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作者: 来源: 日期:2016-09-26 8:55:01

Despite default worries, China debt attracts brave few





While economists and many foreign investors fret about China’s spiralling debt and rising defaults, a small niche of alternative asset managers is braving the China credit space, attracted by high yields from borrowers shut out from other sources of finance.



Global banks have pulled back on cross-border lending to China, but some private debt funds are moving in to plug gaps in a domestic financial system still dominated by state-owned banks.



Crayhill Capital Management, a New York-based alternative credit fund, recently announced a $300m investment in a trade financing platform operated by Stenn International, a UK-based trade financing provider. Stenn purchases trade receivables from suppliers in China and Southeast Asia who export consumer goods such as apparel, toys and electronics to big western retailers. The focus is on small- and medium-sized enterprises.

总部位于纽约的另类信贷基金Crayhill资本管理公司(Crayhill Capital Management)最近宣布对英国贸易融资提供商斯特恩国际(Stenn International)运营的一个贸易融资平台投资3亿美元。斯特恩向以中小企业为主的中国及东南亚的出口供应商购买贸易应收账款;这些供应商向西方大型零售商出口消费产品,如服装、玩具和电子产品。广州经济翻译公司。


International banks are largely out of the business of trade finance for SMEs in China and local Chinese banks have not stepped up so this financing is filling that gap,” said Carlos Mendez, managing partner at Crayhill.

“国际银行基本上已经退出向中国中小企业提供贸易融资的业务,而中国本土银行尚未加大这方面努力,所以我们的资金在填补这一缺口,”Crayhill管理合伙人卡洛斯•门德斯(Carlos Mendez)表示。


Higher capital charges under Basel III have sapped global banks’ appetite for trade credit, especially to SMEs. Anti-money laundering and “know your customer” rules have also contributed to the pullback.

《巴塞尔协议III(Basel III)规定的较高资本金要求,削弱了全球银行对贸易信贷(尤其是面向中小企业的贸易信贷)的胃口。反洗钱以及“了解你的客户”规则也加剧了这些银行的业务收缩。


Mr Mendez believes Chinese trade receivables combine the best of two worlds. SME suppliers pay Chinese-style interest rates — sometimes in the double digits — to receive cash immediately for receivables with a typical maturity of about 120 days. But Stenn has no exposure to Chinese credit or currency risk, since the trade invoices it buys are denominated in US dollars and carry credit exposure to western retailers and distributors.



Other foreign investors in China debt do take on credit risk from Chinese borrowers but these fund managers say they can protect themselves by avoiding borrowers from struggling “old economy” sectors such as manufacturing, focusing on emerging consumer and service sectors.



Hong Kong-based Adamas Asset Management lends to Chinese SMEs who cannot get loans from Chinese banks or capital markets.

总部位于香港的安德思资产管理公司(Adamas Asset Management)向那些无法从中资银行或资本市场融资的中国中小企业放贷。


The economy is going to be driven by companies in these emerging sectors, but lenders have been slow to lend to start-ups and the new economy because they don’t have much collateral, and their cash flow is hard to ascertain,” said Barry Lau, managing partner at Adamas.

“中国经济将由这些新兴行业的企业驱动,但各银行迟迟不向初创企业和新经济放贷,因为他们没有太多抵押品,而且很难确定现金流,”安德思的管理合伙人刘宏智(Barry Lau)表示。广州经济翻译公司。


Adamas’ portfolio includes a convertible bond from Global Pharm Holdings, a Shenzhen-based producer of traditional Chinese medicine. It has also invested in a hot-springs resort project in south-east China’s Fujian province. The investment is technically an equity stake, but it includes a put option that allows Adamas to sell its stake at a guaranteed 25 per cent premium to the original investment, giving the deal a debt-like character.

安德思的投资组合包括总部位于深圳的中医药生产商环球医药控股集团(Global Pharm Holdings)的一只可转换债券。它还投资于中国东南部福建省的一个温泉度假区项目。那项投资在技术上是股权投资,但它包括一个看跌期权,可以让安德思以保证的25%溢价出售其原始投资,从而使整笔投资具有债务特征。


The opportunity is huge, but people don’t want to do it because it’s complicated and has to be closely managed. A lot of foreign investors just don’t trust the Chinese courts to protect them. We do.” Mr Lau declined to reveal the size of Adamas’ investments in Chinese debt.



ADM Capital, also based in Hong Kong, has pared back its China debt exposure since 2014 on concerns about the impact of President Xi Jinping’s anti-corruption campaign, “which made investment analysis somewhat more dependent on relationships rather than on credit”, said Sabita Prakash, head of investor relations for ADM.

总部同样设在香港的ADM Capital2014年开始缩减其在中国的债务敞口,原因是担忧中国国家主席习近平发起的反腐败斗争的影响。“这使得投资分析在更大程度上依赖关系,而不是信用,”ADM投资者关系负责人Sabita Prakash表示。


Before 2014, ADM lent mainly to the infrastructure and basic manufacturing sectors but has shifted focus. ADM also declined to reveal the size of its China debt exposure, but the group has a total of $1.5bn under management in four Asia-focused debt funds, according to its website.



We are now exploring opportunities in different sectors, mainly those which are a priority for the government including technology, environment, social safety net, healthcare, and generally, consumption sectors,” said Ms Prakash.