上海清算所成功支持东方证券发行全球首单欧元“玉兰债”

　　上海清算所服务上海国际金融中心建设和金融对外开放再添新成果。2022年5月5日，上海清算所成功支持东方证券股份有限公司（以下简称东方证券）完成全球首单欧元“玉兰债”的发行登记。本次发行是双方精诚合作、共同落实上海国际金融中心建设“十四五”规划关于“支持境内发行人直接面向国际市场发行‘玉兰债’”明确要求的最新举措，更实现了“玉兰债”产品在欧元计价领域零的突破。尽管面临上海抗击新冠疫情最吃紧的关头，上海清算所作为在沪金融基础设施，与东方证券、欧清银行同心协力、共克时艰，高效保障了发行材料准备、中介机构沟通、线上全球路演等工作有序开展，顺利推动本次“玉兰债”成功发行。本期债券发行规模1亿欧元，期限3年，票面利率1.75%，发行收益率1.76%，最终定价较初始指导价收窄27bps，在欧元市场大幅波动的背景下顺利发行并合理控制成本，市场反响热烈。
　　“玉兰债”是上海清算所在中国人民银行指导下，会同欧清银行、以基础设施跨境互联互通模式，合作服务境内发行人面向国际市场发行债券的创新业务。自2020年底该业务正式推出以来，先后在银行业、证券业有序落地首单“玉兰债”产品，在提高发行登记操作效率、降低发行人融资成本、拓展国际投资者覆盖范围等多方面均取得理想效果，探索出了一条中资机构境外发债的新路径。东方证券作为中资机构国际市场发债业务的专业发行人，在发行境外市场创新债券品种方面具有丰富的行业经验，备受国际市场投资者关注。2019年，东方证券即以境内主体直发结构分别发行以美元、欧元、新加坡元计价的3笔境外债券，其中美元浮息债为中资发行人首创“6M Libor”定价机制，新加坡元计价债券为在新加坡交易所上市挂牌的首单中资非银机构新币债，推动了中资发行人在发行币种、发行定价、发行结构等方面的全方位创新。上海清算所携手东方证券将“玉兰债”产品的计价币种首次拓展至欧元，体现了监管指导下“玉兰债”产品将广泛覆盖各境外发债计价币种的政策意图，进一步为市场丰富了优质供给。同时，本次也是在沪非银金融机构首次实现“玉兰债”的境内主体直发，生动体现出上海国际金融中心全球金融资源配置、金融产品创新功能达到新高度。
　　下一步，上海清算所将继续在中国人民银行的领导下，专业高效履行金融基础设施职责，深刻理解、充分响应政策导向以及市场需求，积极稳妥地提升“玉兰债”产品的覆盖面、创新度、影响力，努力为深化债券市场双向开放与上海国际金融中心建设做出新贡献。

Shanghai Clearing House has made new achievement in facilitating Shanghai international financial market development and financial market opening up. On May 5, 2022, Shanghai Clearing House successfully supported Orient Securities to complete the registration of the globally first Euro-denominated Yulan Bond. This issuance is the latest achievement of solid cooperation between the two parties to jointly implement the requirements of supporting domestic issuers to issue Yulan Bond directly to the international market in the "14th Five-year Plan" for the development of Shanghai international financial center, and has also achieved a groundbreaking breakthrough for Yulan Bond in the Euro-denominated field. Although facing the most critical moment in Shanghai’s endeavor against the epidemic, Shanghai Clearing House, as the financial infrastructure in Shanghai, worked with Orient Securities and Euroclear Bank to ensure the preparation of issuance documentation, communication with intermediaries, online global roadshow and other work in an orderly manner, and promoted the successful issuance of Yulan Bond. This Yulan Bond, issued with a volume of 100 million Euros, term of 3 years, coupon rate of 1.75%, yield to maturity of 1.76%, and the final pricing narrowed 27 basis points from the initial price guidance, realizes a successful issuance with reasonable cost control against the backdrop of a highly volatile Euro market. And it is very well received with the market.

Yulan Bond is an innovative mechanism of Shanghai Clearing House to serve the Chinese institution’s overseas issuance needs through the cross-border cooperation with overseas infrastructure Euroclear Bank, under the guidance of People’s Bank of China (PBOC). Since its launch at the end of 2020, the two first issuances by issuers of banking and security institutions were completed orderly, which has achieved good results in many aspects including improving the efficiency of issuance and registration, reducing the financing cost and expanding the coverage of international investors, thus exploring a new channel for Chinese institutions to issue debts in the international market. As a professional Chinese issuer issuing foreign debts in international market, Orient Securities has rich experiences in issuing innovative bonds overseas, and has attracted great attention of global investors. In 2019, Orient Securities, in direct issuance structure, issued three offshore bonds respectively denominated in US dollars, Euros and Singapore dollars. Among them, the US dollar denominated floating rate bond is groundbreaking for using "6M Libor" pricing mechanism by a Chinese issuer, and the Singapore dollar denominated bond is the first issuance listed on Singapore Exchange by a Chinese non-banking institution, which greatly promoted innovation for Chinese issuers from all aspects including denominated currency, pricing mechanism and issuing structure. This cooperation between Shanghai Clearing House and Orient Securities extends the scope of denominated currency of Yulan Bond to Euro for the first time, reflecting the clear vision to expand the coverage of Yulan Bond products to a wider range of currencies for overseas issuance under the guidance of regulators, and further diversifying high-quality supply for the market. In the meanwhile, it is also the first time for Yulan bond to be issued by a non-banking financial institution in Shanghai in direct issuance structure with the domestic issuing entity, which vividly reflects that the role of Shanghai international financial center in allocating global financial resources and innovating financial products has reached a new height.

Going forward, Shanghai Clearing House will continue to fulfill the responsibilities as a financial infrastructure professionally and efficiently under the guidance of PBOC, fully understand and promptly respond to regulatory policy and market demands. Besides, Shanghai Clearing House will also continuously promotes the coverage, innovation and influence of Yulan Bond, striving to make new contributions to deepening the two-way opening up of the bond market and the development of Shanghai international financial center.