Unilever is set to become the first European multinational to launch an offshore renminbi- denominated “dim sum” bond when it raises Rmb300m ($46m) from institutional investors in Hong Kong on Monday, bankers say.
银行家们表示，联合利华(Unilever)将成为首家发行离岸人民币计价债券（俗称“点心债券”）的欧洲跨国公司，该公司周一将向香港的机构投资者募资3亿元人民币 （合4600万美元）。
Dim sum bonds are slowly gaining traction with multinationals, virtually all of which have growing Chinese operations. McDonald’s, the fast-food chain, became the first US issuer last August when it raised Rmb200m. Caterpillar, the US-based manufacturer of earthmoving equipment, followed with a Rmb1bn bond in November.
离岸人民币计价债券正渐渐得到跨国公司的青睐，这些公司几乎都拥有不断扩大的中国业务。快餐连锁店麦当劳(McDonald’s)去年8月成为首家美国发行者，募集了2亿元人民币。美国工程机械制造商卡特彼勒(Caterpillar)随后在11月发行了10亿元人民币的债券。
Unilever, which is also expected to be among the first clutch of foreigners to list renminbi-denominated A shares in Shanghai once the regulatory framework is in place, will hope the move demonstrates its commitment to China. In addition to backing the nascent dim sum bond market, issuers are supporting Beijing’s ultimate aim of internationalising the so-called red-back. The more foreign private sector issuers, as opposed to bodies like the Asian Development Bank, issue the bonds, the greater the credibility in the offshore market, bankers say.
联合利华将希望此举能展现自己对中国的承诺。一旦监管框架到位，该公司有望成为首批在以人民币计价的上海A股市场上市的外国企业之一。除了支持新生的离岸人民币债券市场外，发行者们也是在支持北京方面推动人民币国际化的最终目标。银行家们表示，外国私营部门的发行者（而不是像亚洲开发银行这样的机构）越多，离岸人民币债券市场的可信度就越高。
The move comes as Unilever plays catch-up to US-based rival Procter & Gamble, which has stolen a march on it in China. Consultants in China attribute Procter & Gamble’s stronger positioning to its early start and hefty investment in everything from advertising to distribution.
此举出台之际，联合利华正在追赶总部位于美国的竞争对手宝洁(Procter & Gamble)；宝洁在中国业务方面领先于联合利华。在中国的咨询顾问将宝洁更强劲的地位归因于该公司起步较早，而且在从广告到分销的各个领域都做出了大笔投资。
But Unilever, which has revenues of excess of ￠1bn ($1.4bn) in China, is fighting back with beefed-up spending on research and development as well as consumer insights.
但是，在华营业收入超过10亿欧元（合14亿美元）的联合利华正在反击，该公司加大了研发支出，并加强了对消费者的研究。
Dim sum bonds have raised $1.3bn so far this year, according to Dealogic, more than $1bn of which was tapped by Chinese issuers. But issuers from other countries are starting to dip in; Orix, the financial services company, became Japan’s first issuer earlier this month.
根据Dealogic的数据，今年迄今为止，离岸人民币债券已募资13亿美元，其中逾10亿美元债券源自中国发行者。但其它国家的发行者已开始涉足这个市场。本月早些时候，金融服务企业欧力士(Orix)成为日本的首家发行者。
Bankers say the coupon on Unilever’s bond, which will be finalised on Monday, will be “very competitive”. Caterpillar paid 2 per cent for its bond and McDonald’s 3 per cent. Unilever, like fellow issuers, has sizeable renminbi outgoings, but these are more than covered by income. However, bankers say, the deal is seen as being less about securing reasonably priced funds than winning stripes in Beijing for good corporate citizenship. Backing by a multinational should help stimulate further interest in the dim sum bond market, one of the core components in Beijing’s ambitious plan to internationalise the Chinese currency.
银行家们表示，将于周一敲定的联合利华债券的票息将“很有竞争力”。卡特彼勒为其债券支付的票息为2%，麦当劳为3%。与其它发行者一样，联合利华的人民币支出相当可观，但足以用收入覆盖。不过，银行家们表示，与其将这笔交易视为为了获得定价合理的资金，不如视其为标榜自己的企业公民意识，以博得北京方面的好感。一家跨国企业的支持，应当有助于激发各方对离岸人民币债券市场的进一步兴趣，而这个市场是北京方面雄心勃勃推动人民币国际化的计划的核心环节之一。
Foreign issuers have not been rushing to tap the market largely because the renminbi cannot be freely converted.
外国发行者迄今并未争先恐后进入这个市场，主要是由于人民币还不能自由兑换。
Strict regulations control the flow of the currency between mainland China and Hong Kong, making transfers for investment cumbersome. Most foreign issuance in the market since its creation in 2007 has come from banks and their Chinese subsidiaries.
中国内地与香港之间人民币的流动受到严格管制，使投资的转移相当麻烦。自该市场在2007年创建以来，外国发行者大多是银行及其中国子公司。
