每日更新 - 世界银行特别提款权债券 The Daily Update - World bank SDR bond

世界银行今天通过中国银行间债券市场(CIBM)发行首个特别提款权(SDR)债券。该AAA评级3年期5亿(7亿美元)特别提款权票据由国际复兴开发银行(IBRD)承保,将于9月2日以人民币(RMB)形式结算。

初始价格指导收率为0.4-0.7%,所以较之于AAA评级3年期国债等更具吸引力,后者收益率为负0.65%。根据专有的相对价值模型,以及特别提款权货币加权,就“公允价值”而言,初始价格指导收率高达0.7%却没有问题。由于这是35年来第一次发行特别提款权债券,其需求大于供给,债券发行收益率仅为0.49%;这远低于国际复兴开发银行以人民币发行的类似债券收益率。例如,也被评为AAA级的人民币形式3.48%收益率2018到期债券,目前收益率在3%以上。尽管利率较低,中国人民银行(PBOC)说,这一债券超额认购近250倍。

随着中国人民币10月1日以高于英镑和日元的加权加入特别提款权货币篮子,我们可能看到许多机构寻求批准发行企业银行特别提款权债券。我们不希望特别提款权或特别提款权债券近期成为主流,实际上,根据中国人民银行消息,今天发行后仅有〜50位投资者下单。

但是从长远来看,特别提款权一篮子货币取代美元对世界经济而言好处诸多。目前,许多国家都有美元对冲负债,而如果借款为特别提款权形式,汇率波动对其影响更小。这个概念并非新颖,凯恩斯在20世纪40年代提议所谓Bancor一篮子货币的超国家货币想法。75年后,凯恩斯的想法仍然没有得到国际认可,但世界各地债务水平仍在上升,也许是时候该尝试不同的方法了吗?

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