Wednesday, July 29, 2009

認購債券定睇戲

國家開發銀行又來港發行人民幣債券,正好讓部分尋求較穩定回報的資金,有多一個投資工具可以選擇,可惜年息只有2.45厘,比東亞銀行(023)上次批人債年息2.8厘為低,莫非在短短1個月間,人民幣吃香得多,毋須付較高利息也可以籌集資金,抑或市場無競爭,付平息也不用擔心無客?無疑,該行於07年發行的50億元人民幣債券已到期,確可吸納這批客戶再添食,加上銀碼認真細,最少10億元人民幣,即使一路加碼,相信市場消化全部債券問題也不大,畢竟資金流向不同,要穩陣的怎也不會將資金投入股市吧!

不過,見到銀行間對債券的評級各有不同就認真可笑,特別是聽聞兩間分銷行大新銀行(2356)和渣打將該債券列為「高風險」,那麼投資股票要變成超高風險?至於作為該債券聯席牽頭行及入帳行的滙豐銀行和中銀(香港)(2388),當然將該批人幣債列為「低風險」,令市場出現不同評級,若果禤中怡走入將人幣債列為「高風險」的銀行,分分鐘人家話不合資格,不肯幫我填申請表。

其實,過去已多次提及,受到雷曼迷債事件影響,銀行成為驚弓之鳥,加上監管機構採取寧枉無縱的政策,投資者與銀行之間的客戶關係難免打折扣。

禤中怡昨日亦特意走入獅子銀行一間分行,查詢人幣債認購手續,一問便知大件事,因為服務員話,先要做一個風險評估,了解本身的投資情況,以及承擔風險能力等,即使能夠符合認購資格,也要聽取他們講解各項投資文件的內容,初步估計,整個手續需要個半鐘,即90分鐘也!豈不是等同睇場戲?如果睇《大犯罪家》就另計,因為套戲要140分鐘。

禤中怡打趣話,之前經獅子銀行安排認購東亞銀行發行的人幣債,相信已經有齊資料,是否能夠豁免部分手續,怎知對方回答,仍然要重新評估方可,之前所做的不能作準。聽完這個答案,心中暗叫不妙。

為了多了解其他銀行的安排,又走到東亞分行問清楚,答案自然沒有多大改變,一樣要做風險評估和聽講解,服務員話要清楚明白投資人幣債要注意利率風險,以及二手市場交投疏落等投資風險。

禤中怡隨後問,如果現年60歲的母親大人想認購人幣債,可惜只有小學教育程度,那麼又應怎辦?服務員已經熟練地回答,最好當然是有家人陪同,一齊來聽講解就較理想,總之銀行難做生意時,我也不知如何應付這種繁複的程序。

認購投資產品的確有風險,但政府繼續實施這種嚇怕人的政策,無論是可換股掛鈎票據、基金以及債券等產品,也只懂要求銀行採取「一刀切」方法,去執行所有投資服務,不但成為大中華地區的典範,甚至成為全球的「模範」。政府應盡快解決這個問題,避免靈活的金融市場活力就此被扼殺,談競爭力休想。

(7月29日刊於《am730》)

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