额达

到约20%。除了稳定的政府、法律体系和经济以

及成熟的金融基础设施和服务业之外，一个关

键的推动因素则是卢森堡证券交易所和金融监

管机构卢森堡金融业监管委员会（Commission de Surveillance du Secteur Financier，简称

CSSF）的商业化思维和积极配合的态度。这一

点不仅为发行人提供了各种便利条件，并且缩短

了从准备申请到点心债券在卢森堡证券交易所最

终获准交易的程序。

式（比如企业集团内部的跨境贷款）。目前，对

上述两种方式，除提供用外币进行外商直接投资

所需的文件和材料之外，商务部还要求提供资金

来源证明。如通过往境内企业注资的方式将点心

债券的募集资金汇入中国境内，需要提供的材料

包括当地审批证明、营业执照和境内银行账户，

该银行账户还要确保债券募集资金与其他境内取

得的人民币资金相分离，此外由于使用范围有限

制，开户银行还应对募集资金的使用进行监督。

举例来说，债券募集资金不能用于投资有价证

券、金融衍生产品和非自用房产。如通过股东或

者其他关联企业向境内资金使用者提供贷款的方

式将点心债券的募集资金汇入中国境内，由于对

来源于境外的资金在使用范围上有类似限制，同

样需要专用的银行存款账户监督募集资金用于指

定用途。

分配与流动性

人民币资金不得自由汇出中国，并且发行人使用

中国境内经营的人民币所得偿还点心债券的本金

和利息也可能会受到中国政府的种种限制。由于

人民币资金的跨境流转受到各种限制，中国境外

人民币的数量有限。尽管人民币的境外资金池预

计会继续扩张，它的发展受到中国外汇法律法规

的多种限制。人民币在中国境外的有限数量，可

能会对点心债券的流动性产生影响。如果付款代

理人需要在离岸市场筹集人民币资金来及时对点

心债券还本付息，即使可以筹到，他们也无法保

证能够在成本合理的基础上筹到数量足够的人民

币资金。

人民币在国际上的使用从2010 年起激增了大约九倍

13

是建立在欧盟相关法规的基础上（如募集说明书

指令、市场滥用指令和透明度指令）。这并不意

味着Euro MTF不受任何规范，但是所受的监管

明显更为宽松。

在受规范市场获准交易的重要优势之一就是，发

行人可以通过一个简化程序将其证券在其他欧盟

成员国的受规范市场上市交易（即所谓的“护照

通行证”）。但在另一方面，如果发行人有意减

少其所承担的披露义务、简化上市程序并且没有

计划在其他欧盟成员国上市，Euro MTF则可以

为其提供便利。

几乎所有获得批准的交易，不管是在受规范市场

还是在Euro MTF，都需要一份通过审批的募集

说明书，但是在内容、格式、批准程序和公布上

的具体要求，则视不同的上市平台和发行的具体

情况而定。比如，对于在Euro MTF上市的募集

说明书，负责审批的主管机关是卢森堡证券交易

所本身。而为了在受规范市场获准交易，发行人

的募集说明书则需要卢森堡金融业监管委员会审

批通过。一个共同的指导原则是，无论在哪个市

场，募集说明书都应根据发行人和所涉金融工具

发行人

在卢森堡发行点心债券无须在卢森堡或者香港成

立公司。目前，点心债券的发行人，除其他外，

包括来自日本、荷兰、英国、德国、巴西、美

国、新西兰、阿拉伯联合酋长国和智利的公司。

在卢森堡证券交易所，点心债券的发行人有约

65%是金融机构，28%是公司，7%是国际组织。

这大致和国际上点心债券投资者的构成是一致的

（如在下文边框中提到的）。

对于中国公司而言，如果在香港或者其他国家

没有子公司，很难去开发国际债券市场。这在

很大程度上是由于财务信息在内容、语言和格

式上的不同、中国会计准则的不同、政府审批

程序上的障碍，以及中国其他监管上的限制。

用一个境外特殊目的公司来发行债券意味着

需要公开披露的文件——如年度报告、定期公

告和财务报表——可以采用英文和国际财务

报告准则（International Financial Reporting Standards）。这样做通常可以缩短发行债券的

时间并且降低发行的复杂程度，同时也使得发行

人可以快速捕捉到市场窗口，这对于债券发行成

功与否非常关键。

在卢森堡上市

卢森堡证券交易所营运两个市场：受规范的

Bourse de Luxembourg（即受规范市场）和

不受规范的多边交易设施（multilateral trading facility）Euro MTF。受规范和不受规范的划分是

根据卢森堡证券上市和交易的监管框架，该框架

的不同特征包括一些必要的信息，使得投资者能

够在知情的基础上评估发行人的资产和负债、财

务状况、利润和损失、发展前景以及在这些金融

工具上所享有的权益。

Bourse de Luxembourg（受规范市场）

Euro MTF

债券募集说明书的审批机构 卢森堡金融业监管委员会 卢森堡证券交易所

欧盟护照通行证 是 否

