asia bond monitor - AsianBondsOnline - Asian Development Bank
asia bond monitor - AsianBondsOnline - Asian Development Bank
asia bond monitor - AsianBondsOnline - Asian Development Bank
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Asia Bond Monitor<br />
Figure 4. LCY Corporate Bonds Outstanding by<br />
Sector (CNY billion)<br />
CNY billion<br />
900<br />
800<br />
700<br />
600<br />
500<br />
400<br />
300<br />
200<br />
100<br />
0<br />
Automobile &<br />
Automobile Parts<br />
<strong>Bank</strong>ing<br />
Capital Goods<br />
Consumer Services<br />
Diversified Financial<br />
Durable Consumption<br />
Goods<br />
Energy<br />
Food, Beverages<br />
& Tobacco<br />
LCY = local currency.<br />
Note: Others includes Commercial & Specialized Services, Family & Personal<br />
Goods, Food & Main Products Retail, Insurance, Media, Pharmaceutical,<br />
BioTech & Life Sciences, Semi-Conductor/Semi-Conductor Production<br />
Equipments, Software & Services, Technology, Hardware & Equipments<br />
Source: Wind & ChinaBond.<br />
Others<br />
Public Utilities<br />
Raw Materials<br />
Real Estate<br />
Retail<br />
Telecommunications<br />
Transportation<br />
capital-raising efforts through the issuance of<br />
subordinated debt that can be classified as Tier<br />
2 capital. <strong>Bank</strong>s in the PRC have been using Tier<br />
2 capital to support their loan-making activities,<br />
which grew at a rapid pace in 2010 and exceeded<br />
the PBOC’s official loan target. The capital goods<br />
sector follows as the third largest component of<br />
outstanding corporate <strong>bond</strong>s.<br />
Investor Profile<br />
Treasury Bonds. <strong>Bank</strong>s remained the largest<br />
category of investors in the PRC Treasury <strong>bond</strong><br />
market, holding a larger share of these <strong>bond</strong>s at<br />
end-December 2010 (62.5%) than end-December<br />
2010 (59.1%) (Figure 5). The share held by<br />
special members dropped to 26.1% in December<br />
2010 from 29.5% a year earlier. Special members<br />
comprise the PBOC, Ministry of Finance, policy<br />
banks, China Government Securities Depository<br />
Trust and Clearing Co., and China Securities<br />
Depository and Clearing Corporation.<br />
Figure 5: Treasury Bonds Investor Profile<br />
December 2010<br />
December 2009<br />
Non-<strong>Bank</strong> Financial<br />
Institutions<br />
0.5%<br />
Securities<br />
Companies<br />
0.0%<br />
Exchanges<br />
3.3%<br />
Non-<strong>Bank</strong> Financial<br />
Institutions<br />
0.6%<br />
Securities<br />
Companies<br />
0.1%<br />
Exchanges<br />
4.0%<br />
Funds<br />
Institutions<br />
1.3%<br />
Others<br />
0.2%<br />
Funds<br />
Institutions<br />
1.3%<br />
Others<br />
0.2%<br />
Insurance<br />
Insitutions<br />
6.1%<br />
Special<br />
Members<br />
26.1%<br />
Insurance<br />
Insitutions<br />
5.3%<br />
Special<br />
Members<br />
29.5%<br />
National<br />
Commercial<br />
<strong>Bank</strong>s<br />
50.4%<br />
Other <strong>Bank</strong>s<br />
12.1%<br />
National<br />
Commercial<br />
<strong>Bank</strong>s<br />
47.6%<br />
Other <strong>Bank</strong>s<br />
11.5%<br />
Source: ChinaBond.<br />
40
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