중국 채권시장의 개방에 따른 우리나라의 대응전략

Abstract

This paper is related to the Chines bond market and the main contents are as follows:The paper explained characteristics of the Chinese bond market that is on the rapid increase and deduced the implications for Korean-capital companies that want to issue bonds in China by analyzing the case of E-land China Ltd that succeeded in issuing bonds in China. The rate of a national bond was absolutely high and corporate bond was very depressed in the Chinese bond market. But since the Chinese government began to reduce new national bonds, the scale of new corporate bond has surpassed that of national bond from 2007. E-land China Ltd's bond issue has some significant implications: First, Korean-capital companies came to have opportunities to access cheap capital on the Chinese bond market. Since then, they have paid relatively high bank loan rates compared with bond rates. Second, Korean-capital companies came to have another financing route. Third, Korean investment bank came to have new profit-creating model by underwriting corporate bonds of Korean-capital companies in China. Finally, investment banks between Korea and China has enhanced the level of their cooperation with yuan bond issues.