财务报告 必须采用国际财务报告准则 国际财务报告准则或当地公认会

计准则

14

获准上市交易和持续信息披露要求

从最初提交募集说明书到最终获准上市交易，审

批总共所需时间在很大程度上是取决于募集说明

书以及辅助文件和信息的质量和完整程度，但是

通常来说需要4到6个星期。在实践中，主管机关

（卢森堡金融业监管委员会或者卢森堡证券交易

所）通常会在提交说明书的10个工作日内出具第

一份意见书。一旦意见得到贯彻落实并且提交修

改后的方案，卢森堡金融业监管委员会或者卢森

堡证券交易所通常会在大约5个工作日内答复。

在卢森堡证券交易所上市委员会最终批准后，债

券的实际上市只需几天时间。在受规范市场的上

市申请，在募集说明书被卢森堡金融业监管委员

会批准后，可以在2个工作日内获得卢森堡证券

交易所批准上市的确认。

上市后在透明度和反市场滥用方面具体的持续性

要求同样取决于证券是在受规范的市场还是在

Euro MTF上市。除了特定类型的发行人和债券

之外，在受规范市场点心债券的发行人应当披露

价格敏感信息（如公布和披露多数股权和大股东

信息）和财务信息（年度报告应由发行人在年

度终了后4个月内公布并且包含经审计的财务报

表、管理层报告、责任声明和审计师报告；半年

度报告应由发行人在半年度终了后的2个月内公

布并且包含经过精简的财务报表、中期管理层报

告和责任声明）。这些信息必须要提交给卢森堡

金融业监管委员会和卢森堡证券交易所并且通过

媒体公告的方式发表。如果在Euro MTF市场获

准交易，点心债券的发行人所承担的持续性义务

一般仅限于在卢森堡通过报纸或者卢森堡证券交

易所的网站发布（1）影响证券持有人的事件或

者决定的有关信息，（2）发行人股权结构的重

大变动信息，以及（3）经审计的年度财务报表

和管理层报告，这些信息应当符合发行人国内法

有关规定。

结语

随着人民币作为全球货币的地位越发重要，离岸

人民币债券的投资群体也变得越来越国际化。一

直以来，香港无疑是最重要的离岸人民币中心，

其他的城市如新加坡、台北和伦敦也都竞相吸引

人民币业务。卢森堡正在迅速崛起，成为在欧元

区发行和上市点心债券的主要平台。对于寻求替

代性人民币融资渠道的公司而言，卢森堡是一个

令人感兴趣的选择，与此同时，也提供给欧元区

的投资者一个契机来分散风险。现今在卢森堡上

市的点心债券，以及最近在公共和私人领域各种

支持人民币业务发展的举措，都在向广大发行人

和投资者证明，这其中蕴含的无限商机。

鉴于许多人仍预计人民币会不断升值，点心债券是在境外获得人民币敞口为数不多的渠道之一

15

信用级别

点心债券的发行人既有蓝筹跨国企业也有中型高

风险公司，相应的，债券的信用级别也从投资级

别到高回报级别不等。点心债券通常没有评级。

债券文件

点心债券主要的文件包括：关于发行人和债券

发行的发行说明书或者债券募集说明书、一般

条款和条件、发行人与交易筹备者或原始认购

者之间的认购债券协议书，以及与付款代理人

的代理协议或者与信托公司的信托书。主要的

债券文件通常受香港或者英国法管辖，如果是

卢森堡上市的点心债券则可能受卢森堡法律管

辖（但是并无此严格要求）。其他辅助性文件

包括全球票据（global notes）、信心保证书

（comfort letters）、公司批准文件和法律意见

书。

点心债券的特征

发行人和投资者

点心债券在全球范围的发行人中有大约50%是金

融机构，33%是非金融企业，其余的是国家机构

和国际机构。投资者通常是机构投资者，包括资

产管理公司、商业银行、私人银行、保险公司、

养老基金和对冲基金。因为受到更严格的监管，

直接面向散户投资者的情况很少，但是散户投资

者可以通过商业银行获得进入点心债券市场的机

会。

发行基本条款

对于投资级别的发行人，券息通常在百分之三到

百分之五之间；对于高回报的发行人，券息可以

达到百分之六或更高。点心债券的到期期限通常

是两年至五年，其中三年期最为常见。债券发行

总规模差别很大，从人民币500万到40亿不等。

点心债券的限制性条款通常比较宽松，大多数没

有担保或者仅有母公司担保（或者类似方式如支

持函或者支持协议），并且/或者担保权仅限于

母公司所持有的发行人股份。

结算

除了用人民币支付和结算的人民币计价债券，也

有一些点心债券使用其他货币结算如美元或欧元

（所谓的合成式点心债券）。后者可以使中国以

外的投资者以其本国货币（或其他货币）投入资

金和收到投资回报，并且同时享受人民币升值带

来的潜在收益。在操作时通常通过一个兑换代理

机构来支付和收回款项，这个代理机构按照预先

约定机制所得出的即期汇率兑换资金。这个机制

无疑会带来外汇风险敞口，包括有关当局出台或

者修改外汇管制法规所带来的风险。

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