Unilever is set to become the first European multinational to launch an offshore renminbi- denominated “dim sum” bond when it raises Rmb300m ($46m) from institutional investors in Hong Kong on Monday, bankers say.

　　銀行家們表示，聯合利華(Unilever)將成為首家發行離岸人民幣計價債券（俗稱“點心債券”）的歐洲跨國公司，該公司周一將向香港的機構投資者募資3億元人民幣 （合4600萬美元）。

　　Dim sum bonds are slowly gaining traction with multinationals, virtually all of which have growing Chinese operations. McDonald’s, the fast-food chain, became the first US issuer last August when it raised Rmb200m. Caterpillar, the US-based manufacturer of earthmoving equipment, followed with a Rmb1bn bond in November.

　　離岸人民幣計價債券正漸漸得到跨國公司的青睞，這些公司幾乎都擁有不斷擴大的中國業務?？觳瓦B鎖店麥當勞(McDonald’s)去年8月成為首家美國發行者，募集了2億元人民幣。美國工程機械制造商卡特彼勒(Caterpillar)隨后在11月發行了10億元人民幣的債券。

　　Unilever, which is also expected to be among the first clutch of foreigners to list renminbi-denominated A shares in Shanghai once the regulatory framework is in place, will hope the move demonstrates its commitment to China. In addition to backing the nascent dim sum bond market, issuers are supporting Beijing’s ultimate aim of internationalising the so-called red-back. The more foreign private sector issuers, as opposed to bodies like the Asian Development Bank, issue the bonds, the greater the credibility in the offshore market, bankers say.

　　聯合利華將希望此舉能展現自己對中國的承諾。一旦監管框架到位，該公司有望成為首批在以人民幣計價的上海A股市場上市的外國企業之一。除了支持新生的離岸人民幣債券市場外，發行者們也是在支持北京方面推動人民幣國際化的最終目標。銀行家們表示，外國私營部門的發行者（而不是像亞洲開發銀行這樣的機構）越多，離岸人民幣債券市場的可信度就越高。

　　The move comes as Unilever plays catch-up to US-based rival Procter & Gamble, which has stolen a march on it in China. Consultants in China attribute Procter & Gamble’s stronger positioning to its early start and hefty investment in everything from advertising to distribution.

　　 此舉出臺之際，聯合利華正在追趕總部位于美國的競爭對手寶潔(Procter & Gamble)；寶潔在中國業務方面領先于聯合利華。在中國的咨詢顧問將寶潔更強勁的地位歸因于該公司起步較早，而且在從廣告到分銷的各個領域都做出了大筆投資。

　　But Unilever, which has revenues of excess of ￠1bn ($1.4bn) in China, is fighting back with beefed-up spending on research and development as well as consumer insights.

　　但是，在華營業收入超過10億歐元（合14億美元）的聯合利華正在反擊，該公司加大了研發支出，并加強了對消費者的研究。

　　Dim sum bonds have raised $1.3bn so far this year, according to Dealogic, more than $1bn of which was tapped by Chinese issuers. But issuers from other countries are starting to dip in; Orix, the financial services company, became Japan’s first issuer earlier this month.

　　根據Dealogic的數據，今年迄今為止，離岸人民幣債券已募資13億美元，其中逾10億美元債券源自中國發行者。但其它國家的發行者已開始涉足這個市場。本月早些時候，金融服務企業歐力士(Orix)成為日本的首家發行者。

　　Bankers say the coupon on Unilever’s bond, which will be finalised on Monday, will be “very competitive”. Caterpillar paid 2 per cent for its bond and McDonald’s 3 per cent. Unilever, like fellow issuers, has sizeable renminbi outgoings, but these are more than covered by income. However, bankers say, the deal is seen as being less about securing reasonably priced funds than winning stripes in Beijing for good corporate citizenship. Backing by a multinational should help stimulate further interest in the dim sum bond market, one of the core components in Beijing’s ambitious plan to internationalise the Chinese currency.

　　銀行家們表示，將于周一敲定的聯合利華債券的票息將“很有競爭力”。卡特彼勒為其債券支付的票息為2%，麥當勞為3%。與其它發行者一樣，聯合利華的人民幣支出相當可觀，但足以用收入覆蓋。不過，銀行家們表示，與其將這筆交易視為為了獲得定價合理的資金，不如視其為標榜自己的企業公民意識，以博得北京方面的好感。一家跨國企業的支持，應當有助于激發各方對離岸人民幣債券市場的進一步興趣，而這個市場是北京方面雄心勃勃推動人民幣國際化的計劃的核心環節之一。

　　Foreign issuers have not been rushing to tap the market largely because the renminbi cannot be freely converted.

　　外國發行者迄今并未爭先恐后進入這個市場，主要是由于人民幣還不能自由兌換。

　　Strict regulations control the flow of the currency between mainland China and Hong Kong, making transfers for investment cumbersome. Most foreign issuance in the market since its creation in 2007 has come from banks and their Chinese subsidiaries.

　　中國內地與香港之間人民幣的流動受到嚴格管制，使投資的轉移相當麻煩。自該市場在2007年創建以來，外國發行者大多是銀行及其中國子公司。